Nordea has released a statement outlining its position on the energy sector amid ongoing war, global challenges, and shifting geopolitical conditions in Europe.
The bank reaffirmed its commitment to climate goals, stating: "Our direction is clear. We continue our work with the goal of reaching net zero emissions by 2050 at the latest and reducing the CO2 emissions from our lending portfolio by 40–50% by 2030 compared with 2019. These goals are aligned with the stance of the UN’s Intergovernmental Panel on Climate Change (IPCC) that global emissions must be reduced by 50% by 2030 to meet the goals of the Paris Agreement. It is important for us to underline this."
Nordea acknowledged that recent events, including the war in Ukraine, have changed Europe's energy landscape. The bank noted: "The war in Ukraine and the global challenges have, however, created a new situation in Europe. It is more important than ever that Europe can both defend itself and secure its own energy supply. Norwegian natural gas is important for Europe’s energy supply and today accounts for nearly half of the EU’s gas imports. As a leading bank in all the four Nordic countries in which we operate, our view is that we have a societal responsibility to help secure Europe’s energy supply at this difficult time. Just as we see a responsibility to support the Nordic countries in strengthening their defence capabilities by providing financing for the defence industry."
Since 2019, Nordea reports it has reduced lending to the oil and gas sector by 92%, making up less than 0.1% of its total lending portfolio. Additionally, financed emissions from this sector have dropped by about 74% over the same period.