Case study: How Spar Nord works with its clients and customers to encourage sustainable practices
Spar Nord was established in 1824 and, as part of its business model, maintains strong relationships with its customers while actively engaging with the local communities it serves. As the fifth-largest bank in Denmark, Spar Nord operates exclusively within the country. The bank employs over 1,700 people, distributed across 62 local branches and its headquarters. Spar Nord is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, working with its clients and customers to encourage sustainable practices and enable sustainable economic activities. Tweet This!
This case study is based on the 2023 PRB Reporting and Self-Assessment Template by Spar Nord, prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
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- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How Spar Nord proceeded with stakeholder identification and consultation, and
- How Spar Nord worked with its clients and customers to encourage sustainable practices and enable sustainable economic activities
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Stakeholder identification and consultation
Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.
Spar Nord aims to contribute to and support the Danish Climate Act by helping reduce Denmark’s carbon emissions by 70% by 2030 (compared to 1990 levels) and achieving a carbon-neutral society by 2050. To achieve this, the bank has committed to the financial sector’s climate partnership and adheres to the 20 recommendations set by the Forum for Sustainable Finance.
Additionally, Spar Nord participates in several sustainability working groups through Finance Denmark, National Banks in Denmark (LDB), BEC Financial Technologies, and E-nettet. The bank has also entered into climate partnership agreements with the City of Aalborg and Hjørring Municipality and aims to be part of even more municipal partnership agreements in the years to come.
How did Spar Nord work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 PRB Reporting and Self-Assessment Template Spar Nord reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Spar Nord seeks to engage in dialogue with customers to support the sustainable transition of their personal finances or businesses. The bank aims to develop and offer financial solutions that not only encourage customers to make sustainable choices but also help minimize the negative effects of human activity on the environment, climate, and social conditions.
The long-term goal is to reduce the adverse impacts of Spar Nord’s financing activities and to place greater emphasis on sustainability in the overall product range.
Spar Nord has incorporated sustainability into its broader corporate social responsibility and sustainability policy, as well as its environmental and climate policy, policy for a sound business culture, policy for responsible investments, product policy and credit policy. All these policies are available on the bank’s website and guide sustainable practices within the bank.
UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet
With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.
FBRH Principles for Responsible Banking (PRB) Assurance:
First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience
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- FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
- FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
- FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.
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The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.
References:
This case study is based on published information by Spar Nord, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://media.sparnord.dk/com/aboutsparnord/esg/PRBreporting2023.pdf
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