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Climate love

Nordea sets sector targets for power production and agriculture

The new sector targets are important tools in reducing carbon emissions across Nordea’s lending portfolio and in supporting our customers in two sectors that are crucial for a net-zero future.
Sector targets are important tools as they break down our sustainability objective in relation to our financing activities within sectors and industries. and thus guide our work to support our customers’ journeys to reduce emissions. At Nordea, our aim is to become a net-zero emissions bank by 2050 at the latest. We were the first Nordic bank to publish a mid-term objective for 2030 to reduce emissions by 40-50% across our lending and investment portfolios in line with the Paris Agreement.
The first round of sector targets was launched in December 2022 and covered shipping, residential real estate, oil and gas and thermal peat mining. To further support our 2030 objective, we have now set additional targets for power production and agriculture.
“We believe that by engaging with our customers and supporting their transition through financing and advising we can reduce emissions and accelerate the transition to a low-carbon and sustainable economy,” says Peter Sandahl, Head of Climate & Environment at Nordea.
“Agriculture and power production are sectors that play an important part in reaching global climate goals and in enabling other sectors to decarbonise. These two sectors represent around 30% of Nordea’s financed emissions in our lending portfolio, so it's very positive that we have now detailed how to make further progress.”
With the new targets we have covered a majority of our financed emissions in the lending portfolio, but Nordea will continue to assess the need for further sector targets in carbon-intensive sectors. Peter Sandahl explains:
“We will assess the need to set additional targets based on thorough analysis. We’ve set an ambitious portfolio-wide 2030 target to reduce carbon emissions across the lending and investment portfolios, and sectors targets are essential for how we realise our ambitions and track our progress.”

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24 more agrees trigger social media ads

  • Kevin

    31 w

    Very futuristic this is

    • Esther Wanjiku

      31 w

      These are very progressive moves

      • George Kariuki

        31 w

        I encourage other banks to follow Nordea's lead and set their own ambitious targets for reducing carbon emissions.

        • We Don't Have Time

          31 w

          Dear Ingmar Rentzhog Your climate love has received over 50 agrees! We have reached out to Nordea by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

          • Grace Njeri

            31 w

            It's in-deed a great and promising commitment coming from Nordea.

            • Tabitha Kimani

              31 w

              Banks that are financing projects to reduce carbon emissions are playing a great role in fighting the climate crisis. Thank you @Nordea.

              • Abraham Jok Atem

                31 w

                Nordea is setting environmental freely targets to reduce carbon emissions. This is what we want to see from all the sectors

                • johnte ndeto

                  31 w

                  This is important step by nordea in pursuit to reduce carbon emissions

                  • Princess

                    31 w

                    This is a great initiative towards sustainable and responsible banking. 👏

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