Nordea further expands annual sustainability reporting
Sustainability is at the core of Nordea’s business strategy – integrated into all aspects of our business. Nordea’s Annual Report 2023 published today provides the latest sustainability information on the bank and on the progress of Nordea’s climate actions and targets. Reporting on the financial year 2024 will be further expanded as the application of the Corporate Sustainability Reporting Directive (CSRD) modernises and strengthens the rules concerning the social and environmental reporting.
The starting point for Nordea in relation to climate and nature policies is our commitment to align our business strategy with key conclusions in the Paris agreement. We have set the industry leading commitment to reduce emissions from all our lending and investment portfolios by 40-50% by 2030.
These are ambitious targets and Nordea is currently the only Nordic bank that has committed to such an overarching emission reduction target. More details on our roadmap to reach our emission targets are described in Nordea’s progress report on climate actions and targets, which is available at https://www.nordea.com/en/doc/climate-targets-and-actions-for-the-lending-portfolio.pdf.
Recognising the importance of reducing emissions and mitigating negative climate and nature effects, as well as focusing on related transition plans and reporting, Nordea aims to continuously develop the scope and details in how we report on the overall transition progress. As part of the development process, Nordea is also in continuous dialogue with various stakeholders. Nordea appreciates its recent dialogue with AkademikerPension (on behalf of Nordea's shareholder Kapitalforeningen MP) with regard to further reporting of certain climate-related risks in relation to financial, litigation and reputational risks associated with financing of and asset management-related investments to upstream fossil fuel companies which continue to expand their fossil fuel activities.
Nordea will continue developing its reporting and engagement strategy. Nordea continues to be in close dialogue with its key stakeholders in order to ensure that its sustainability reporting and practices continue to meet stakeholder expectations and the regulatory requirements.
Going forward, Nordea will publish its first CSRD report as part of the Annual Report 2024 and will continue to publish its progress report on climate actions and targets. Following the implementation of the CSRD, Nordea’s annual report will have a new structure as from 2024 to encompass the new sustainability reporting requirements.
