Environment

Noba

Environment work at NOBA

NOBA is aware of the vital role played by banks in the transition to a more sustainable society and their ability to impact development towards a more sustainable financial system. For NOBA, it chiefly relates to the impact the Bank may have on climate change mitigation arising from NOBA’s lending.

In NOBA´s double materiality assessment, the area “Climate Change” is identifying as material, meaning that this is an area that we will report and focus on in our sustainability work.

Noba
Noba

Green loans

In 2022, NOBA launched green loan products under the Bank Norwegian trademark, having conducted and evaluated a customer survey on how NOBA’s products and services could become more sustainable. The first green loan products were for electric cars and bikes. In 2023, NOBA also launched green loans under the Nordax Bank and Svensk Hypotekspension brands to incentivise customers to purchase energy-efficient homes and invest in energy efficiencies in their existing homes.

A more detailed description of NOBA’s green loan products is provided below.

Green mortgages

NOBA offers mortgages with an advantageous interest rate, with no limitation on the lower interest rate, if the mortgaged home has been classified as energy class A or B by Boverket, the Swedish national board of housing, building and planning.

Green equity release mortgages

NOBA also offers customers over the age of 60 advantageous interest rate on equity release mortgages if the mortgaged home has been classified as energy class A or B by Boverket, the Swedish national board of housing, building and planning.

Green equity release loans for energy investments

NOBA offers loans with an advantageous interest rate to customers over 60 who seek to invest in energy-efficiency measures, such as geothermal heating and solar panels.

Green loans for electric cars and bikes

NOBA offers green loans to customers who seek to purchase electric cars or bikes.

Carbon Accounting

The carbon accounting of a company is usually calculated by using the international standard Greenhouse Gas Protocol (GHG protocol), and is done by breaking down the emissions into three scopes:

  • Scope 1: the direct emissions your company causes,
  • Scope 2: the emissions from the energy you buy,
  • Scope 3: all the other indirect emissions tied to your business activities, from the supply chain to the disposal of your products.

Noba
Noba

NOBAS carbon accounting

NOBA started to do carbon accounting for the first time in 2022 by using the GHG protocol for scope 1 and scope 2 emissions. In 2023, NOBA also begun reporting on scope 3 emissions to get a more comprehensive carbon calculation. Calculating this increases the bank's understanding of the origin of emissions and where we have the most impact. This in turn can enable improved focus on, and increased traceability of, the bank's indirect climate impact.

As other financial institutions, we have identified the category “Investments”, that is one of the categories under scope 3, to be the largest source of emissions. Included in this category are our mortgages, car loans and exposures of assets in sovereign bonds.

NOBAs carbon accounting

Carbon offsetting

Carbon offsetting is a carbon trading mechanism that enables entities to compensate for offset greenhouse gas emissions by investing in projects that reduce, avoid, or remove emissions elsewhere.

NOBA climate compensates for all emissions in Scope 1, 2 and 3 except for category 15 (Investments) in Scope 3.

Climate Instruction

NOBA have a Climate Instruction in place that serves as the basis for ways of working with our climate commitments in a practical sense and establishes key actions as well as mechanisms for monitoring and following up on internal compliance. Information relating to NOBA’s environmental activities can also be found in the instruction. The Climate Instruction governs our work to mitigate risks and leverage opportunities that climate change presents for our business.

Noba
Noba

EU Taxonomy Report

What is the EU Taxonomy?

The EU Taxonomy Regulation (EU) 2020/852 is an EU wide framework with criteria for defining environmentally sustainable economic activities. In accordance with the Taxonomy, an economic activity is environmentally sustainable, i.e. Taxonomy aligned, if it makes a substantial contribution to one or more of the six environmental objectives set out in the Taxonomy, while at the same time not making any significant harm to any of the other objectives, as well as complying with minimum safeguards as defined in the Taxonomy.

NOBA´s EU Taxonomy Report

NOBA have report in accordance with the EU Taxonomy as part of the sustainability reporting since 2022. The exposure is primarily based on NOBA’s lending and investment activities. NOBA only provides loans to private customers which means that the applicability of the Taxonomy criteria is very limited compared to banks with corporate lending where the Taxonomy alignment is based on the Taxonomy alignment of the corporate receiving the loan. In NOBA’s case, Taxonomy eligibility and alignment can only be assessed for loans where NOBA has detailed information about the use of the loan.

NOBA´s EU Taxonomy Report
Noba Logo

NOBA Bank Group AB (publ)
Gävlegatan 22
113 30 Stockholm

Org.nr 556647-7286
Registered Office: Stockholm

letter nletter oletter bletter a