We’re back at work after a summer of abnormally hot weather, which has been welcomed by many Scandinavians. However, along with the heat comes severe consequences. At Nordea we have both a big responsibility and a big opportunity to act against climate change.
The extreme heat and wildfires have put severe stress on the livelihoods of people and the economic development of the region. Farmers have been struggling with damaged crops and will struggle to feed their animals in the winter, and valuable timber assets have been lost due to the fires, just to mention some of the consequences.
It’s a common misconception that climate change is something that is happening far away from us or is something that could happen in the future. Climate change is happening here and now, also in Scandinavia.
Sasja Beslik
“The financial industry has a big responsibility and opportunity to influence companies and sectors to act in a more sustainable way, both in the way we invest, finance and give advice. I think the Scandinavian weather this summer has been alarming and I hope that this opens people’s eyes – climate change is happening right here and now and we have to act,” says Sasja Beslik, Head of Sustainable Finance.
As the largest bank in the Nordics, we can make a difference; we have the ability to facilitate capital allocation that can help the transition to a low-carbon economy. To formalise our view and actions related to climate change, Nordea published a position statement on climate change last year.
Ylva Hannestad
Ylva Hannestad, Deputy Head Group Sustainable Finance, who has been driving this initiative, explains why a position statement is needed:
Why do we need a position statement on climate change and how does it affect our organisation?
“Climate change poses both risks and opportunities for us as a business. The purpose of the statement is to formalise how we address this from a risk management perspective. In our fund offering, for example, we have decided not to invest in companies with large and sustained exposure to thermal coal mining. The position statement also guides us in how we can develop new financial products, such as green bonds or green loans, products that can support our customers to transform to a low-carbon economy,” Ylva says.
What does this mean for Nordea?
“This is Nordea’s first group position statement on climate change. We have just embarked on a journey with sustainability and sustainable finance and have, since the beginning of this year, a new governance model for how to manage sustainability aspects in relation to our business. In our new way of working with sustainable finance, we strive to be proactive and collaborative,” she adds.
Together with customers and partners, Nordea enables the transition towards a sustainable future.
Read the full position statement on climate change.
This content is sponsored by Nordea.