Identifying and focusing on our material sustainability issues
To effectively identify and prioritise key sustainability topics, we regularly conduct a materiality analysis based on internal and external dialogues. In 2018, we conducted a new materiality analysis, replacing the analysis conducted in 2016. The purpose of the materiality analysis is to identify the sustainability
topics that are material for Nordea. Not only does it provide a basis for the 2018 Sustainability Report, but also for our sustainability direction 2021 and targets 2019.
The result from the materiality analysis is visualized in our materiality pyramid in which we have clustered topics into areas. The top of the pyramid is our lead area – climate action. It’s a prioritised area that will have a long-term financial impact on our business, and that forms part of society’s goals as described in the SDGs and the Paris Agreement. Given the IPCC report released in October 2018 and also our stakeholders’ priorities, climate is our obvious lead area. Our focus areas in the middle are the ones that are important to us and/or our stakeholders in enabling the transition to a sustainable future, and which potentially have a material impact on our business and/or brand perception. The materiality pyramid is based on a foundation consisting of the sustainability areas that are fundamental to trust in the banking industry, and that must be managed well to ensure going concern.