Swedish banks SEB and Nordea lend billions to Arctic oil expansion

A new report titled ‘Banking on thin ice 4’ by Naturskyddsföreningen and Fair Finance Guide reveals that Swedish banks SEB and Nordea have provided nearly 14 billion SEK in new loans to fossil fuel companies expanding in the Arctic over the last two years.

Nordea accounted for 7.4 billion SEK in lending, while SEB provided 6.5 billion SEK. The funds primarily supported Norwegian companies Equinor and Aker BP. Critics argue this financing contradicts the banks’ own climate commitments and the European Union’s stance against new oil and gas extraction in the Arctic.

Environmental groups warn that Arctic oil expansion threatens local wildlife and the rights of the Sami people, specifically impacting reindeer herding, hunting, and fishing. In response, SEB stated that the companies they finance play a role in European energy security by reducing dependence on Russian oil and gas. Nordea characterized its lending to the oil and gas industry as ‘extremely small’.

While SEB and Nordea are identified as major lenders, the report notes that Handelsbanken and Swedbank have not provided any loans to fossil fuel companies in the Arctic.