Burning assets – Nordea’s position on climate change

Tractor
18-08-21 13:08 | Environment | Our work

It has been a summer of abnormally hot weather, which has been welcomed by many Scandinavians. However, along with the heat comes severe consequences. At Nordea we have both a big responsibility and a big opportunity to act against climate change.

The extreme heat and wildfires have put severe stress on the livelihoods of people and the economic development of the region. Farmers have been struggling with damaged crops and will struggle to feed their animals in the winter, and valuable timber assets have been lost due to the fires, just to mention some of the consequences.

It’s a common misconception that climate change is something that is happening far away from us or is something that could happen in the future. Climate change is happening here and now, also in Scandinavia.

-The financial industry has a big responsibility and opportunity to influence companies and sectors to act in a more sustainable way both in the way we invest, finance and give advice. I think the Scandinavian weather this summer has been alarming and I hope that this opens people eyes, climate change is happening right here and now and we have to act! says Sasja Beslik. 

As the largest bank in the Nordics, we have both responsibility and a big opportunity to make a difference – as we have the ability to facilitate capital allocation that can help the transition to a low-carbon economy. To formalise our view and actions related to climate change did Nordea last year develop a position statement on climate change. 

Why a Nordea Position Statement on Climate Change?

- Climate change poses both risks and opportunities for us as a business. The purpose of the statement is to formalise how we address this from a risk management perspective. In our fund offering for example, we have decided not to invest in companies with large and sustained exposure to thermal coal mining. The position statement also guides us in how we can develop new financial products, such as green bonds or green loans, products that can support our customers to transform to a low-carbon economy explains Ylva Hannestad, deputy head of Group Sustainable Finance, who has been driving the initiative.

Together with customers and partners, Nordea enables the transition towards a sustainable future. Read the full position statement on climate change

Want to know more about the effects of climate change? 

Watch the videos to follow Sasja Beslik, Head of Group Sustainable Finance when he explores the effects of climate change in Sweden and Norway. 

Climate change in Sweden:

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Climate change in Norway:

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