Our sustainability targets

Being a sustainable bank is part of our business strategy

At the global level, the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement set the general sustainability agenda as well as the more specific climate agenda.

We have a key role to play in reaching society’s goals through redirecting investments and financing towards more sustainable technologies and businesses, and contributing to the creation of a low-carbon, climate-resilient and circular economy.

See the sector targets

To achieve this and to be an even more sustainable bank than we are today, we have fully integrated sustainability into our business strategy. Our focus will be on the sustainability topics in which we can have a significant impact – and setting targets and objectives in line with that.

Our significant sustainability topics were identified through a combined materiality and impact analysis and then grouped into four strategic pillars: climate action, social responsibility, governance and culture and financial strength

2050 long-term objective

Become a net-zero bank

Nordea’s future business will be a business where we see an increasing greening of our balance sheet and where we are reducing emissions and mitigating climate risk.

We want to make a difference together with our customers and support them in making sustainable choices, contributing to a sustainable society. Nordea’s direction is clear, to become a bank with net-zero emissions by 2050 at the latest.

2030 mid-term objective

Reduce carbon emissions by 40-50%

Nordea has set one of the world’s most ambitious overarching targets among banks to reduce emissions.

To reach our 2050 objective, we have set a mid-term objective for 2030 to reduce carbon emissions across our lending and investment portfolios by 40-50% and from our internal operations with more than 50% compared to 2019.

Full list of Nordea’s sector targets:

The sector targets  cover Nordea's lending portfolio and will guide Nordea’s work to support its customers’ journeys to reduce emissions and accelerate the transition of the economy.

Sector	Sub-sector	Emissions scope	Metric	Benchmark scenario	Base year	Target year	Target
Shipping	Vessels	1	AER, gCO2/dwt-nm	Poseidon principles (IMO 2050)	2019	2030	-30%
Residential Real Estate	Households and tenant-owner associations	1, 2	kgCO2e/m2	Utility sector NDC¹, CRREM	2019	2030	-40-50%
Agriculture	Crops, plantation and hunting, and Animal husbandry	1, 2	tCO2e/EURm	National sector targets and SBTi FLAG³	2021	2030	-40-50%
Power Production	Electricity generation	1, 2	gCO2e/kWh	IEA NZE² SBTi 1.5C	2021	2030	-70%
Oil and Gas	Exploration and Production	1, 2, 3	tCO2e⁴	IEA NZE²	2019	2030	-55%
Offshore	Drilling rigs and offshore service vessels within Oil and Gas and Shipping	-	EURm	-	2019	2025	-100%
Mining	Thermal peat mining	-	EURm	IEA NZE²	2022	2025	-100%
Mining	Thermal coal mining	-	EURm	IEA NZE²	Restrictive policy. Full phase-out achieved 2021.

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