Nordea Bank Abp

11/12/2019 | Press release | Distributed by Public on 11/12/2019 03:05

Looking back at a green year for Nordea’s sustainability

19-11-12 9:39 | About Nordea | Sustainability

During the last year we have launched Green mortgages, Green Car Loans and Green Leasing, eight new sustainable funds and shifted almost 30 billion Swedish kronor into investments with a lower carbon footprint and strict sustainability criteria. We have developed and signed UNEP FI Principles for Responsible Banking. Although we still have much to do going forward, we would like to take a moment and summarize some of the progress.

Being one of the largest banks in the Nordics, we see that we really can drive change for the industry and in society. During the last year we have launched Green Car Loans, Green Leasing and Green mortgages. We have also launched eight new sustainable funds increasing our total sustainable fund offer by 35% during 2019.

Starting this year, all Finnish, Swedish and Norwegian customers who receive investment advice are asked whether sustainability is an important factor when saving and investing. If they say it is, we can offer the customer a completely sustainable fund set-up.

In June, Nordea's Swedish pension company finalized the shift of almost 30 billion Swedish kronor into investments with a lower carbon footprint and strict sustainability criteria. This means that about 400,000 customers now have a more sustainable saving for their pension.

Nordea plays an active role in sustainable change for the whole industry

Not just talk - we live the principles

Sustainability is an ongoing journey. Every day, we strive to become more and more sustainable than we were yesterday, and we are happy to see that our efforts are being recognized.

Updated policies

We have launched new sector guidelines for shipping-, gambling- and fossil fuel industries during the past year. The sector guidelines are sets of principles that supplement Nordea's Code of Conduct, which is based on the ten principles of the UN Global Compact. Nordea is committed to reviewing, engaging and maintaining a dialogue with stakeholders to ensure that customers and portfolio companies adhere to these sector guidelines.

Examples of stricter enforcement in our new guidelines:

  • Nordea expects customers and investee companies to acknowledge the IPCC (UN body for assessing the science related to climate change) consensus on the influence of human activities on inducing climate change and to commit to fulfilling the objectives of the Paris Agreement. Companies in the fossil fuel industry should invest in and work towards the necessary energy transition.
  • Nordea will not start any new banking relationships with companies that are pre-dominantly dependent on thermal coal, including coal-fired energy production and/or mining companies.
  • Existing customers are expected to have an exit strategy from production of thermal coal.
  • Nordea expects gambling companies to have programs in place for detecting gambling addiction and providing players with tools for limiting their gambling and self-exclusion.

Also, in addition to our new sector guidelines, Nordea has updated its position statement on climate change and Nordea Asset Management has updated the responsible investment policy with e.g. stricter targets on coal, palmoil and oil sand.

Read more about our policies.