Swedbank ESG monitor: Carbon pricing speeds up structural change

Sustainable development indicators show that all the Nordic and Baltic countries have a long way to go to reach the 2030 Sustainable Development Goals. At the sectoral level, especially utilities and transport, agriculture and forestry have high emission intensities in many Nordic and Baltic countries.

For the world to reach net-zero emissions, a higher price of carbon is needed. This would have the largest impacts in carbon intensive and export-reliant sectors in mining and manufacturing, utilities and transport. Transition risks are considerable in the Nordics and Baltics, although most of them have an emission intensity below the global average.

23 June 2021: Read the full analysis/report here (PDF) 

Climate change and central banking: Protection of price stability the minimum requirement

Central banks are starting to factor in climate change. Adjustments to monetary policy operations may be necessary, and they are possible within the ECB’s and the Riksbank’s mandates. Green tilting of asset purchases can be motivated, but not as a major climate policy tool.

31 May 2021: Read the full analysis/report here (PDF) 

The green taxonomy: a driver for the transition

The EU’s green taxonomy and disclosure regulation will reduce greenwashing and speed up the green transition. We expect the effects on interest rates to be modest in the short term, but the impacts on stock prices and long-term funding costs could be considerable. Overall, the Nordics are in a good position to gain, with some sectors losing out. The effects in the Baltics will be smaller in the near-term.

15 March 2021: Read the full analysis/report here (PDF) 

Another big year for the EU’s green policy

Despite the crisis, the EU approved a wave of green reforms in 2020. 2021 will be crucial for their implementation. If all goes according to plan, the reforms will support green investments, push up the price of carbon and continue to move the markets towards green assets.

1 February 2021: Read the full analysis/report here (PDF)

A key election for the planet

Climate policy constitutes a major difference in Trump’s and Biden’s agendas. Biden’s plan includes large green investments and a Democrat victory would support green tech industries globally.

24 September 2020: A key election for the planet

Sweden’s green recovery: Closer but not quite there yet

The Swedish budget proposal for 2021 contains measures that will support a greener recovery, but direct support remains relatively modest compared to Nordic peers.

Among the Nordics, Sweden’s spending lines up the most with Finland, as both countries have prioritised the transport sector.

21 September 2020: Sweden’s green recovery: Closer but not quite there yet

No green recovery so far

Green investments account only for a tiny share of global stimulus announced so far. Announced green stimulus in the Nordics and Baltics varies widely, with Denmark in the lead.

27 August 2020: No green recovery so far

Swedish Green Bond: Time for issuance

The Swedish government’s first green bond is an important political signal and will support spending towards Sweden’s environmental targets. Given the state’s increased borrowing needs, the timing of the green bond issuance is good. 

24 August 2020: Swedish Green Bond: Time for issuance

Swedbank’s Sustainability Indicators show more progress is needed

Will the EU's recovery fund help in reaching targets?

25 June 2020: Swedbank’s Sustainability Indicators show more progress is needed (PDF)

A greenish recovery

Political momentum and cheaper renewables support a greener crisis recovery in Europe. The Nordics are on the right track, but more is needed. 

22 June 2020: A greenish recovery

Green protectionism - threat or opportunity?

21 January 2020: Green protectionism – threat or opportunity?

Macro-ESG: Falling short on sustainability

All Nordic countries are falling short of reaching the green and social targets by 2030. Governance continues to be a strength of the Nordics, but green and social investment is crucial for further growth.
21 November 2019: Macro-ESG: Falling short on sustainability

Gender equality is part of sustainable development

14 March 2019: Gender equality is part of sustainable development

Gender equality promotes growth and business profitability

28 June 2018: Gender equality promotes growth and business profitability

Central banks and climate risks

30 April 2018: Central banks and climate risks

Sustainability indicators

25 April 2018: Sustainability indicators

Swedbank's Sustainability Indicators for the Nordics

24 January 2018: Swedbank's Sustainability Indicators for the Nordics