Our sustainability targets

Sustainability at the core

At the global level, the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement set the general sustainability agenda as well as the more specific climate agenda. We have a key role to play in reaching society’s goals through redirecting investments and financing towards more sustainable technologies and businesses, and contributing to the creation of a low-carbon, climate-resilient and circular economy.

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To achieve this and to be an even more sustainable bank than we are today, we have fully integrated sustainability into our business strategy. Our focus will be on the sustainability topics in which we can have a significant impact – and setting targets and objectives in line with that.

Our significant sustainability topics were identified through a combined materiality and impact analysis and then grouped into four strategic pillars: climate action, social responsibility, governance and culture and financial strength

2050 long-term objective

Become a net-zero bank

Nordea’s future business will be a business where we see an increasing greening of our balance sheet and where we are reducing emissions and mitigating climate risk. We want to make a difference together with our customers and support them in making sustainable choices, contributing to a sustainable society. Nordea’s direction is clear, to become a bank with net-zero emissions by 2050 at the latest.

2030 mid-term objective

Reduce carbon emissions by 40-50%

Nordea has set one of the world’s most ambitious overarching targets among banks to reduce emissions. To reach our 2050 objective, we have set a mid-term objective for 2030 to reduce carbon emissions across our lending and investment portfolios by 40-50% and from our internal operations with more than 50% compared to 2019.

Medium-term targets

Reduce financed emissions in the lending portfolio by 40–50% by the end of 2030 compared with 2019.
Nordea Asset Management: Reduce the weighted average carbon intensity (WACI) of listed equities and corporate bonds by 50% by the end of 2030 compared with 2019.
Nordea Life & Pension: Reduce the carbon footprint (intensity) of listed equity, corporate bond and directly held real estate portfolios by 40–50% by the end of 2029 compared with 2019.
Reduce the carbon emissions from our internal operations by more than 50% by the end of 2030 compared with 2019 and achieve a net positive carbon contribution (through offsetting).
Nordea Life & Pension: Engage annually with the top 30 emitters on net zero alignment during the period 2025–29.
Nordea Life & Pension: Increase the share of assets under management supporting nature and the climate transition by 20% by the end of 2029 compared with 2023.

Status

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Full list of Nordea’s sector targets:

The sector targets cover Nordea's lending portfolio and will guide Nordea’s work to support its customers’ journeys to reduce emissions and accelerate the transition of the economy. Our first round of sector targets was launched in December 2022 and covered shipping, residential real estate, oil and gas and thermal peat mining. At the end of 2023, Nordea also set additional targets for power production and agriculture. In February 2024 the sector target for cars and vans was published.

Sector	Sub-sector	Emissions scope	Metric	Benchmark scenario	Base year	Target year	Target
Shipping	Vessels	1	AER, gCO2/dwt-nm	Poseidon principles (IMO 2050)	2019	2030	-30%
Residential Real Estate	Households and tenant-owner associations	1, 2	kgCO2e/m2	Utility sector NDC¹, CRREM	2019	2030	-40-50%
Agriculture	Crops, plantation and hunting, and Animal husbandry	1, 2	tCO2e/EURm	National sector targets and SBTi FLAG³	2021	2030	-40-50%
Motor vehicles	Cars and vans	1⁵	gCO2e/km	IEA NZE²	2022	2030	-40%
Power Production	Electricity generation	1, 2	gCO2e/kWh	IEA NZE² SBTi 1.5C	2021	2030	-70%
Oil and Gas	Exploration and Production	1, 2, 3	tCO2e⁴	IEA NZE²	2019	2030	-55%
Offshore	Drilling rigs and offshore service vessels within Oil and Gas and Shipping	-	EURm	-	2019	2025	-100%
Mining	Thermal peat mining	-	EURm	IEA NZE²	2022	2025	-100%
Mining	Thermal coal mining	-	EURm	IEA NZE²	Restrictive policy. Full phase-out achieved 2021.

^{1 Combined, NDC (Nationally Determined Contributions) plus renovation decarbonisation and building stock turnover decarbonisation (conservative estimates).}

^{2 A normative IEA scenario that shows a pathway for the global energy sector to achieve net-zero CO2 emissions by 2050 and is consistent with limiting the global temperature rise to 1.5 °C without a temperature overshoot (with a 50% probability), in line with reductions assessed by the IPCC in its}^{Special Report on Global Warming of 1.5 °C}^.

^{3 National sector targets and Science Based Targets Initiative Forestry, Land and Agriculture (SBTi FLAG) include both GHG-emission reductions and carbon removals}

^{4 Including methane emissions in CO2 equivalents for scopes 1 and 2.}
^{5 Scope 1 covers emissions tank-to-wheel.}

2023-2025 targets

Our sustainability efforts are built on four strategic pillars: financial strength, climate and environmental action, social responsibility, and governance and culture.

Under each pillar, we have identified relevant UN Sustainable Development Goals and specific sustainability-related matters that impact us or that we can have a significant impact on – by reducing the negative impact or increasing the positive impact through our financing, investments and internal operations. We have set measurable long-term and medium-term objectives and 2023–2025 targets to support a more sustainable future for each of the strategic pillars. You can also read more in our sustainability notes in our Annual Report.

Climate and environmental action

To become a net-zero emissions bank by 2050 at the latest, we are engaging with and supporting our customers and portfolio companies in reducing their climate impact, while reducing our own.

Targets

Ensure that 90% of our exposure to large corporate customers in climate-vulnerable sectors is covered by transition plans by the end of 2025*.
Nordea Asset Management: Ensure that 80% of the top 200 emissions contributors in Nordea Asset Management’s portfolios are either aligned with the Paris Agreement or are subject to active engagement to become aligned
Nordea Asset Management: Double the share of net-zero-committed assets under management by the end of 2025 compared with 2021.
Nordea Life & Pension: Reduce the carbon footprint (intensity) of Nordea Life & Pension’s listed equity, corporate bond and directly held real estate portfolios by 25% by the end of 2024 compared with 2019.
Nordea Life & Pension: By the end of 2024, ensure that all asset managers** managing assets on behalf of Nordea Life & Pension commit to transitioning their assets under management to net zero by 2050
Reduce the carbon emissions from our internal operations by 40% by the end of 2025 compared with 2019.
By 2025, ensure that suppliers covering 80% of our related spending are either aligned with the Paris Agreement or are subject to active engagement to become aligned.

* Defined as the percentage of exposure to climate vulnerable sectors for which the obligor or group mother has set a time-bound and quantifiable target to cut GHG emissions.
** Target covers all asset managers in liquid asset classes. For asset managers in illiquid asset classes selected criteria apply.

Status

86%
81%
On track
43%
61%
53%
76%

By end of 2024.

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Social responsibility

By considering human rights and labour rights throughout our value chain and promoting gender equality, fair employment conditions and education we aim to create social impact where it matters the most.

Targets

Ensure that each gender* has at least 40% representation at the top three leadership levels combined by the end of 2025.
Achieve a minimum average index score** of 90 for diversity and inclusion by the end of 2025.

* ”Gender” refers to biological or legal sex. To be compliant with regulatory restrictions on sensitive data, we do not register gender identity. We, however, welcome and enable self-identification of gender identity.
** According to Nordea’s employee engagement survey.

Status

41% / 59%
89

By end of 2024.

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Financial strength

Understanding and managing environmental, social and governance risks and opportunities is crucial to maintaining our financial strength and strong capital position.

Targets

Facilitate more than EUR 200bn in sustainable financing during the period 2022–25.
Grow gross inflows from the Nordea Sustainable Selection universe so as to account for 33% of total fund gross inflows by the end of 2025.

Status

EUR 185bn
23%

By end of 2024.

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See our financial targets here

Stories from our work

Two cyclists out cycling on a country road

Emissions from lending cut by more than one third

24-02-2025

Sustainable banking

Nordea is on track in reducing emissions from its lending portfolio. With a 36% reduction we’re closing in on our 2030 target for the lending portfolio. Furthermore, we continue to support the transition. Since 2022 Nordea has facilitated more than EUR 185bn in sustainable financing, well on track to meet its 2025 target of more than EUR 200bn.

Our work with responsible banking

27-08-2024

In the Nordics, we share an idea. It’s the idea of building a society together that’s more sustainable, safe and open than it was yesterday. And together with all our customers across the Nordics, we make money work for that. Let us show you how we do it at Nordea.

More employees recommend Nordea as a place to work

07-03-2024

Our people

We strive to make Nordea a great place to work, where people come as they are and are met with opportunities to evolve, develop and move forward in their careers. Our employee survey shows progress in this area with more that recommend Nordea as a place to work.