Danske Bank sets 2030 CO2 reduction targets in its loan portfolio
As the first Nordic bank to do so,
The new interim climate goals follow on from climate-focused initiatives that
The 2030 interim targets are set against a 2020 baseline and cover the three sectors in our loan portfolio that contribute the highest CO2 emissions. For oil and gas production, the target is a 50% reduction in loan exposure, while the target for shipping is a 20-30% reduction in emissions per unit transported. For utility companies, a target of 30% reduction in carbon emissions per kWh of electricity and heat has been set.
We will continue our work on setting targets for 2030 by introducing targets for other sectors – including agriculture, housing and heavy industry – as the quality of data for these sectors improves. We plan to publish more sector targets this year.
Focus on transition
With these goals, we and our customers make a commitment; and as a bank, we are fully striving to offer our clients the best advisory services and attractive loan options to support the transition.
“We have over 3.3 million customers and we cover the majority of sectors – including sectors that have a large carbon footprint. That is why we are part of the solution needed to meet the climate challenges we face. For the most part, our customers are doing a lot of work related to the green transition, but we also recognize that we have an obligation – as a leading Nordic bank and with the resources we have – to support our customers and contribute to the green transition in the societies of which we are part, as well as Support
‘Our ambition is to help all customers – who can and who want to. And we are seeing strong demand from our clients for consulting services and products that support their own clients’ green transitions. As an investor and lender, the issue for us is not so much to support the greenest companies today but to support the companies that have the greatest potential to be green tomorrow. Our objective is therefore above all to support our customers in the success of their own green transition. This could mean that our trip will take a bit longer. But in the end, the difference we will make for our customers and for society will be much greater.
The targets apply to customers’ CO2 emissions in specific sectors – emissions that
Fact on the 2030 Intermediate Goals
By 2030, customers must have reduced their emissions per unit transported by 20-30% for the entire loan portfolio compared to 2020. Emissions are measured according to the Poseidon Principles standard, which also ensures continuous monitoring of customer progress. We provide transition funding to shipping customers to ensure they improve their efficiency and to allow older vessels to be replaced with new, more efficient vessels that will often run on alternative fuel technologies.
By 2030, customers must have reduced their carbon emissions per kWh of electricity and heat production by 30% for the entire loan portfolio compared to 2020.
Oil and gas exploration and production (upstream)
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