The National Bank of Denmark has published new climate-related indicators estimating that the Danish financial sector financed 11.8 million tonnes of greenhouse gas emissions (CO2e) in 2024 through investments in listed equities and corporate bonds. The sector held nearly DKK 2 trillion in listed-company investments at end-2024, and preliminary estimates show financed emissions increased by 1.4 million tonnes, or 13 percent, compared with end-2023. Financed emissions are highly concentrated. The ten highest-emitting companies in the sector’s listed equity and bond holdings represented about 1 percent of investment value but accounted for over one-fifth of financed emissions. By sector, around 9 million tonnes, or 76 percent, of financed emissions stemmed from investments in materials manufacturing, supply, industry and energy, despite these sectors accounting for only 24 percent of investment value. Insurance and pension companies accounted for 61 percent of investments and just over 60 percent of financed emissions, with investment funds and banks and mortgage credit institutions accounting for 34 percent and 5 percent of investments respectively. The 2024 figures are preliminary and are based on 2023 emissions and accounting data combined with the 2024 portfolio composition, with the year-on-year increase mainly linked to portfolio growth and a higher share of emission-intensive companies. The indicators currently exclude financed emissions from bank loans and credits and from unlisted securities, and the central bank plans to expand coverage as relevant data becomes available.

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