2021-10-20 18:00

Partnering for global impact: Nordea joins the Net-Zero Banking Alliance

To accelerate the transition of the global economy towards net-zero emissions by 2050, Nordea has become a member of the Net-Zero Banking Alliance (NZBA). The United Nations convened alliance represents over a quarter of all bank assets around the whole world (USD 46 trillion).
Aerial view of the solar power plant on the top of the mountain at sunset

The aim of the NZBA is to reinforce and accelerate strategies to ensure that the business models of the member banks support the shift to a low-carbon economy. For Nordea this means continuing to develop product portfolios to reflect and finance a low-carbon and climate friendly economy, while striving to limit global warming to 1.5 degrees.

“We believe that collaboration within and beyond our industry is key to combating climate change and accelerating real-world impact. The NZBA plays an important role in this, especially in addressing the climate crisis and gathering the industry around the necessary net-zero target,” says Nordea’s CEO and Group President Frank Vang-Jensen.

The alliance urges its members to set firm intermediate targets, which Nordea already have in place with targets set for 2023 and objectives for 2030 and 2050. Nordea is also working with sector-specific guidelines and focusing on supporting and engaging with the customers to drive the transition together.

Banks play a vital role

As a co-founder of the UNEP FI Principles for Responsible Banking Nordea has been engaged in this work for many years. Nordea is already an active member of two other net-zero initiatives: Nordea Asset Management is a co-founder and member of the Net-Zero Asset Managers Initiative and Nordea Life & Pensions is a co-founder and member of the Net-Zero Asset Owner Alliance.

Head of Group Sustainability Anders Langworth explains how the new alliance supplements the already existing ones:   

“Nordea is a part of the global economy and we’re determined to take a leading role in making the society more sustainable, which means that we consider every aspect of our activities – savings, lending, advisory and our internal operations.
The new alliance supports this holistic approach and the 72 member banks cover customers in 120 countries and 700 cities. I’m confident that Nordea and the alliance will have a vital role in driving the global economy toward zero emissions.”

About The Net-Zero Banking Alliance

The Net-Zero Banking Alliance was formed by the United Nations Environment Programme Finance Initiative (UNEP FI) in April 2021 and is an industry-led alliance that brings together 72 banks from 34 countries representing over a quarter of global banking assets (over USD 46 trillion). The members are committed to aligning their lending and investment portfolios with net-zero emissions by 2050 and also to set intermediate targets for 2030 or sooner, using robust, science-based guidelines.