Nordea Reports on Progress Aligned with Responsible Banking Principles
Nordea Bank Abp has provided an update on its progress two years after signing the United Nations Environment Programme Finance Initiative's (UNEP FI) Principles for Responsible Banking.
Helsinki – Nordea Bank Abp has reviewed its progress two years after becoming a signatory to the United Nations Environment Programme Finance Initiative's (UNEP FI) Principles for Responsible Banking. The bank, which signed the principles on September 22, 2019, alongside over 30 other institutions, has outlined its actions taken to support a sustainable future through engagement with customers and stakeholders.
The bank has aligned its business strategy with the UN's Sustainable Development Goals and the Paris Climate Agreement, as well as relevant national and regional frameworks. Nordea has published its sustainability targets for 2023 and updated its policy concerning fossil fuel-based industries.
Nordea has introduced a "Sustainable Choice" symbol for its products to help customers identify sustainable options easily. For large corporates and institutions, a dedicated sustainable finance advisory service has been developed. The bank emphasizes its role in actively engaging in its investments and supporting customers in their transition towards more sustainable practices.
The bank has set emission reduction targets for 2023, 2030, and 2050, aiming for net-zero emissions by 2050. Nordea is also committed to transparency and accountability, reporting its progress annually in its sustainability and annual reports. The bank has further joined the Partnership for Carbon Accounting Financials (PCAF) to standardize carbon accounting for financial institutions.