Northern Europe-based financial services company Nordea announced today a new climate commitment to become a net zero emissions bank by 2050 at the latest. On the path to net zero, the bank also introduced 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.

Nordea President and Group CEO Frank Vang-Jensen, said:

“We will deliver on our targets by supporting and working together with our customers towards sustainable development and ensure that we have a plan for sectors where the climate impact is significant.”

Nordea has made several announcements recently regarding its support for climate-aligned finance. In December 2020, the bank joined the Partnership for Carbon Accounting Financials (PCAF), a global coalition of financial institutions with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with loans and investments. Nordea Asset Management, part of the bank’s wealth management business area also announced in December that it is a founding member of the Net Zero Asset Managers initiative, a coalition of asset managers pledging to support investing aligned with net zero emissions by 2050 or sooner.

Vang-Jensen added:

“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.”