Banking on Thin Ice: Fourth Edition
This report covers the role of Nordic banks in financing the fossil fuel industry. It is based on financial data provided by the Banking on Climate Chaos (BOCC) Coalition. The report investigates credit flows to fossil fuel companies from the nine Nordic banks with total assets above US$100 billion; Nordea, Danske Bank, Skandinaviska Enskilda Banken (SEB), Handelsbanken, DNB, Swedbank, Nykredit, OP Pohjola and Jyske Bank. The researched data covers the period January 2016 to December 2025, but the report focuses on financing provided during 2024 and 2025. This is the fourth edition of Banking on Thin Ice, continuing the series’ analysis of the biggest Nordic banks’ financing of the fossil fuel industry. This edition is a joint publication of the Nordic Center for Sustainable Finance, Fair Finance Guide Sweden, the Swedish Society for Nature Conservation (SSNC), The Sámi Central Organization in Finland, and WWF Norway.
Expansion of oil and gas production is incompatible with the goals of the Paris Agreement. According to the International Energy Agency (IEA), there is no room for new oil and gas fields in a 1.5°C pathway. Furthermore, the United Nations’ Intergovernmental Panel on Climate Change (IPCC) has found that projected emissions from existing fossil fuel infrastructure alone are sufficient to exceed the remaining carbon budget for limiting warming to 1.5°C. Therefore, while all fossil fuels contribute to the climate crisis, companies pursuing oil and gas expansion are of particular concern.
This is especially true in the Arctic, one of the planet’s most vulnerable and strategically important regions. It is home to unique wildlife, like whales, seals, birds, and some of the world’s largest fish stocks. The region is already under pressure as it is warming four times faster than the global average. Because the Arctic plays a crucial role in regulating the Earth’s climate, changes in the region have far-reaching impacts on global weather patterns, sea levels, and the pace of climate change worldwide. Oil and gas expansion north of the Arctic Circle not only fuels global warming but also risks leading to oil spills and leaks that could cause irreversible environmental damage. In addition, related shipping, noise and associated onshore infrastructure projects would further intensify the environmental stress on the region.
The Indigenous Sámi people living along the Barents Sea coast in Arctic Norway depend on the region’s vulnerable ecosystems for their traditional livelihoods and cultural practices. Already facing substantial pressure from climate change, they are exposed to additional pressure and risk from the expansion of oil and gas activities in the Barents Sea. Especially traditional reindeer herding and fisheries stand to be affected.
In the light of these severe environmental and social risks, this edition of Banking on Thin Ice examines the role of the nine largest Nordic banks in financing fossil fuel companies, placing particular emphasis on the Arctic. The report first examines the financing provided by the nine largest Nordic banks to oil and gas producers, focusing on the banks’ financing of three companies at the forefront of Arctic oil and gas expansion – Aker BP, Equinor and Vår Energi. Second, it includes a contribution by Aslak Holmberg, Chair of the Sámi Central Organization in Finland, highlighting the impacts of Arctic oil and gas expansion on Indigenous Sámi communities. Third, the report examines the Nordic banks’ financing of coal, and finally, it looks at financing across the wider oil and gas value chain, including companies involved in infrastructure and services that enable fossil fuel expansion. The report concludes by presenting recommendations for Nordic banks and policymakers on how to align financing with climate goals and support a transition away from fossil fuels.
