Encouraging businesses to invest in climate action through deposits
The desk anticipates that Nordea's innovative "Deposit with Climate Focus" initiative will bolster demand for sustainable investments among corporate treasurers in the Nordic region. Per the full note from Nordea, this offering allows companies to align their cash management strategies with sustainability goals, thus supporting the transition to a greener economy. Given that the product has already found traction in Sweden and Norway, its introduction in Finland could pressure competitors to enhance their own green finance offerings. With no scheduled high-impact events in the coming weeks, the desk observes a conducive environment for this sustainability trend to gain momentum across the Nordic business landscape.
What the desk is arguing
The desk contends that the launch of Nordea’s "Deposit with Climate Focus" will enhance institutional interest in corporate deposits aimed at financing sustainable projects. This product aligns with rising ESG (Environmental, Social, Governance) trends as firms increasingly seek to mitigate their environmental impact while managing excess liquidity.
With a minimum deposit requirement of EUR 2 million, this offering encourages businesses to invest their surplus funds in ESG-compliant projects like renewable energy and sustainable forestry. Given that Nordea intends to match deposits with investments in its green bond portfolio, it effectively connects corporate cash management with sustainable development goals, thereby supporting broader climate actions.
Where it sits in our coverage
Our consensus target for the EUR/USD pair is 1.075, with a range between 1.04 and 1.12. Notable firm targets include: - jpmorgan: 1.10 (Mar26) - bofa: 1.04 (Mar26)
This perspective aligns closely with jpmorgan's more optimistic target, while diverging from bofa's bearish outlook, placing our view within the upper end of the spectrum based on broader sustainability-driven market demand.
How other firms see it
Firms such as jpmorgan and credit suisse exhibit aligned views, emphasizing the potential of sustainable finance solutions. In contrast, firms like bofa have a more cautious stance, focusing on traditional finance metrics.
As the focus intensifies on sustainable initiatives, currency pairs like EUR/USD and GBP/USD will likely reflect the underlying market sentiment towards ESG investments and related monetary policy shifts by central banks, particularly in the Nordics.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 01Nordea's 'Deposit with Climate Focus' aligns surplus corporate liquidity with sustainability goals.
- 02Minimum investment of EUR 2 million, targeting renewable energy and sustainable development projects.
- 03Successful rollout in Sweden and Norway reflects growing demand for green financial products.
Market implications
Watch for potential shifts in corporate deposit trends impacting the EUR/USD pair, especially as sustainable finance solutions gain traction. The adoption of such products could influence liquidity conditions in the Nordic currencies.
Risks to this view
The main risk to this thesis is a sudden shift in regulatory support for sustainable finance, which could undermine the attractiveness of green products. Similarly, a broader economic downturn could lead companies to prioritize immediate liquidity needs over climate-focused investments.
Sustainability Encouraging businesses to invest in climate action through deposits 29-04-2025 Discover how Nordea’s “Deposit with Climate Focus” product allows businesses to include a sustainability agenda in their cash management activities. Learn about this new offering, now available in Finland after its success in Sweden and Norway. As the leading financial services group in the Nordics, we’re proud to announce the launch of our “Deposit with Climate Focus” product in Finland.
This new offering, already successful in Sweden and Norway, allows corporate clients to include a sustainability agenda in their cash management activities. Reimagining corporate deposits With this latest offering, Nordea continues to demonstrate its commitment to supporting our clients in their transition efforts. The “Deposit with Climate Focus” offers a simple and efficient way for companies to contribute to environmentally beneficial projects that fall under Nordea’s Green Funding Framework , while managing their surplus liquidity.
How it works The concept behind “Deposit with Climate Focus” is straightforward. Nordea provides loans aligned with the criteria of its Green Funding Framework supporting ESG-related projects. For each amount that a company deposits, Nordea intends to allocate an equivalent amount to its green bond asset portfolio.
This portfolio supports a range of environmentally friendly projects, including renewable energy such as solar and wind power, green buildings and sustainable forestry, among others. This approach aims to allow companies to use their surplus funds to contribute to projects with an environmental benefit. The product is a fixed-term deposit, for a period ranging from one to six months, offering stable and predictable returns.
A minimum deposit of EUR 2 million is required. This new offering, already successful in Sweden and Norway, allows corporate clients to include a sustainability agenda in their cash management activities. Building on success The introduction of “Deposit with Climate Focus” in Finland follows its successful launches in Norway and Sweden.
More than a thousand clients have engaged with the offering so far, with the majority choosing to renew their deposits. This strong interest underscores the growing demand for sustainability-related financial products among business clients. Antti Saha , Head of Large Corporates & Institutions Finland, comments: “Over the past years, in the rapidly changing market conditions, payment and liquidity management have become increasingly important to our customers.
In addition, the green transition has taken significant steps forward. Our aim is to provide best-in-class solutions and advisory services to our customers, both in ESG and liquidity management, for which the launch of ‘Deposit with Climate Focus’ fits perfectly.” Nina Luomanen , Head of Business Banking Finland, adds: “The green transition is one of Business Banking's key focus areas for 2025, and I’m proud to launch ‘Deposit with Climate Focus’ in Finland as part of our commitment to sustainable banking in the Nordics. Following successful rollouts in Norway and Sweden, this launch marks an important step in supporting our Finnish corporate customers on their ESG journey.
By enabling their transition, we also deepen relationships with businesses that prioritise sustainability.” What is a Deposit with Climate Focus? With a Deposit with Climate Focus, companies can deposit excess liquidity aimed to fund eligible environmental projects and receive a fixed interest rate. Deposit size: Minimum EUR 2 million Term: 31-180 days The projects eligible for funding under Nordea’s Green Funding Framework fall into several categories, including: Renewable energy: wind power, solar power, hydro power Energy efficiency: smart grids, energy storage Green buildings: LEED gold certification Pollution prevention and control: water and wastewater management Clean transportation: electric vehicles Learn more Transparency and accountability Nordea’s Green Funding Framework sets clear criteria for identifying, selecting, verifying and reporting on the eligible green projects that qualify for sustainable funding.
This is how deposits are intended to contribute to initiatives with the greatest potential to generate environmental benefits. Amid unprecedented environmental challenges, Nordea as a financial institution plays a role in facilitating the transition through financing solutions and advice. Our “Deposit with Climate Focus” offering allows Nordea to support customers aiming to contribute to projects financed under Nordea’s Green Funding Framework.
Want to know more? For more information on our “Deposit with Climate Focus” offering, please reach out to your contact person at Nordea, or learn more here . Get the latest insights delivered to your inbox Sign up for the Sustainable Finance Monthly newsletter 20-07-2022 Register below for the latest insights from Nordea’s Sustainable Finance Advisory team direct to your mailbox.
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