Nordea stops new investment in TotalEnergies over EACOP
Nordea, one of the largest Nordic banks, recently shared that they are not purchasing any new shares or bonds in Total because of its EACOP project. This is in addition to the bank's previous statement declining to provide project finance to the EACOP. In a Danish language comment article titled "Nordea is also opposed to pipeline in Africa", the Head of Responsible Investments at Nordea Asset Management sets out that the bank's asset management arm will not purchase any more shares or bonds in TotalEnergies, but they will keep the ones that they already hold. The bank explains the stance as being driven by a wish to maintain influence with the company.
Campaigners have called on the bank to completely divest from TotalEnergies, which continues to expand oil and gas production as well as developing harmful projects which drive human rights and environmental violations.
