Nordea Sets New Sector Targets to Reduce Emissions
Author: Dominic Chopping
Nordea Bank Abp said on December 19, 2022, it has set four new sector targets to reduce emissions in its shipping, residential real estate, oil and gas and mining portfolios. The Helsinki-based bank said these targets will steer it toward its objective to reduce carbon emissions by 40%-50% across its lending and investment portfolios by 2030. "With these sector targets we continue to drive concrete action towards our 2030 objective and ultimately becoming a net-zero emissions bank by 2050," said Anja Lidgren Hannerz, head of group sustainability. In shipping, Nordea said it plans to reduce the physical emission intensity in its shipping portfolio by 30% from 2019 to 2030, while in residential real estate it plans to reduce physical emission intensity by 40%-50% from 2019 to 2030. The bank said it plans to reduce absolute financed emissions from oil and gas exploration and production by 55% from 2019 to 2030 and it will phase out thermal peat mining by 2025. Nordea added that since the end of 2019 it has decreased its financing to the whole oil, gas and offshore sector by more than 70%. It has previously announced its target to exit the offshore sector by 2025.