Banking activities
The insurance industry has an important role to play in meeting the challenges of climate change. NN Group can help enable the transition to a low-carbon economy by offering products and services that address the environmental challenges our customers face. Such as developing new products and services that contribute to a low-carbon economy and helping insure our customers against the impacts of climate change.
Commitment to net-zero mortgage portfolio
Our residential mortgage portfolio mainly consists of Dutch mortgages originated and/or serviced by NN Bank. NN Bank is steering its mortgage portfolio towards becoming net-zero by 2050 or earlier. To monitor our progress, we have established emission reduction reference targets for 2030.
NN Bank has identified the following areas for action
Engage with and encourage NN Bank’s customers to reduce their GHG emissions
Develop new mortgage-specific propositions and services
Leverage NN Bank’s Green Bond Framework
Evaluate and adjust all other products to help customers in their sustainability journey
Contribute to (sector) initiatives and partnerships
Calculating our carbon footprint
NN Bank is currently ranked as the fifth-largest mortgage provider in the Netherlands. Together with other financial institutions within the Partnership for Carbon Accounting Financials (PCAF), we developed a modelling approach to calculate the carbon footprint of the mortgage portfolio. We used the tool of Carbon Risk Real Estate Monitor (CRREM) to analyse our portfolio against science-based decarbonisation pathways aligned with the Paris Agreement. The pathways are calculated based on a carbon budget to stay within the boundaries of 1.5°C of global warming. Read more about how we calculate the carbon footprint of our mortgage portfolio our Climate Action Plan.
