Our work
At the Nordic Center for Sustainable Finance, we expose fossil fuel investments by Nordic financial institutions and offer advice on implementing policies that exclude these investments permanently
In order to avoid the worst consequences of the climate crisis, we need to leave fossil fuels in the ground and speed up the transition to renewable energy. The International Energy Agency (IEA) has made this clear, calling for a halt to new oil and gas projects and a rapid exit from coal to meet the goals of the Paris Agreement. Despite this urgent mandate, banks and pension funds continue to use our savings, pensions and tax money to finance fossil fuel expansion. Our financial institutions have billions invested in fossil fuel companies like Total, Shell and BP which are launching new oil, gas and coal projects, locking us further into a fossil fuel-dependent future. This must end.
Changing financial flows – creating change
To effectively combat the climate crisis, we need our pension funds and banks to adopt truly sustainable investment policies.
When fossil fuel companies persist in expanding their oil, gas, or coal operations despite years of shareholder engagement, financial institutions must take decisive action to divest and exclude these companies from their portfolios.
The funds released through divestment should be reinvested in the green transition, helping to bridge the significant climate finance gap and ensuring the transition progresses at the necessary speed.
Our impact
Despite our small size, we pack a punch. We are proud to have played a part in pushing Danske Bank to become an international climate leader within the global financial sector by making new groundbreaking policies that prevent them from investing in - and granting new loans or refinancing - to fossil fuel companies that still expand their fossil fuel production.
We continue to push major Nordic institutions, such as the Norwegian Oil Fund, Nordea and PFA, to follow Danske Bank’s lead.
Following mounting pressure from us and our partners, Norway has pledged to stop using international public finance to support fossil fuels and instead use this public money to support a just energy transition. This commitment was made at COP28, where Norway's Prime Minister Støre announced that Norway is joining the Clean Energy Transition Partnership (CETP), 40-signatory partnership dedicated to this cause. Norway has until December 2024 to fulfill its pledge. The Nordic Center for Sustainable Finance and partners will be watching this closely to ensure that Norway keeps its promise.