Facts about Danske Bank's 2030 interim targets
By 2030, customers must have reduced their emissions per unit transported by 20-30% for the loan portfolio as a whole against a 2020 baseline. Emissions are measured according to the Poseidon Principles standard, which also ensures ongoing monitoring of the customers’ progress. We provide transition finance to shipping customers to ensure that they make efficiency improvements and to enable old vessels to be replaced with new and more efficient vessels that will often run on alternative fuel technologies.
By 2030, customers must have reduced carbon emissions per kWh of power and heat generation by 30% for the loan portfolio as a whole against a 2020 baseline. Danske Bank customers operating in the utilities sector are already well advanced in relation to decarbonising because of their early and sustained investments in hydropower, wind energy and biomass.
Oil and gas exploration and production (upstream)
By 2030, Danske Bank’s lending exposure to oil and gas production businesses must be reduced by 50% for the loan portfolio as a whole against a 2020 baseline. There is currently no clear standard for measuring the transition of oil-producing companies. Instead of setting an activity-based target, we therefore target a reduction in lending exposure. The level set reflects the decline in investment needs of Nordic oil and gas production companies as defined in key net-zero scenarios, while also making it possible for support to be provided to the most efficient producers – also after 2030.