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.