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External commitments supporting our work

We are committed to engaging and working with our clients and portfolio companies towards improved business practices. To ensure that we communicate our expectations and that companies comply with our requirements and thresholds, each business area is to implement relevant efforts depending on the nature of the business, credit exposure and size of the company. Examples of such efforts include screening our portfolio to identify companies that are relevant to engage with and integrating ESG considerations into our dialogue with companies. These guidelines are supplemented by internal policies and guidelines. 

Endorsed external charters and initiatives

We have endorsed a number of important international treaties that help guide us and live up to our overarching commitments. In addition to the conventions below, in its operations and business, Nordea follows the United Nations’ Universal Declaration of Human Rights, ILO conventions and the OECD Guidelines for Multinational Enterprises. 

 

Below you find information regarding how Nordea manages risks related to sustainability in investment decisions and advice, as well as how we identify and manage negative impact. 

Nordea Bank Abp. 

Nordea Principal Adverse Sustainability Impacts Statement

Information about policies for integration of sustainability risks in Nordea Bank Abp

Click on the links below to find information in your local language, and also find information regarding Nordea Life and Pension:

Finland 
Denmark
Norway  
Sweden 

Nordea is member of a number of associations (see examples in the table below). Besides holding a position as a board member, we also often participate in working groups and committees. 

Association/Forum Type of engagement
Swedish Bankers Association Board member
Finance Denmark Board member
Finance Finland Board member
Finance Norway Board member
European Banking Federation Nordea is represented via the local bankers’ associations which are members
GFMA – Global Financial Markets Association Board member
AFME – Association for Financial Markets in Europe Member
Swedish Securities Dealers Association Board member
FEAM – Forum of European Asset Managers Member
EFAMA – European Fund and Asset Management Association Board member
ICMA – International Capital Markets Association Member
ISDA – International Swaps and Derivatives Association Member

Our commitments

16 UN goals

UN Global Compact

UNGC was initiated by the UN to encourage businesses to align their strategies and operations with ten universal principles building on UN conventions in the fields of human rights, labour standards, environment and anti-corruption. Nordea became a signatory to the UN Global Compact in 2002, first through Nordea Bank Finland. From December 2004 the coverage was extended to the whole Group. 

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Six principles of responsible banking

Principles for Responsible banking

The Principles for Responsible Banking have been designed by a core group of 30 founding banks, of which Nordea is one, together with the UN Environment Programme’s Finance Initiative. The principles create a better and easier way for banks and financial institutions to align with society’s goals. This, in turn, helps the industry to demonstrate how it can be a change-maker to count on in society. 
 

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Collective-commitment-to-climate-action

Collective commitment to climate action

Nordea has, together with the 30 other signatories having over $13 Trillion in assets, announced a Collective Commitment to Climate Action. The commitment sets out concrete and time-bound actions the banks will take to scale up their contribution to and align their lending with the objectives of the Paris Agreement on Climate.

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CDP-commitments

Carbon Disclosure Project

Nordea is a signatory to the CDP, a project that aims to collect and share information on greenhouse gas emissions and climate change strategies. The CDP is a cooperation arrangement between 655 institutional investors with a combined asset holding of USD 78 trillion. We use the database information in our ESG analysis. We are also represented on the CDP Water Advisory Council.  

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commitments-climate-100

Climate Action 100+

Nordea Asset Management has joined Climate Action 100+, a collaborative five-year global initiative led by investors to engage with the world’s largest corporate greenhouse gas emitters to improve governance on climate change, curb emissions and strengthen climate-related financial disclosures. 

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Institutional Investors Group on Climate Change

 IIGCC provides investors with a collaborative platform to encourage public policies, investment practices, and corporate behaviour that address long-term risks and opportunities associated with climate change. 

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Net-Zero Asset Owner Alliance

Nordea Life & Pensions has joined the UN-convened initiative Net-Zero Asset Owner Alliance, committing to transitioning the investment portfolio to net-zero emissions by 2050. The alliance till develop models and frameworks to use as industry standards for measuring alignment with the target of keeping global warming under maximum 1.5°C increase.

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Net Zero Asset Manager Initiative

The initiative was launched in Decem­ber 2020 and Nordea Asset Management was among the first to join, committing to support the goal of net zero emissions by 2050, in line with the global efforts to limit warming to 1.5ºC through our investments.

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Task Force on Climate-related Financial Disclosures

Both Nordea Bank Abp and Nordea Asset Management supports TCFD. The recommendations provide a foundation for climate-related financial disclosures for all companies, aiming at encouraging companies to report on the climate-related risks and opportunities that are most relevant to their business activities.  

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The Access to Medicine Index

The index analyses the top 20 research-based pharmaceutical companies on how they make medicines, vaccines and diagnostics more accessible in low- and middle-income countries. It highlights best and innovative practices; and areas where progress has been made and where action is still required. 

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The Antimicrobial Resistance Benchmark

 The AMR Benchmark tracks how pharmaceutical companies are responding to the increase in drug resistance. Nordea is a member of the Expert Committee.  

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The Montreal Carbon Pledge

Nordea signed the Montreal Pledge in 2014 as one of the first signatories. By signing this pledge, we commit to measuring and publicly disclosing the carbon footprint of our investment portfolios on an annual basis.  

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commitments-human

The Corporate Human Rights Benchmark

The first ever ranking of the world’s largest publicly listed companies on their human rights performance. The Corporate Human Rights Benchmark ranks the top 200 globally listed companies on their human rights policy, process and performance, harnessing the competitive nature of the markets to drive better human rights performance. Between 2016 and 2020, Nordea was a funding and steering committee member of the CHRB. The benchmark has now been integrat­ed with the World Benchmarking Alliance (WBA), but the work continues.

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The Investors Policy Dialogue on Deforestation initiative (IPDD)

Nordea is a founding and advisory committee mem­ber of the IPDD initiative, which was formally established in July 2020. The initiative was developed in response to the increasing rates of deforestation in Brazil as well as other countries. The objective of the IPDD initiative is to ensure long-term financial sustainability of investments by promot­ing sustainable land use and forest management and respect for human rights.

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The Partnership for Carbon Accounting Financials (PCAF)

Nordea joined PCAF in 2020, a global partnership of financial institutions launched in 2015 to develop a harmonised approach to measure and disclose GHG emissions associated with loans and investments. A harmonised accounting approach provides financial institutions with guidance in developing risk management and regulatory compliance as well as a starting point required to align their portfolio with the Paris Agreement.

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commitments-poisedon

The Poseidon Principles

A framework for integrating climate considerations into lending decisions to promote international shipping’s decarbonisation. Nordea, together with 11 other leading banks, jointly representing approximately USD 100bn in shipping finance, have come together to commit to the Poseidon Principles.

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The Responsible Ship Recycling Standards

RSRS voluntary principles for financial institutions active in ship financing. The RSRS aim to promote responsible ship recycling and to minimise the dangers associated with hazardous materials on board. The standards form guiding principles in the dialogue about responsible ship recycling between the financial sector and the stakeholders in the shipping industry. Download Nordea Responsible Ship Recycling Standards (pdf, 49 KB) 

The World Benchmarking Alliance

Nordea is an ally to the WBA which seeks to generate a movement around increasing the private sector’s impact towards a sustainable future for all. The WBA brings together a broad, balanced group of stakeholders with SDG 17 (Partnership for the Goals) at its core. Allies represent a large mix of voices aligned with the universality of the SDGs. These span everything from civil society and business networks to financial institutions and multilateral organisations. 

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UN Guiding Principles on Business and Human Rights

UNGP from 2011 is the first global standard for preventing and addressing the risk of adverse impacts on human rights linked to business activity and continue to provide the internationally accepted framework for enhancing standards and practice regarding business and human rights. 

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commitments-PRI

UN Principles for Responsible Investments

As one of the first major banks in the Nordic countries, Nordea Asset Management signed PRI in 2007. The PRI is the world's leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions.

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commitments-unep-fi

UN Environmental Programme Finance Initiative

Nordea signed the UNEP FI in 1994. It is a partnership between United Nations Environmental Programme and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance. More than 200 financial institutions, including banks, insurers, and investors, work with UNEP FI to understand today’s environmental, social and governance challenges, why they matter to finance, and how to actively participate in addressing them. Nordea has been part of the UNEP FI Banking Committee since 2017.

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Farmer standing in field checking crop

Applying the Equator Principles

Nordea adopted the Equator Principles (EP) in 2007. Our analysts and other relevant staff have been trained in Nordea’s internal EP process. Nordea follows the Equator Principles Manual (toolkit). The toolkit provides guidance on how to apply the EP in the day-to-day business.
 

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