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Nordea Life & Pensions commits to net-zero emissions by 2050

The bold commitment to transition our investment portfolios to net-zero GHG emissions by 2050, stated by the members of the Net-Zero Alliance, means developing models and frameworks to use as industry standards. Keeping global warming below a 1.5°C increase is the preferred target of the Paris Agreement*. But to correctly measure alignment and progress - standards are needed.

Pushing for change

At Nordea Life & Pension, we work closely with the companies in which we invest. We strive to ensure that their business models are de-carbonized and that they are well-prepared for the changing conditions of the future. Through advocating for change, push for a greener financial industry and align our guidelines and policies with our values, we strive to fulfill our commitment and inspire others. For the industry, the Net-Zero Alliance initiative is a massive leap forward and is made with the expectation that governments will follow through on their commitments as well, to ensure that the objectives of the Paris Agreement* are met.

 

Measuring progress

To ensure transparency and be able to measure our progress, we will hold ourselves publicly accountable by setting intermediate targets and openly report on these.

“Asset owners have an important role in the transition to a low-carbon and climate-resilient economy. We strongly believe that such a transition requires clear commitments, joint industry efforts and full transparency. We have joined the alliance because it represents a strong platform for enabling this”, says Katja Bergqvist, CEO of Nordea Life & Pensions.

The alliance was initiated by Allianz, Caisse des Dépôts, La Caisse de dépôt et placement du Québec (CDPQ), Folksam Group, PensionDanmark and Swiss Re at the beginning of 2019. Since then, Alecta, AMF, Nordea Life & Pensions, Storebrand, and Zurich have joined as founding members. Together, we are responsible for placing more than $2.3 trillion in investments – money that can and should be used to make a difference.

 

Our commitment

Nordea Life & Pension’s commitment to the Net-Zero Alliance aligns well with our recent pledge as a founding bank of the UNEP FI Principles for Responsible Banking and a member of the Collective Commitment to Climate Action.

At Nordea, we believe that the companies which actively work to transform toward a low carbon economy will not only contribute positively to the environment but have the financial advantage of being more resilient and better prepared for the future.

*The Paris Agreement targets keeping the increase in the global average temperature, versus pre-industrial levels, to well below 2°C. However, there are also ambitions to pursue efforts to limit the temperature increase to 1.5°C.

Katja Bergqvist, CEO of Nordea Life & Pension

 “Asset owners have an important role in the transition to a low-carbon and climate-resilient economy"
- Katja Bergqvist, CEO of Nordea Life & Pensions

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