Stockholm (NordSIP) – As central players in the real economy, universal banks have a critical role to play as stewards of the transition to a climate-neutral economy, showing the rest of the private sector what can be done. For this reason, Nordea’s update of its sustainability plan to fully integrate sustainability into its business strategy to become a net-zero emissions bank by 2050, is an important milestone.
To reach this goal, Nordea set a mid-term objective to reduce carbon emissions from its lending and investment portfolios by 40-50% by 2030 from their 2019 levels. The Nordic bank also decided to reduce its internal carbon emissions by at least 50% and achieve net positive carbon contribution by 2030. The baseline measurement for the objectives is 2019.
“We will deliver on our targets by supporting and working together with our customers towards sustainable development and ensure that we have a plan for sectors where the climate impact is significant”, says President and Group CEO Frank Vang-Jensen.
Nordea argues it is committed to aligning its business strategy to be consistent with the Sustainable Development Goals and the Paris Climate Agreement. The Nordic bank is a signatory of the UN Principles for Responsible Investment, the Net-Zero Asset Owner Alliance, Carbon Disclosure Project (CDP), Climate Action 100+, among other initiatives.
“We believe in being an active bank and a driving force in the transition towards a sustainable economy. Increasing demand for sustainability-linked products and services is good for society and for our business. We want to make a difference for a greater good – not only for ourselves, but for the future and for generations to come”, says Frank Vang-Jensen.
Image courtesy of Nordea