Nordic banking group Nordea recently announced it has updated its plan to fully integrate sustainability into its business strategy with a long-term objective to become a net-zero emissions bank by 2050 at the latest.
Nordea revealed in order to become a net-zero emissions bank by 2050, it has set a mid-term objective to reduce carbon emissions from its lending and investment portfolios by 40-50% by 2030. Nordea will also 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.
“As a leading Nordic universal bank, Nordea plays a vital role in encouraging and inspiring the transition to a climate neutral economy, with a major impact from its lending and investments activities. Sustainability is embedded across Nordea’s business strategy, backed by measurable targets, strong governance and one of the broadest sustainability customer offerings in the market.”
Speaking about the updated plans, President and Group CEO, Frank Vang-Jensen, stated:
“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.”
Nordea added it has committed to aligning its business strategy to be consistent with the goals listed in the Sustainable Development Goals and the Paris Climate Agreement. Furthermore, Nordea is equally committed to supporting its customers to reach these goals.