Northern Europe-based financial services company Nordea announced a series of climate commitments today for its Nordea Life and Pension business, including a new requirement for asset managers to set net zero targets, aligned with a 1.5-degree scenario, by 2024.

Katja Bergqvist, CEO of Nordea Life & Pension, said:

“For us and our customers, sustainability is essential, and as an asset owner we have a great opportunity to influence how the assets are managed.”

Along with the new asset manager requirement, Nordea Life & Pension has announced a commitment to reduce the carbon intensity of its portfolios by 25% by 2024, compared to 2020.

Today’s announcements follow commitments launched by Nordea earlier this year to become a net zero emissions bank by 2050, to reduce carbon emissions from its lending and investment portfolios by 40-50% by 2030, and to cut its internal carbon emissions by at least 50%.

Bergqvist added:

“The coming ten years are crucial. Long-term net zero targets must contain short-term concrete goals and transparent reporting. We have, in the past few years, been working persistently to reduce the carbon intensity of our portfolios. This work continues with our target to reduce the carbon intensity by at least an additional 25 per cent by the end of 2024.”