Nordea outlines 2023 sustainability targets in the Sustainability Report 2020

Frank Vang-Jensen
21-03-01 13:00 | Press release

Nordea has today published its Sustainability Report 2020. The report outlines Nordea’s 2023 and long-term sustainability targets and commitments. Nordea wants to make a difference together with customers and enable them to make sustainable choices contributing to society through climate action and social impact.

In January 2021, Nordea launched an updated plan to fully integrate sustainability into its business strategy and set a long-term objective to become a net zero emissions bank by 2050 at the latest. To reach this goal, Nordea set a mid-term objective to reduce carbon emissions from its lending and investment portfolios by 40-50% by 2030.

“We have worked intensively to develop a long-term plan that is not only part of our vision and overall business strategy, but also supports the transformation to a sustainable, low-carbon economy”, says President and Group CEO Frank Vang-Jensen and adds:

“We enable our customers to make sustainable choices and support them in their transition towards a low-carbon economy and in meeting the targets of the Paris Climate Agreement. We want to make a difference for the benefit of our customers, employees, shareholders and society for the future and for generations to come”.

In 2020 customer interest in Nordea’s sustainable products increased significantly. Assets under management in Nordea’s sustainability-enhanced funds increased by 265% and the total transaction volume for sustainability-linked loans rose by 256%. Moreover, green mortgages grew by 143% and green corporate loans by 110%.

Targets set for 2023
Nordea has committed to aligning its business strategy to be consistent with the goals listed in the Sustainable Development Goals and the Paris Climate Agreement. Furthermore, Nordea is equally committed to supporting its customers to reach these goals.

Nordea’s sustainability integration is grouped into four strategic pillars: financial strength, climate action, social responsibility and governance and culture. Each of the four areas are linked to targets for 2023. The climate action pillar also has two long-term objectives for 2030.

Nordea aims at having a significant impact in all these four areas by reducing the negative impact and increasing the positive impact from its business activities and internal operations.

All Nordea’s 2023 and long-term sustainability targets are presented in detail in the report (a summary of the targets can be found on page 34).

The 2023 targets include the following:

  • At least 25% of the savings inflow should be in our sustainable offering.
  • Nordea Life & Pensions will reduce its carbon emissions intensity for listed equities, corporate bonds and real estateby at least 25% by the end of 2024.
  • To grow the share of EU Taxonomy-aligned assets and income and to meet disclosure requirements.
  • Work together with our large corporate customers in carbon-intensive industries to set low-carbon transition plans.
  • Reduce carbon emissions from our internal operations by 30% compared to 2019.

 
For further information:

Anders Langworth, Head of Group Sustainability, +46 72 2155434
Group Communication, +358 104 168 023 or press@nordea.com
 
Nordea is a leading Nordic universal bank. We are helping our customers realise their dreams and aspirations – and we have done that for 200 years. We want to make a real difference for our customers and the communities where we operate – by being a strong and personal financial partner. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us on nordea.com.