Responsible Investments Report 2025

ESG highlights

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our commitment to both collective and direct approaches in promoting sustainable practices.

with representatives from the European Commission, including DG CLIMA and DG FISMA, and emphasised the importance of the timely and full implementation of the EU Methane Regula- tion. We also participated as a panellist at the Danish Parlia- ment discussing Denmark’s role in global methane reduction and implementation of the EU Methane Regulations. Lena Du, from our Sustainability Research team, also partici- pated in the China SIF conference, contributing to discussions on sustainable investing and climate engagement in China. As part of the China Climate Engagement Initiative (CCEI) 15 , she joined UN PRI China and other investor peers to exchange per- spectives on advancing responsible investment practices and strengthening investor engagement with Chinese companies on climate-related topics. Through our participation in industry conferences, PRI forums and policy dialogues, we aim to both contribute to and learn from evolving responsible investment practices, strengthening our own approach while supporting the broader development of sustainable capital markets.

We continued our Methane Engagement campaign, which was awarded in 2024 the "Recognition for Action – Climate" award at the Principles for Responsible Investment (PRI) Awards ceremony in Toronto, Canada. Through these collaborative ini- tiatives, we continue to leverage our joint influence to driving positive change, promoting sustainable practices, and creating long-term value for our clients and stakeholders. Academic Collaborations Eric Pedersen, Head of Responsible Investments, holds aca- demic positions at Copenhagen Business School and Boston University. In 2025, the Responsible Investment team collabo- rated with students, delivered guest lectures and supported research on regulatory developments, sustainable finance and transition dynamics. Dr. Nagihan Simeth, Senior ESG Analyst within Responsible Invest- ments, authored the academic paper “Debt-for-nature swaps: A case study of Gabon” 16 , published in Emerging Markets Review, contributing to the debate on sustainable sovereign financing. In 2025, she delivered a guest lecture at Lund University. We also continued contributing to industry methodologies. Through our involvement with the Partnership for Carbon Accounting Financials (PCAF) 15 , including participation in the securitised and structured products working group, we sup- ported the harmonisation of GHG measurement approaches. In addition, we developed a covered bond methodology aligned with our Net Zero Asset Managers Initiative commitment 15 , to be implemented from 2025. Serena Tan, Senior ESG Specialist, supported research on engage- ment and sustainable investing. The related SMU paper is avail- able on SSRN and in the European Corporate Governance Insti- tute (ECGI) Working Paper Series and received the Best Paper Award at the 2025 Massey Sustainable Finance Conference. Our Responsible Investments team supports the ESG programmes at Copenhagen Business School (CBS) with lectures on circular- ity by Senior ESG analyst Till Jorde and collaboration through ESG-focused case work with CBS students. For many year now, NAM has been a partner to the Critical Cases in ESG Master course at CBS. This year the topics at focus included EU's fertil- izer industry and the changing competitive landscape from the introduction of CBAM (Carbon Border Adjustment Mechanism). Renée Tengberg, ESG Director Climate and Nature, delivered an in person case study lecture to IMD Business School MBA/ master’s students in Switzerland as part of the PRI Academy- IMD collaboration. The session focused on practical applica- tions of responsible investment and methane stewardship, drawing on Nordea’s engagement experience to illustrate col- lective investor action for real-world impact.

Eric Pedersen, Head of Responsible Investments at Nordea Asset Management, joined IIGCC and selected investor members in a delegation to Brussels to engage on EU climate and sustainable finance policy. Photo credit: IIGCC.

Collaborative Engagements We recognize the value of collaborative engagements in our active ownership strategy, as they allow us to share industry perspectives and expand our impact. In 2025, we participated in 605 collaborative engagements, leading 119 of these. Key collaborations focused on Climate Action 100+, Nature Action 100+, and Oil & Gas Methane Partnership 2.0 (OGMP) 15 . We also participated in engagements addressing social and human rights topics, including the Corporate Human Rights Benchmark (CHRB), the Digital Rights and Children in the Digi- tal Environment engagements, as well as initiatives related to responsible investment in defence and investor due diligence 15 . Complementing these efforts, we also individually engaged with 786 companies during the same period, demonstrating

15) More information about RI Initiatives can be found in the appendix page 43. 16) More information can be found here.

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