Nordea, SEB lend SEK 14bn to Arctic oil expansion, report finds

A report by Fair Finance Guide and the Swedish Society for Nature Conservation reveals that Nordea and SEB have lent 14 billion kronor to Norwegian energy companies expanding Arctic operations. This contradicts the banks' stated sustainability commitments, highlighting a tension between climate pledges and fossil-fuel financing. The report is based on disclosed lending data, but the exact terms and the banks' responses remain unclear.