Climate warning

The Largest Bank in the Nordics, Nordea, Follows U.S. Banks in Abandoning Climate Commitments

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Ingmar Rentzhog

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Nordea

Climate warning
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Nordea—the largest bank in the Nordics—has just taken a dangerous step backward in the fight against climate change. According to a new investigation by Fair Finance Guide and the Swedish Society for Nature Conservation, Nordea has weakened its sustainability policy and opened the door to financing some of the world’s most destructive fossil fuel operations: tar sands, shale oil, and Arctic oil drilling.

This shift follows a troubling trend started by several major U.S. banks, which began rolling back their climate commitments after Trump returned to power. Now, Nordea is doing the same. And make no mistake—this move is not just irresponsible. It’s anti-science.

The International Energy Agency (IEA) has made it crystal clear: no new oil and gas projects are needed to meet global energy needs if we are to stay within safe climate limits. Yet Nordea now allows lending to companies pursuing extreme fossil fuel extraction—at the worst possible time.

Among the projects Nordea could now support:

The Wisting oil field, the northernmost in the world, located near the protected Bjørnøya nature reserve in the Arctic. A spill here could be devastating.

Vaca Muerta, a massive shale gas project in Argentina projected to emit 5.2 gigatons of CO₂—equivalent to 117 years of Sweden’s emissions.

Nordea previously had restrictions in place, with a clear goal to phase out financing for these fossil sectors by 2026. Now, those safeguards are gone.

This is the first time in over a decade that a Swedish bank has lowered its climate ambitions—and it sends the worst possible signal to the market. As the world races to cut emissions and avoid irreversible tipping points, Nordea is choosing to side with climate destruction.

Nordea, your customers—and the planet—deserve better.
Reverse this anti-scientific, climate-wrecking policy and follow the lead of Handelsbanken and Swedbank. Say NO to fossil fuel expansion. Say YES to a livable future.

⚠️ Time is running out. We don’t have time for fossil finance.

Our question to you, Nordea:
How is this policy reversal compatible with your own climate and sustainability commitments—and with what science says is required to avoid catastrophic climate breakdown?

Source (in Swedish):


https://fairfinanceguide.se/sverige/nyheter/2025/nordea-backar-vill-ge-nya-laan-till-klimatvaerstingar/



https://fairfinanceguide.se/sverige/nyheter/2025/daerfoer-haaller-inte-nordeas-argument/



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