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Danske Bank releases ambitious climate action plan

Danske Bank releases ambitious climate action plan

Danske Bank has released a detailed climate action plan setting goals for 2030 and 2050. The plan maps out the bank’s sustainable goals and carbon emissions, pulling focus to the green transition.

Aligning its goals with those set by the Paris Agreement and Science Based Targets initiative (SBTi), Danske Bank’s Climate Action Plan – Our Roadmap to Net Zero covers a range of ambitions: carbon emissions, energy efficiency, finding an alternative to fossil fuels, providing customer sustainability goals, managing the sustainable fallout of new buildings and air travel, and setting reduction targets for shipping and energy.

The Danish banking giant has reduced investments in oil and gas production companies since 2020 and plans to reduce its carbon footprint, which currently is at 44.1 million tonnes.

Goals set in the plan for 2030 include: reducing scope 1 and 2 emissions by 80% from their levels in 2019, reducing shipping, oil and gas, and energy utility emissions by 50%, and cutting down on weighted-average carbon intensity by 50%.

CEO of Danske Bank, Carsten Egeriis, stated: “With this climate action plan, we are setting a clear direction for our work with sustainability across activities and customer segments. The climate challenge is incredibly complex. It is therefore crucial that our work is based on reliable data on the total emissions resulting from our financing and investment activities. This provides us with a solid foundation when defining specific targets and prioritising our efforts to ensure that we make the largest impact possible in terms of keeping the global temperature rise below 1.5°C.”

In 2022, Danske Bank entered the British market with a carbon neutral mortgage made available to residential homes in England.

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