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Nordic Danske Bank Will No Longer Finance Fossil Fuels

Netherlands-based Danske Bank has recently announced that it will no longer be 'refinancing oil and gas exploration and production companies in the long term', in particular, those who do not have any plans in place to meet the Paris Climate Agreement. Essentially, the bank will no longer be financing fossil fuels. As part of their report, the bank stated that they are "committed to playing a leading role in supporting the green transition to a low-carbon society", adding that "we will not offer new long-term financing or refinancing to E&P companies that intend to expand supply of oil and gas beyond what was approved for development by 31 December 2021."

Image of Danske Bank.

RELATED: Canada Could Hit Targets Of 100% Zero-Emission Electricity By 2035

This announcement aligns with the bank's plans to reach net zero by 2050, as they aim to reduce their emissions substantially by the year 2030. As one of the largest banks in the country, it is hoped that other banks will begin to follow suit.

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Danske Bank