GlobalData offers a comprehensive analysis of DNB, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on DNB’s ESG performance. GlobalData’s company profile on DNB offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Norwegian financial services company DNB has set a net-zero emissions target for 2050 across its financing and investment activities and own operations. DNB's latest filings mentioned the keywords 'Emissions' and 'Green Finance' most number of times in relation to 'Net Zero'.
The company aims to reduce the emissions intensity of its portfolio by 25% for oil and gas, one third for shipping, and 25-35% for commercial property by 2030. DNB also plans to reduce the emissions intensity of its DNB Liv portfolio by 55% by 2030. The company will primarily use positive influence to actively help its customers move in a more sustainable direction.
DNB has taken steps to reduce its carbon emissions, including setting a comprehensive materiality assessment of climate change risks, scenario modelling, and sensitivity analysis. In 2022, the company reported its direct emissions avoided vs baseline in tons of CO2/year (Scope 1) to be 92,719. Moreover, the company reported its indirect emissions avoided vs baseline in tons of CO2/year (Scope 2) to be -36,424.
DNB has invested in green bonds, with a total annual avoided emissions of 0.64 tCO2e/year per NOKm invested in Green Covered Bonds and 19.71 tCO2e/year per NOKm invested in Green Senior Bonds. The company has also committed to finance and facilitate NOK 1,500 bn for sustainable activities by 2030, building on existing targets to contribute NOK 450 bn and NOK 130 bn within 2025 to the financing of green property and renewable energy/infrastructure, respectively. DNB aims to increase assets under management in sustainability themed funds to NOK 200 bn by 2025, and in 2025, 50% of net flows will go to mutual funds with a sustainability profile.
DNB has improved its CDP score from A- in the 2021 report and is one out of nine participating companies in Norway on the 'A-list' for climate change. The company has set a Sustainability Clause to be included in over 75% of all syndicated oil and gas loans and over 80% of all syndicated shipping loans within 2025. All new and refinanced shipping loans include a clause on responsible ship recycling, and green loans receive a certain discount. DNB's rating upgrade is primarily driven by its granular breakdown of its loan portfolio, which has low exposure to environmentally sensitive industries (5% of total loans, FY 2021).
In conclusion, DNB is committed to achieve net-zero emissions target for 2050 across its operations. The company will strive, over time, to achieve a level of allocation for the Eligible Green Loan Portfolio which matches or exceeds the balance of net proceeds from its outstanding green finance instruments.