A commitment to a net zero target in line with a 1.5-degree scenario in 2024 is now mandatory for every asset manager looking to manage capital on behalf of Nordea Life & Pension and its pension savers.
With around €62bn in AUM, Nordea Life & Pension co-founded the UN initiative Net Zero Asset Owner Alliance in September 2019.
All members have committed to a net zero target for 2050 and will present individual sub-targets for 2025 later this year.
Katja Bergqvist, chief executive of Nordea Life & Pension, said: “For us and our customers, sustainability is essential, and as an asset owner we have a great opportunity to influence how the assets are managed.”
Long, medium and short-term goals
She added: “The coming 10 years are crucial. Long-term net zero targets must contain short-term concrete goals and transparent reporting.
“We have, in the past few years, been working persistently to reduce the carbon intensity of our portfolios. This work continues with our target to reduce the carbon intensity by at least an addition 25% by the end of 2024.”
The company has also set a mid-term objective to reduce carbon emissions from its lending and investment portfolios by 40-50% by 2030.
Nordea will also reduce its internal carbon emissions by at least 50% and achieve net positive carbon contribution by the end of this decade.