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5 Dec 2022 – Articles

Response to criticism from Mellemfolkeligt Samvirke: We are prepared to withdraw from companies that embark upon new oil production activities in the Arctic

On 30 November 2022, Danish media outlets Jyllands-Posten/Finans.dk published an article based upon a new report from Mellemfolkeligt Samvirke (ActionAid Denmark) criticising Danske Bank for supporting a potential oil extraction project in the Barents Sea. Danske Bank has a clear policy of not providing financing to companies if they develop new oil or gas production in the Arctic, and the criticism expressed in the article was therefore without grounds.




In an article published by Jyllands-Posten/Finans.dk on 30 November 2022, Mellemfolkeligt Samvirke (ActionAid Denmark) criticises Danske Bank’s sustainability commitments. Under the headline ‘Danske Bank sending billions to controversial Arctic oil project’, the article states that Danske Bank is supporting new oil extraction projects in the Arctic through its lending and investment activities.

The criticism was based on the report Banking on Thin Ice, published by BankTrack in November 2022. The report claimed that from the summer of 2020 to 2022 Danske Bank provided DKK 9 billion in lending to companies exploring for new fossil fuel reserves, DKK 3.8 billion of which contributed to supporting the Wisting field, among other developments.

We are prepared to withdraw from companies undertaking new oil extraction activities in the Arctic
The claims made in the article are misleading because Danske Bank does not want to support – either in the form of investment or lending – new oil production in the Arctic. With regard to the Wisting field, which was specifically mentioned in the article, no decision has been made to develop the oil reserves that have been discovered into commercial oil production.

Our policy covering this area specifies that we cannot provide financing to companies initiating sizeable oil production activities in the Arctic and other environmentally sensitive areas. This means that we are prepared to withdraw from companies if they decide to invest in developing an oil field in the Arctic.


The claims made in the article are misleading because Danske Bank does not want to support – either in the form of investment or lending – new oil production in the Arctic. With regard to the Wisting field, which was specifically mentioned in the article, no decision has been made to develop the oil reserves that have been discovered into commercial oil production.

Danske Bank


Criticism is based on inaccurate calculations of data
The Banking on Thin Ice report is founded upon misleading methods of calculating the amount of fossil-fuel-related lending banks provide. For example, refinanced loans are included twice in the calculation method used in the report, and the entire lending to companies with even only a small percentage of fossil fuel energy in their business activities is categorised by the report as ‘lending to the fossil fuels sector’.

At the end of the third quarter of 2022, Danske Bank’s lending to oil and gas producers amounted to just DKK 3 billion, which is a 50% reduction over the previous two years. This means that only around 2% of Danske Bank’s total lending goes to companies that derive a large or small part of their revenue from fossil energy production.

We have a responsibility to contribute to solving the climate crisis
Climate change and the transition to a sustainable society are the biggest and most fundamental challenges facing our societies over the coming decades. We therefore have a strategic ambition to become a leading bank for sustainable finance in the Nordic countries. As a member of the UN-convened Net-Zero Banking Alliance, Danske Bank is committed to achieving net zero by 2050 and to adhering to the climate goals of the Paris Agreement.

In October, Danske Bank was named by Bloomberg Intelligence as a world-leading bank with respect to reducing the carbon footprint of its portfolio. This recognition was achieved due to our systematic work to map and reduce the greenhouse gas emissions stemming from our portfolio and also due to our publication of emission reduction targets.


Specific sustainability initiatives at Danske Bank

Danske Bank has signed up to the UN-convened Net-Zero Banking Alliance. As a member, Danske Bank is committed to achieving net zero by 2050 and to adhering to the climate goals of the Paris Agreement.

Over the past two years, we have reduced our lending to oil and gas producers by 50%. This means that our lending to companies that have fossil fuels as part of their business activities has now been reduced to only 2% of our total lending.

Since 2020, we have reduced our investment in the production of fossil energy sources by 37%.

We neither finance nor invest in companies that generate more than 5% of their revenues from thermal coal mining unless the company has a credible transition plan to reduce such revenues to below 5%.

We are well on our way to reaching our 2023 target of providing DKK 300 billion in sustainable financing by providing green loans and arranging sustainable bonds for our customers.

We are the first Nordic bank to set sector-specific targets for lending to the shipping, oil and gas, and power generation sectors, with the commitment to reduce emissions by 20-50% no later than 2030.

For our investment activities, we will halve our climate footprint by 2030 in relation to 2020 levels.