Nordea shifts course: Will fund Arctic oil drilling

Nordea has reversed its previous stance and is now providing loans to companies extracting oil in the Arctic region. According to sustainability chief Anja Hannerz, the decision is driven by the need to reduce Europe’s reliance on Russian oil and gas. She explains that the shift was not easy but deemed necessary in the current geopolitical climate. Nordea has already lent 39 billion Danish kroner to fossil fuel companies from 2021 to 2024, as reported by Danwatch and Rainforest Alliance Network. The need for new financing arises from Norway’s decision to allow exploration of new oil and gas fields in the Barents Sea. Several of Nordea’s customers are seeking permits to investigate these areas for potential oil and gas reserves.