ActiveThis profile is actively maintained
ActiveThis profile is actively maintained
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.
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.
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".
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.
Banks and Climate
The 2023 Banking on Climate Chaos report showed that Nordea provided US$ 12.07 billion in financing to the fossil fuel industry between 2016 and 2022. 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.
Banks and Human Rights
BankTrack assessed Nordea Bank in its 2022 Global Human Rights Benchmark, where it achieved 5.5 points out of 14 and was ranked as a follower. In addition, Nordea Bank scored 0 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.
Global Human Rights Benchmark 2022
Nordea's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2022. The bank is assessed as a Follower, with a total score of 5.5 out of 14.
Due dilligence: 1/5
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0/3. See the Response Tracking section of this profile for more details.
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.