Nordea Bank

Nordea Bank, headquartered in Finland and operating in Financial intermediation services, has set ambitious climate commitments and disclosed its carbon emissions.

For the most recent reported year, 2025, Nordea Bank's total carbon emissions were approximately 19.79 billion kg CO2e. This figure includes:

• Scope 1 emissions: approximately 1.03 million kg CO2e
• Scope 2 market-based emissions: approximately 12.83 million kg CO2e
• Scope 3 emissions: approximately 19.78 billion kg CO2e, with significant contributions from business travel (approximately 6.19 million kg CO2e), purchased goods and services (approximately 2.73 million kg CO2e), waste generated in operations (approximately 404,000 kg CO2e), and fuel and energy-related activities (approximately 6.45 million kg CO2e).

Looking back, in 2024, the bank's total emissions were about 19.85 billion kg CO2e. In 2023, total emissions were not specified, but Scope 3 emissions were approximately 24.89 billion kg CO2e, with a substantial portion (about 24.87 billion kg CO2e) attributed to investments.

Nordea Bank is committed to achieving net-zero emissions by 2050 at the latest. To reach this long-term goal, the bank has set several near-term targets:

• Operational Emissions: Aims to reduce carbon emissions from its internal operations by more than 50% by the end of 2030, compared to a 2019 baseline. This target also includes achieving a net positive carbon contribution through offsetting.
• Scope 1 Emissions: Plans to reduce Scope 1 emissions by 30% from 2020 to 2030, and aims to reduce these to near zero by 2025.
• Scope 2 Emissions: Intends to reduce Scope 2 emissions by 30% from 2020 to 2030, and aims to reduce these to near zero by 2025.
• Lending and Investment Portfolios: Commits to reducing carbon emissions across its lending and investment portfolios by 40-50% by the end of 2030, compared to 2019 levels. This includes reducing the carbon intensity of its Residential Real Estate loan portfolio by 40-50% by 2030, also against a 2019 baseline.
• Financed Emissions: Since 2019, Nordea Bank has reduced its portfolio-wide financed emissions by 44%, aligning with IPCC's 1.5°C pathways. Lending to upstream oil and gas has been reduced by over 99% in the same period.

The bank is also a signatory to the Net Zero Asset Managers initiative, committing to supporting the goal of net-zero greenhouse gas emissions by 2050 or sooner.