GHG Emissions, Finance  -  February 3, 2022

Danske Bank Sets 2030 Targets

Danske Bank is setting its CO2 reduction targets towards 2030 in relation to lending with the aim of achieving a net zero loan portfolio by 2050 or sooner.

The interim 2030 targets are set against a 2020 baseline and cover the three sectors in the bank’s lending book that contribute to the highest CO2 emissions. For oil and gas production, the target is a 50% reduction in lending exposure, while the target for shipping is a 20-30% reduction in emissions per unit transported. For utilities, a target of a 30% reduction in carbon emissions per kWh of power and heat generation has been set.

“We have more than 3.3 million customers, and we cover the majority of sectors – including sectors that have a significant carbon footprint,” said Carsten Egeriis, CEO at Danske Bank in a statement. “But we also recognise that we have an obligation as a leading Nordic bank and with the resources we have at our disposal to support our customers and contribute to the green transition in the societies that we are a part of as well as to support Denmark in reaching its 2030 target for reduction in CO2 emissions. As an investor and lender, the question for us is not so much one of supporting the businesses that are the greenest today but of supporting the businesses that have the greatest potential to be green in the future. So our aim is first and foremost to support customers in succeeding with their own green transitions.”