# Swedish bank fossil fuel financing controversy > Live situation record from CLSTR: https://clstr.news/situations/swedish-bank-fossil-fuel-financing-controversy > Updated: 2026-10-09T04:18:05.000Z. Sources: 5. Developments: 2. Swedish banks, particularly SEB, have faced intense scrutiny regarding the discrepancy between their sustainability marketing and their actual financial activities. In late September 2026, the environmental organization Jordens Vänner awarded SEB the ‘Svenska greenwashpriset’ (Swedish Greenwash Prize). The organization criticized the bank for providing 30 billion SEK in loans to fossil fuel companies between 2022 and 2024, noting it was the largest financier of such activities among Swedish banks. Following this, a report titled ‘Banking on thin ice 4’ by Naturskyddsföreningen and Fair Finance Guide highlighted specific lending to Arctic oil expansion. The report found that SEB and Nordea provided nearly 14 billion SEK in new loans over the last two years to companies such as Equinor and Aker BP. While environmental groups argue this financing threatens Arctic wildlife and Sami indigenous rights, SEB defended its position by stating that such companies contribute to European energy security by reducing reliance on Russian energy. ## Timeline ### 2026-10-09: Swedish banks SEB and Nordea lend billions to Arctic oil expansion Swedish banks SEB and Nordea have loaned nearly 14 billion SEK to fossil fuel companies expanding in the Arctic, according to a new report, sparking criticism over climate goals and Sami rights. 3 sources. https://clstr.news/cluster/swedish-banks-seb-and-nordea-lend-billions-to-arctic-oil-expansion ### 2026-09-26: SEB wins Swedish Greenwash Prize for fossil fuel financing Swedish bank SEB has won the ‘Svenska greenwashpriset’ after being criticized for financing fossil fuels and nuclear weapons despite marketing itself as a leader in the green transition. 3 sources. https://clstr.news/cluster/seb-wins-swedish-greenwash-prize-for-fossil-fuel-financing --- Cite as: Swedish bank fossil fuel financing controversy. CLSTR, https://clstr.news/situations/swedish-bank-fossil-fuel-financing-controversy