FinansWatch

Nordea "proud" to be tasked by UN on sustainable bank targets

Together with the UN and 25 other international banks, the Nordic mega-bank will set targets for the banking industry as part of the UN Sustainable Development Goals and the Paris Agreement on climate change.

Frank Vang-Jensen Foto: PR

As an element of the 2015 Paris Agreement on climate change, 26 banks are to set targets for the banking industry to ensure a sustainable future. One of the banks is Nordea, which is the only Nordic bank represented on the UN-appointed panel.

Barclays, BNP Paribas and Societe Generale are three of the other banks represented, according to an announcement from Nordea.

"We're proud to be appointed by the UN to redefine the banks' role and responsibility to deliver a sustainable future for all. As two thirds of worldwide finance is provided by banks, the global banking system will be instrumental in achieving these goals," says Frank Vang-Jensen, Country Manager of Nordea in Denmark, in the announcement.

Nordea says the 26 banking members of the UN Environment Finance are leading an initiative "for banks worldwide to reaffirm their purpose and align their business practices with these objectives."

The task for Nordea and the other banks will be to develop global banking principles that "direct banks' efforts to align with society's goals as expressed in the SDGs, the Paris Agreement, as well as national and regional frameworks."

They will also set the global benchmark for sustainable banking, and create a requirement for signatory banks to set goals for and report on "their contribution to national and international social, environmental and economic targets".

"We're looking forward working together with the other banks. Climate change is a shared responsibility, and this task is a natural consequence of our efforts in sustainable savings, and some of our investments funds are leading players in this field," says Vang-Jensen.

English Edit: Lisa Castey Hall Nielsen

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