Northern Europe-based financial services company Nordea announced a series of interim targets, as part of the company’s long-term sustainability goals. The new commitments include goals to reduce emissions in the bank’s own operations and to work with clients on their own climate transition initiatives.

Nordea’s new goals follow the bank’s announcement earlier this year of a new commitment to become a net zero emissions bank by 2050, along with a series of interim 2030 targets including reductions in carbon emissions from lending and investment portfolios by 40-50%, reductions internal carbon emissions by at least 50% and the achievement of net positive carbon contribution.

Today’s announcement adds shorter-term goals on the path to achieving these goals. The new 2023 targets include reaching at least 25% of savings inflow into the company’s sustainable offering, growing the share of EU Taxonomy-aligned assets and income and meeting disclosure requirements, working together with large corporate customers in carbon-intensive industries to set low-carbon transition plans, and reducing carbon emissions from internal operations by 30% compared to 2019. Additionally, Nordea aims to reduce its carbon emissions intensity for listed equities, corporate bonds and real estate by at least 25% by the end of 2024 in Nordea Life & Pensions.

Nordea President and Group CEO Frank Vang-Jensen said:

“We have worked intensively to develop a long-term plan that is not only part of our vision and overall business strategy, but also supports the transformation to a sustainable, low-carbon economy.

“We enable our customers to make sustainable choices and support them in their transition towards a low-carbon economy and in meeting the targets of the Paris Climate Agreement. We want to make a difference for the benefit of our customers, employees, shareholders and society for the future and for generations to come.”