12/03/2023 | Press release | Distributed by Public on 12/03/2023 00:59
NIB has launched a new climate strategy, setting an actionable path towards a sustainable future at the COP28, the latest global climate conference. This strategy commits NIB to concrete, science-based targets that align with the Paris Agreement, reducing greenhouse gas emissions through its financing activities and operations. By setting its own climate targets, NIB will be better placed in supporting the decarbonisation goals of its Nordic and Baltic member countries.
NIB's climate strategy sets ambitious targets, including a significant reduction in emissions by 2030, to align with the EU's climate neutrality goals and the more stringent aims of its member countries. Detailed targets and the full scope of NIB's climate action plan are outlined in the strategy, highlighting the Bank's role in supporting a fair transition to net-zero by 2050 and foster resilience to climate-related risks.
"NIB is committed to accelerate the climate action, setting ambitious science-based targets for 2030, including a 55% reduction in emissions to support the EU's climate neutrality goals. We will submit our targets for approval from the Science Based Target initiative (SBTi) to ensure that our efforts are aligned with the latest scientific evidence. We are also dedicated to collaborating with other financial institutions to further a sustainable future," says Luca De Lorenzo, Head of Sustainability & Mandate at NIB.
With NIB's member countries at various stages of their transition, NIB commits to providing sustainable finance to help meet and exceed their environmental ambitions. NIB's financed emissions will be reduced to align with the 1.5°C global warming scenario, with lending targets set against science-based and sector-specific decarbonisation pathways:
NIB focuses on climate change mitigation, prevention, adaptation, circular economy, and pollution reduction. In 2021, NIB stopped financing fossil fuel energy generation, including upstream activities and processing. Further information of NIB's Climate strategy and annual reporting are available at www.nib.int.
Download the NIB Climate strategy here
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.
For further information, please contact
Luca De Lorenzo, Head of Sustainability & Mandate at NIB, at +358 010 618 0297, [email protected]
Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, [email protected]