Danske Bank has introduced a comprehensive climate action strategy outlining its objectives for 2030 and 2050, emphasizing the importance of a sustainable transition.
Aligned with the targets established by the Paris Agreement and the Science Based Targets initiative (SBTi), Danske Bank’s Climate Action Plan—titled “Our Roadmap to Net Zero”—details a variety of aspirations. These include commitments to reduce carbon emissions, enhance energy efficiency, seek alternatives to fossil fuels, support customers in achieving their sustainability objectives, manage sustainability impacts associated with new constructions and air travel, and set reduction goals for shipping and energy sectors.
Since 2020, the Danish banking leader has scaled back investments in the oil and gas industry and is focused on decreasing its carbon footprint, which currently stands at 44.1 million tonnes. The ambitious targets for 2030 comprise an 80% reduction in scope 1 and 2 emissions from 2019 levels, a 50% reduction in emissions from shipping, oil and gas, and energy utility sectors, as well as cutting the weighted-average carbon intensity by 50%.
Carsten Egeriis, CEO of Danske Bank, emphasized, “With this climate action plan, we are establishing a clear path for our sustainability initiatives across various activities and customer segments. The climate challenge is highly intricate. Therefore, it is vital that our efforts are grounded in reliable data regarding the total emissions arising from our financing and investment operations. This enables us to set concrete targets and prioritize actions that will yield the greatest impact in our quest to keep the global temperature rise below 1.5°C.”
In 2022, Danske Bank expanded its operations into the UK market, offering a carbon-neutral mortgage option for residential properties in England.