Danske Bank is a multinational banking and financial services corporation with offices in Denmark, Norway, Finland, Sweden, Lithuania, Poland, the UK, the US, and India. It joined the Net Zero Asset Managers Initiative on 29 March 2021 and its initial target disclosure was published on 1 May 2022.
68% of total AUM
initially committed to be managed in line with net zero
USD $84 billion
currently committed to be managed in line with net zero
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Portfolio decarbonisation reference baseline
Weighted Average Carbon Intensity (tCO2e / mUSD revenue) = 85.40
Engagement threshold baseline
No baseline performance as we will engage with all 100 companies regardless of historical engagement activities and/or the individual company’s current net zero alignment. Alignment tracking and assessment will constitute the fundament for the engagement target.
Engagement threshold target
Engagement with the 100 largest emitters by 2025
Portfolio decarbonisation reference target
50% reduction of the weighted average carbon intensity by 2030
GHG scopes included:
Scope 1 and 2. Scope 3 from 2023 onwards. However, Scope 3 is already considered in relation to the engagement target, where we use a sectoral approach and consider those scopes of emissions that are material from an industry value chain perspective, following best practice such as the Transition Pathway Initiative. With the top 100 emitters we seek to increase the number of companies aligned or committed to align with the Paris Agreement by engaging on gaps we identify through sector-based assessment.
Net Zero Asset Owner Alliance Target Setting Protocol
Net Zero Investment Framework
We have chosen to adopt the IPCC SR1.5 P2 pathway as the underlying scientific framework, supported by the IEA’s Net Zero 2050 pathway
Proportion of AUM committed:
The proportion covers investment products (funds and managed accounts). The reason for omitting discretionary mandates with asset owners at this stage is that it must be based on specific customer demands for each mandate. The plan for engaging with asset owners on this topic is yet to be defined.
Policy on coal and other fossil fuel investments: