Based in Finland, Nordea is a universal bank that has spent the last 200 years supporting and growing nordic communities. The largest bank in the Nordic region has four business areas: Personal Banking, Business Banking, Large Corporates & Institutions and Asset & Wealth Management.
Built around people, Nordea has a strong sense of community and has made sustainability an integrated part of its business strategy.
“99.9% of Nordea’s emissions are financed emissions, that is, emissions from our customers and portfolio companies,” explains Anja Hannerz, Head of Group Sustainability at Nordea.
“Banks play a unique role in terms of what and who we choose to finance – and how we act as responsible owners of the companies we invest in,” Anja says.
“In other words, with ambitious targets and a clear strategy, financial institutions can be a link between sectors and allocate capital in a way that drives structural change without being limited by country borders. Our strategy focuses on supporting our customers in their sustainable transition.”
Nordea summarises its sustainability goals into three time frames:
Nordea’s sustainability objectives were set out in 2019, and have been regularly assessed since.
“Until now, climate action and the green transition have been the main topics,” Anja shares.
“Sustainability in Nordea is about enabling customers to reduce their emissions as well as reducing our own carbon footprint. Since 2019 we have reduced financed emissions in the lending portfolio by 29% and carbon emissions from our internal operations by 51%."
Nordea aims to set itself apart from other large banks, with sustainability driving the differences.
Anja explains the differences:
“Most banks have set a net-zero commitment for 2050, but Nordea is one of few European banks that has set a portfolio-wide 2030 objective to reduce emissions across both lending and investment activities in line with our 2050 commitment.
“We’re showing strong progress, notably the absolute emissions from the lending portfolio are down by as much as 29% compared with 2019, making us more than halfway towards our 2030 objective to reduce emissions by 40-50%. Reaching our mid-term goal will be a strong proof point of how we work as a bank together with our customers.
“Thanks to Nordea’s size, strong capital position and Nordic presence we really have the potential to make an impact in so many different areas. We can make a positive impact on society and change the future for the better.”
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