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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.
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
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.
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.
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% |
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.
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.
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.
* 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.
By end of 2024.
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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.
* ”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.
By end of 2024.
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Understanding and managing environmental, social and governance risks and opportunities is crucial to maintaining our financial strength and strong capital position.
By end of 2024.
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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.
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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.
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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.
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