We ramped up our efforts in 2020 and conducted a combined materiality and impact analysis of our activities, fulfilling the requirements set out in the GRI Standards and in the PRB. The purpose was to identify our most significant sustainability impacts to use as input for our new long-term plan for how to integrate sustainability into our business strategy. The combined analysis was undertaken at two levels in parallel:
- Strategic level looking at the SDGs, the Paris Agreement as well as international, regional and national regulations and frameworks to identify material sustainability topics.
- Impact level using the UNEP FI Portfolio Impact Analysis Tool to identify specific targets to drive alignment with and contribution to the sustainability areas identified as significant at the strategic level.
The impact analysis conducted in parallel with the strategic analysis focused on lending, our balance sheet, and took specific country needs and scale of exposure into consideration. It covered three of our four business areas. Asset & Wealth Management was excluded from the analysis as the impact analysis methodology did not yet cover investments/asset management when the analysis was conducted. Since we are a Nordic bank with most of our lending – 99% of our credit portfolio – in four of the Nordic countries, the impact analysis covered Denmark, Finland, Norway and Sweden.