Vastuumme ympäristöstä

Climate change

Adapting to global challenges

Global climate change poses serious risks to the global economy and will have an impact across many economic and industry sectors. Recent anthropogenic emissions of greenhouse gases are the highest ever, driven by economic and population growth, by energy use, lifestyle, land use, technology and climate policy. The physical impact of climate change ranges from extreme weather events to food security. 

When it comes to combating climate change, we consider the nature of our business, in which investments, credits and purchases can have both a local and global impact. We also consider relevant international conventions, such as the United Nations Framework Convention on Climate Change (UNFCCC), the Paris Agreement and the ten principles of the UN Global Compact as well as the recommendations from the Task Force on Climate-related Financial Disclosure and the views of our stakeholders. 

We recognise that climate change will pose risks as well as opportunities for us and our customers, both directly through our operations and indirectly through our stakeholder activities.

With respect to our Position Statment on climate change (pdf, 326 KB):

We want to commit to:

  • measuring and reporting the climate impact of the funds we manage on behalf of our clients; 
  • working towards identifying climate change-related risks in the large corporate lending portfolio; 
  • not providing new financing to energy production or mining companies that are primarily dependent on thermal coal. We may continue to finance existing customers and will encourage them to transition to less carbon-intensive production; 
  • not investing in companies with large and sustained exposure to coal mining, the most environmentally compromising fossil fuel resource, with a 30% revenue threshold. The sector-based screen on coal mining includes metallurgical coal, thermal coal and coke; 
  • not participating in lobbying activities aimed at weakening climate policy; being a carbon-neutral company in Greenhouse Gas Protocol (GHG Protocol) scope 1 and 2; 
  • being transparent on our upstream GHG Protocol scope 3 footprint and reporting our yearly progress.

In addition we aspire to: 

  • assessing and managing climate-related risks in relation to our investments, financing and sourcing activities; 
  • encouraging our clients, portfolio companies and suppliers to evaluate their business challenges and opportunities related to greenhouse gas emissions as well as climate risks related to their business operations, products and services; 
  • encouraging our clients, portfolio companies and suppliers to improve their disclosure and practices related to climate-related risks; 
  • developing new financial products in order to meet the increasing demand for climate-friendly investments; 
  • making it possible for our clients to finance sustainable and renewable sources of energy and energy efficiency projects.