The majority of global carbon emissions causing climate change stem from the global energy system, which is why the world needs a significant acceleration in the deployment of renewable energy sources, to become more energy efficient, and to phase out fossil fuels. Danske Bank has a clear responsibility to ensure that any lending related to the fossil fuel industry is consistent with the Paris Agreement and with the objective of reaching net zero by 2050.
In 2015, Danske Bank signed the Paris Pledge for Action to show our full support for the objectives of the Paris Agreement. In 2021, we consolidated this commitment by becoming a member of the Net-Zero Banking Alliance (NZBA)
, which is a UN-convened, industry-led alliance of banks from all over the world. As a member of the alliance, Danske Bank has committed to achieving climate neutrality by 2050.
A key element of our sustainability policy is to phase out lending to and investment in companies with coal-based activities, so that all such activities are shut down in EU and OECD countries by 2030 at the latest and by 2040 in the rest of the world.
When around 80% of the world’s energy supply still derives from fossil fuels, a complete, short-sighted and immediate cessation of financing for all types of fossil fuels, as Mellemfolkeligt Samvirke advocates, would risk seriously disrupting energy supplies and the economy generally, and is in our view not the right approach. Our responsibility as a leading Nordic bank that serves the entire economy is to engage with all our customers and support their transition towards a sustainable future.