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NordeaFinland
Active
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Last update: 2024-12-17 12:00:08
Nordea head office in Helsinki, Finland. Photo: Holger Ellgaard via Wikimedia Commons (CC BY-SA 3.0)
Active
This profile is actively maintained
Last update: 2024-12-17 12:00:08
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About
| Website | http://www.nordea.com |
| Headquarters |
Satamaradankatu 5
FI-00020 Helsinki
Finland
|
| CEO/chair |
Frank Vang-Jensen CEO |
| Supervisor | |
| Ownership |
listed on Helsinki Stock Exchange, Nasdaq Copenhagen, OMX AB & Stockholm Stock Exchange
Nordea's shareholder structure can be accessed here. |
The Nordea Group was established in 2000 but derives its origin from banks and insurance companies from the Nordic region from the early 19th century. Since December 2001 the entire group is operating under the Nordea brand. Nordea is the largest financial services group in the Nordic and Baltic Sea region. Nordea has around 11 million customers, approximately 1,400 branch offices in nine home markets and a netbanking position with 5.2 million e-customers.
Sustainability
Commitments
Policies
Voluntary standards
Nordea's most important sustainability commitments can be found at the website sections listed below.
Nordea has committed itself to the following voluntary standards:
Dodgy Deals
Nordea is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Nordea's link to these deals.
Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Resources
Documents
Links
Accountability
Grievances
Response
tracking
Nordea's Raise Your Voice whistleblowing channel allows adversely affected individuals and communities to raise human rights-related complaints.
Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).
Nordea is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.
This page evaluates Nordea's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Don't Buy into Occupation report (November 2022)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
Don't Buy into Occupation report (September 2021)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress.
Following the bank's response: The bank has not provided details on how it monitored the progress of specific companies or how the bank monitored the impact on rights-holders involved in raising the issue with the bank of its own action of updating the Agriculture sector policy. Therefore, the score remains unchanged.
More info
Banks profiting from the construction and hotel boom in Qatar (November 2022)
2
1
1
0
Response
1
Out of 1
Rationale for score
The bank responds publicly to the allegations in a way which comments on and responds to the substance of the issues raised, and its response acknowledges its connection to the impact. Action
1
Out of 1
Rationale for score
The bank sets out that it has engaged with the client or investee company regarding the allegations of adverse human rights impact(s) linked to its finance and it discusses its exposure and leverage. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
Average
33%
0.67
0.33
0.33
0
Banks and Climate
Banks and Climate
The 2024 Banking on Climate Chaos report showed that Nordea provided US$ 20.116 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, Nordea provided US$ 569 Million for oil, gas and coal companies expanding fossil fuels. Find further details on Nordea fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.
Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Nordea’s fossil fuel policy below.
False Solutions Tracker
BankLast update
Country
Wind Energy
Solar Energy
Geothermal Energy
Ocean Energy
Energy grids and storage
Hydropower
Hydrogen
Solid Biomass
Biofuels
CCUS
Nuclear Power
Details
Explanation
The purpose of the False Solutions Tracker is to give a clear overview of energy technologies that fall under banks' individual sustainable finance commitments. The tracker lists 11 energy technologies that are usually associated with the energy transition and the decarbonisation of the economy. These technologies are defined here and classified in three categories:
-
Real solutions: Technologies that deliver on a Just Transition towards Energy Democracy. BankTrack considers these technologies as real solutions only if and when they do deliver Energy Democracy.
-
Solutions under strict conditions: Energy technologies that could be real solutions if they deliver on a Just Transition towards Energy Democracy but that could also be false solutions. This is the case of hydrogen and hydropower. On one hand, fossil-free and green hydrogen could be a real solution under certain conditions. However, fossil-based hydrogen and nuclear hydrogen are always false solutions. On the other hand, hydropower lifespan extension could also be a real solution under strict conditions while hydropower expansion is a false solution.
-
False solutions: Energy technologies that are not aligned with a just transition towards Energy Democracy.
For each one of the 11 energy technologies, the tracker indicates if it is included in bank's individual sustainable finance commitments:
For Real solutions:
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting.
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting, but under certain conditions. In this case, those conditions are mentioned in the "relevant policy document" section for each bank.
- : No, the bank does not include its finance towards this energy technology in its sustainable finance reporting.
- : It is unclear whether the bank includes or not its finance towards this energy technology in its sustainable finance reporting.
For solutions under strict conditions and for false solutions:
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting.
- : Yes, the bank includes its finance towards this energy technology in its sustainable finance reporting, but under certain conditions. In this case, those conditions are mentioned in the "relevant policy document" section for each bank.
- : No, the bank does not include its finance towards this energy technology in its sustainable finance reporting.
- : It is unclear whether the bank includes or not its finance towards this energy technology in its sustainable finance reporting.
For more details see this page.
Banks and Human Rights
Banks and Human Rights
BankTrack assessed Nordea Bank in its 2024 Global Human Rights Benchmark, where it achieved 8.5 points out of 15 and was ranked as a “moderate achiever”.
The bank scored 0.5 out of 3 points on the new “specific rights indicators”, which assess how banks address human rights defenders, Indigenous Peoples’ right to Free, Prior and Informed Consent and environmental rights in their policies and practices.
In addition, Nordea Bank scored 0.67 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the “Accountability” section of this profile.
The table below shows BankTrack's assessment of how Nordea has implemented the UN Guiding Principles on Business and Human Rights. Please click on 'expand all details' and 'explanation' for further information on the methodology.
Our policy assessments are always a work in progress. We very much welcome any feedback, especially from banks included in the assessments. Please get in touch at humanrights@banktrack.org.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Nordea
FIN
5.5
Follower
5.5
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Global Human Rights Benchmark 2024
BankLast update
Country
Score
Ranking
Details
Nordea
FIN
8.5
Moderate achiever
8.5
0
Explanation
Laggard
Follower
Moderate achiever
Leader
0 - 3 points
3.5 - 7 points
7.5 - 10.5 points
11 - 15 points
For more details see this page.
Tracking the NZBA
Tracking the Net Zero Banking Alliance
Nordea is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
Good Moves
Good moves
Year:
2025
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