Our Thermal Coal Policy, first introduced in 2019, guides how we manage our proprietary investments in companies involved in thermal coal production and coal-fired power generation as part of our commitment to phase out thermal coal exposure in our corporate investment portfolio by 2030.

Thermal coal is among the most carbon-intensive energy sources and reducing our exposure remains an important part of our broader sustainability approach. Since introducing the Policy, we have reduced our thermal coal-related investments from around EUR 1.8 billion in 2019 to approximately EUR 300 million at the end of 2025. This reduction reflects a combination of investments reaching maturity, companies reducing their thermal coal activities and selective divestments.

Broadening our assessment of coal exposure

As we have implemented the Policy, we have seen that percentage-based thresholds remain useful, but do not always provide a complete picture of a company's involvement in thermal coal. For example, a company may generate relatively little revenue from coal while still being a significant producer.

To address this, we have introduced additional restrictions covering large thermal coal producers, large coal-fired power generators, and companies developing new coal mines or coal-fired power plants. While the update is expected to have only a limited impact on our current portfolio, it ensures that companies with significant coal-related activities or expansion plans are more consistently captured by our policy. This strengthens our ability to assess both current activities and future direction.

Supporting the wider transition

Our objective is not only to reduce our own exposure to thermal coal, but also to support the broader transition taking place in the real economy.

For the remaining thermal coal-related investments in our portfolio, we will continue to monitor progress against credible phase-out plans and engage with companies where feasible. Where transition plans are not credible, or progress is insufficient, we will not make new investments.

We have also formalised how exemptions are assessed. In limited cases, companies that exceed our restriction criteria may be considered for an exemption where deeper analysis shows credible transition plans and progress. This reflects our view that a rigid application of thresholds, or a single deadline, may not always fully capture a company's transition progress.

We also recognise that social, regional and employment impacts from phasing out thermal coal can affect the pace and feasibility of transition in some circumstances. Just transition considerations are therefore taken into account when assessing exemptions, where wider societal impacts justify a more nuanced assessment.

Importantly, these updates do not change our commitment to phase out thermal coal exposure by 2030. They strengthen our ability to deliver on that commitment, balancing clear restrictions with a practical assessment of real-world transition progress.

This approach reflects the balance we seek to maintain: staying firm on the need to phase out thermal coal, while supporting companies that are making real progress in their transition.

Through a network of around 180 partners, NN aims to support the financial, physical and mental wellbeing of 2.5 million people by 2028. Two recent healthcare initiatives in Poland and Romania demonstrate how our businesses are working with partners to turn our commitments into action.

In Poland, Nationale-Nederlanden’s prevention programme – which aims to increase access to early diagnosis and encourage people to take proactive steps to support their health – was recently recognised with a top award at Kompas ESG 2026, a major Polish awards ceremony for ESG initiatives.

Through long-standing partnerships with organisations such as the Rak’n’Roll Foundation and the Mosznowładcy campaign, the programme brings preventive screenings directly to communities, including smaller cities where access can be limited. More than 11,000 people have already taken part in screenings, with many referred for further diagnostics where needed.

In Romania, NN is contributing to a different, but equally important, part of the healthcare journey: improving access to critical care. Through a long-term partnership with the NGO, Inima Copiilor, NN Romania has supported the expansion of the paediatric cardiac surgery centre at the Marie Curie Hospital in Bucharest by contributing more than €2 million over the last five years.

Once fully completed, the expanded centre will be able to treat more than 500 children each year – significantly increasing its current capacity and enabling more families to access life-saving treatment closer to home. The project also includes modernised operating facilities, increased intensive care capacity, and improved conditions for both patients and their families.

In the Netherlands, NN is helping to improve access to healthcare through the education system. In 2025, NN and OHRA Zorg launched the Zorgbank pilot across seven Dutch primary schools, together with the Jeugdeducatiefonds and NN Community Investment, to help children who lack access to essential care that is not covered by standard reimbursements. The pilot has already supported over 500 children and, due to strong demand, is being expanded to nine more schools in 2026.

Together, these initiatives reflect how we bring our purpose to life in different ways – from prevention and early detection to advanced treatment and recovery. By working with partners and communities, we aim to help ensure that more people can access the care they need, when they need it.

The group warns that weakening it could harm Europe’s economy at a critical time. In a joint statement ahead of key EU decisions this summer, the investors stress that a strong and predictable EU Emissions Trading System (ETS) is essential for investment, competitiveness and energy security.

From our perspective as a long-term investor, the message is simple: stability drives investment. Furthermore, stable and robust climate policies are important to incentivise a timely and orderly transition of the economy, which is crucial for us to achieve our climate ambitions.

The ETS has already delivered results. Emissions from covered sectors have fallen by around 50% since 2005. The system has also supported the shift from coal to renewable energy and strengthened energy security. A clear and reliable carbon price helps guide decisions across energy, infrastructure and industry.

At the same time, we recognise the pressure on European industry. Energy costs remain high, and some sectors face more complex and costly transitions. These challenges are real. But they should be addressed with targeted support, stronger infrastructure and innovation — not by weakening the ETS. Doing so would reduce investor confidence and risk slowing Europe’s progress in the global race for clean investment.

With an ETS review coming up and EU leaders meeting this month, NN Group and other signatories are calling for a consistent approach. The priority should be to build on what works — by strengthening the system and making better use of ETS revenues to support industrial decarbonisation and the energy transition.

In uncertain times, a stable and predictable carbon market is not a barrier to growth, but a key part of Europe’s economic future.

You can find more information about NN Group's climate approach here.

Strengthening our approach

In 2025, we further enhanced our active ownership approach by improving how we monitor and evaluate engagement progress and outcomes, and by introducing an engagement management platform to strengthen oversight and reporting. We also further developed our climate stewardship by setting 2030 objectives that aim to increase the share of assets in our corporate investment portfolio that align with a net-zero pathway. These objectives form an important part of our Paris-alignment strategy and will support our engagement across the portfolio, while focusing primarily on the top holdings in terms of financed emissions.

In terms of nature stewardship, we have set 2030 ambitions on land-use change to guide our engagement with investee companies towards stronger deforestation and conversion free commitments, particularly for high-risk commodities. The report also provides insights into our participation in stewardship programmes on human rights and transition, and human capital management. In addition, we clarified our expectations for heightened due diligence in conflict‑affected and high‑risk areas.

Overall, the report shows how active ownership remains a core element of our responsible investing approach and an important lever for encouraging positive change in the real economy.

Continuing our collaboration

Achieving our responsible investing ambitions is not something we can do alone, and collaboration is required for systemic change. In 2025, we continued to work closely with external asset managers, engagement partners and peer investors to ensure effective stewardship. We also expanded our participation in initiatives on climate and nature, for example, by joining initiatives that focused on deforestation linked to the automotive and chemicals sectors. In terms of policy advocacy, we participated in financing roundtables and government consultations on topics such as the energy transition.

You can find more information on sustainability at NN Group here.

From spend-based to supplier-specific emissions reporting 

We currently use a spend-based method to report on purchased goods and services emissions. However, in future we aim to use supplier-specific emissions, so we can more effectively monitor individual business partners’ emission reduction progress. A number of our suppliers are, or will be, subject to the Corporate Sustainability Reporting Directive (CSRD) or voluntarily disclose their sustainability data. We will start gathering actual GHG emissions data from those suppliers who are ready to provide them.  

Responsible Procurement and Supplier Engagement  

In 2024, we developed a responsible procurement approach to support reducing emissions related to purchased goods and services. We started with implementation for the Dutch business units and staff departments and will roll out to our international business units in 2025 and 2026. One key element of this approach is our Supplier ESG Engagement Programme, also launched in 2024. As we rely on our suppliers to help us reduce the emissions associated with the products and services we purchase, monitoring their climate ambition and net-zero progress, especially when the impact is material, is vital. 

Following our suppliers’ net-zero journey 

The programme helps us assess and score where suppliers are on their net-zero journey and looks at targets, transition plans and emissions reporting. We aim to engage at least 35% of the NN Group supplier base (based on spend) by the end of 2025. We engage with existing suppliers who do not meet our standards to encourage them to increase their efforts to achieve net zero. For new suppliers, at the moment of contracting, we may suggest improvement plans such as measuring and reporting emissions and setting a net-zero target. Progress on these improvement items will then be evaluated when contracts come up for renewal. 

Contributing to change in the real economy 

Although restricting our business relationships to only low carbon emitting suppliers would result in a swifter decarbonisation of our own supply chain, this does not help reach net zero in the real economy. We prefer to engage rather than terminate contracts and work together with high emitters on decarbonisation to help contribute to change. That said, we still develop clear minimum requirements and timelines and may decide to not extend contracts if there is not sufficient progress.  

You can read more about our climate activities and ambitions for all areas of our business in our latest Climate Action Plan and on our website.  

NN Non-life’s Sustainable Repair Policy defines the scope and objectives of sustainable repair, as well as identifying the related material impacts, risks and opportunities. Michel van Leuven, Project Lead Sustainable Repair: ‘We aim to bring sustainable repair to the doorstep of our customers and to continue to increase the percentage of retail property repairs carried out by our sustainable repair network. In this way we can make a real-world impact, both on the lives of our customers and on the circular economy.’

Sustainable repair network

We aim to further develop our sustainable repair network in the Netherlands and upgrade the quality of the circular techniques it uses. The aim is to not only support the reduction of waste through the repair and reuse of products but also to promote the use of renewable resources and sustainable practices. We also want to include additional sustainable measurements such as CO₂ avoidance, and metrics related to the different stages of the circular economy once we have access to relevant data and calculation methods. In 2024, for example, we engaged the Impact Institute to conduct a life-cycle assessment for countertops and kitchen cabinets, comparing repair with replacement. These types of studies provide valuable input for how we implement our strategy.

Spot repair and electronics recovery

Spot repair is one approach we have adopted in our repair and recovery process. It is often associated with vehicle repair but can also be used for property. It basically means carrying out the repair where the damage occurs. We regard it as a key activity, contributing to CO₂ avoidance. We also collaborate with companies that repair electronic devices to avoid replacement where possible. These partners form part of our sustainable repair network. Our guiding principle is that if damage to a mobile electronic device cannot be repaired, the client is offered a refurbished device. If the client does not want this, they can opt for a cash settlement.

Making sustainable repair the norm

Our sustainable repair network is accessible to all business lines and used most actively across our retail portfolio. We are also investing in internal and external communication to raise awareness about the network among colleagues and customers and to encourage them to use it. And as our claims process becomes increasingly digital in nature, sustainable repair is also becoming the standard in our Straight Through Processing (STP) claim handling.

You can read more about our climate activities and ambitions for all areas of our business in our latest Climate Action Plan and on our website. 

‘We are committed to further expanding our investments in climate solutions.' 
Marieke van Kamp, Head of Private Markets

Catalysing the transition 
NN Group also collaborated with an asset manager to initiate an investment fund for climate solutions, which aims to finance infrastructure assets providing solutions to the challenges of climate change. The fund focuses on European projects in the sectors of wind, solar, hydro, public transport, EV charging, batteries and energy management solutions in its aim to catalyse the transition to a resilient, low-carbon economy.

Energy and efficiency efforts in the Netherlands 
In the Netherlands we participate in the Dutch Climate Action Fund, which targets investments in projects and companies that aim to support the reduction of carbon emissions. The fund may invest in energy efficiency, e-mobility, energy storage and hydrogen, as well as renewable energy generation. Meanwhile, our Positive Impact Programmatic Venture (PIPV) invests in Dutch sustainable and affordable residential real estate with the intention of adding energy-efficient buildings to the sector, while also helping address the lack of good, affordable rental housing. PIPV targets a reduction of 80% of landlord-controlled greenhouse gas emissions, procuring 100% renewable electricity by 2030 and net-zero operational emissions by 2035.

Green bonds to finance environmental projects 
We also invest in green bonds, their proceeds being used for environmental projects. One such bond is the Dutch government’s second green bond, which focuses particularly on climate adaptation and water, with ‘blue’ expenditures earmarked to protect the country from flooding, mitigate the impact of climate change and ensure supplies of freshwater. This investment aligns closely with our ambition to help mitigate water risk.

Since the publication of the Annual Report 2024, we have updated our target for climate solutions investments to EUR 13 billion by 2030, subject to market environment and constraints. Read more about our climate solutions work here.

In 2024, we introduced an enhanced active ownership framework that supports alignment with industry standards and best practices, establishes thematic engagement goals, tracks engagement progress through five milestones, and evaluates outcomes against external benchmarks. Besides our voting activities at annual general meetings, we built on our relationships with our external partners to ensure we are represented through effective stewardship activities.  

We also continued our participation in industry initiatives and collaborative engagements, for example, by joining Nature Action 100 and expanding our role within the Platform Living Wage Financials. In 2024, we focused on climate and nature in our policy work, advocating for regulatory conditions that support sustainable investment. 

For more information on Sustainability at NN Group, please visit the website 

‘With this update, we reaffirm our commitment to combatting climate change, while being transparent about the progress we are making on our net-zero journey. There are challenges, but also opportunities. By joining forces with others and engaging stakeholders, we believe we can contribute to the transition to a low-carbon future’, says David Knibbe, Chief Executive Officer.

In this updated Climate Action Plan (CAP), we underscore our commitment to incorporating climate action into material aspects of our business. We aim to become a net-zero company by 2050 for our business activities, and net zero for our own operations by 2040. In this document, we elaborate on the progress we have made, detail the action we have taken, and look ahead to the next steps. 

In reaffirming our commitment to our net-zero ambition, this CAP reiterates the targets, reference objectives and ambitions set in previous years and provides a number of updates and additions to our approach regarding our investments and insurance underwriting portfolios, and own operations. Furthermore, we share insights into how we have started engaging with suppliers to reduce their carbon footprint. We also show how we are broadening our focus to connect the dots between climate change and a broader range of nature-related challenges while striving for a just transition for all. 

We acknowledge that many challenges exist. We will nevertheless continue to strive for progress. Our objectives are ambitious, and although we are not yet where we want to be, this report underscores our determination to improve and details the action we plan to take.  

For more information on Sustainability at NN Group, please visit the website

Nature Action Plan for proprietary assets

Early 2024, we published a biodiversity white paper to highlight material biodiversity impacts and dependencies in our corporate investment portfolio, as well as key milestones towards 2030. Since then, we continued to develop a Nature Action Plan, and initiation targets for 2025, as part of our commitment to the Finance for Biodiversity Pledge. Our plan includes the following initiatives:

·         Responsible investment governance and education: We will enhance internal awareness and knowledge on biodiversity and nature by providing training sessions and learning modules for investment experts and other departments such as Finance and Risk. Potential topics include the materiality of nature to investment portfolios, target setting, and best practices.

·         Risk management framework for nature: We plan to expand our biodiversity risk assessment for investment to other asset classes starting with real estate. We will also engage with external asset managers to enhance oversights of biodiversity impacts as part of ESG integration.

·         Further actions to measure, halt and reverse nature loss: We will explore approaches for baseline measurement and ‘nature solutions’, develop a nature policy and strengthen our biodiversity engagement strategy. 

We aim to report progress on these initiation targets by early 2026, as we prepare to set potential portfolio targets on nature after the completion of our initiation targets.

Collaborations for biodiversity mitigation

In alignment with our Nature Action Plan, we actively participate in various nature-related collaborative engagements, such as Nature Action 100 and the Ceres Valuing Water Initiative. We recently contributed to a report on enhancing investors’ understanding of water-related risks. We also joined a global call to action on biodiversity, recognising that governments play a crucial role in accelerating mitigation efforts through establishing national targets on nature, developing disclosure regulations for companies, implementing regulations to protect nature, and scaling up finance for biodiversity restoration

Biodiversity study for a residential real estate project

In 2024, we conducted a pilot biodiversity study for one of our residential real estate projects in Amsterdam with the support of our external real estate manager CBRE and sustainability consultancy firm Rebel. The pilot study assessed the environmental benefits of four different intervention scenarios, such as planting options for courtyard garden, green roof and green balconies, replacing pavement with vegetation. As part of the building completion in September 2024, we implemented the measures from one of the scenarios.

Marieke van Kamp, Head of Private Markets, says: “This study demonstrates NN's commitment to incorporating biodiversity into investments.  For this project, we identified ways to achieve biodiversity gain and were able to act on it at surprisingly low cost. We did not expect this and it emphasises the advantages to conduct such study early in the development stage. We will continue to work on more use cases to halt biodiversity loss."

Nathalie van Toren, Head of Responsible Investment, says: “The statement underscores the critical importance of addressing biodiversity loss from the perspective of long-term investors. It calls for urgent government action to implement robust policies and regulations that halt and reverse biodiversity loss by 2030. Effective government action is essential to mitigate risks and attract capital that values and prioritises nature.” 

At COP16, 196 government representatives discussed the implementation of the Global Biodiversity Framework, which is crucial for sustaining life on earth, combating climate change, and supporting global economies and food systems. “NN Group recognises the importance of addressing biodiversity loss, which is a priority topic for our investment and active ownership activities. Signing the statement aligns with our advocacy efforts in this area.” 

In addition to NN Group, the signatories include investors from Australia, Canada, Denmark, the Netherlands, Sweden, Switzerland, the United States and the United Kingdom. 

The recently published report highlights the need for more up-to-date and consistent location-specific data, scenarios, and understanding of risk profiles of watersheds and supply chains in corporate reporting. By contextualizing risks to both the company and the regions in which it operates, investors can gain a better understanding of water-related risks and make more informed decisions. 

‘Corporate reporting does not sufficiently capture localised water and future risks, leaving a gap that has to be addressed in order to map and assess water risks in a standardised way,’ said Rebecca Dreyfus, Active Ownership Specialist within NN Group's Responsible Investment team. ‘This report provides actionable insights for investors and businesses to assess these risks more effectively. Understanding and mitigating water-related risks in specific locations is crucial for companies amidst rapidly changing global climate and ecosystem dynamics.’   

The report focused on two critical watersheds in São Paolo (Brazil) and Chennai (India), two large urban conglomerates that have been experiencing water stress for a prolonged period. Both cities have a broad range of economic activities that rely on local water sources, such as the automotive and manufacturing industries. Local water issues in these areas can therefore have an impact on global commodities and businesses as well.  

The research report is the outcome of the BRIDGE project, which was launched last year with the goal of identifying new approaches to bridge gaps in corporate reporting on environmental, social, and governance (ESG) topics, particularly in the area of water. In the project, we partnered with water specialists Deltares and WWF, as well as peers Achmea IM and SCOR.   

NN Group will continue to focus on water as one of the priority topics for our investments in the coming years. We will continue collaborating with initiatives, such as the Ceres Valuing Water Initiative and Nature Action 100 to address environmental risks. Additionally, we plan to develop water-specific metrics to monitor corporate progress and explore opportunities for further engagement effort to enhance water stewardship.  

Please also see the NN Active Ownership programme  

 

The FIT draws on the experience gained with the Net-Zero Insurance Alliance (NZIA) that first transformed net-zero insurance from theory into practice. A group of 19 insurers and reinsurers have joined the initiative.

The FIT is chaired by the UN Environment Programme (UNEP). It will engage with insurance regulators and supervisors, net-zero standard-setters and initiatives, and the scientific and academic community, among others.

NN Group has joined FIT as a founding member because we believe collaboration and knowledge sharing with key players in the international (re)insurance market continues to be essential for the financial industry to reach its net-zero targets. NN Group aims to reach net-zero with our insurance underwriting portfolios by 2050 and we published our first intermediate targets in July 2023.

Priorities for the FIT:

• Advancing frameworks for net-zero insurance metrics and voluntary targets, and developing new net-zero insurance concepts                     
• Developing a net-zero transition plan framework for insurance market participants
• Engaging with the real economy on the development of net-zero transition plans by corporates across different sectors                        
• Tackling challenges and opportunities to develop insurance solutions and taxonomies that support the net-zero transition

With FIT replacing NZIA, we continue to share the goal to tackle climate change and the problems it raises for the insurance market.

Read more information on the FIT : https://www.unepfi.org/forum-for-insurance-transition-to-net-zero/

The strategy will target high yield private debt investments primarily in Europe and the US including sectors beyond traditional wind and solar generation, such as hydropower, green hydrogen, energy efficiency, energy storage, bioenergy and sustainable industrial production. The first investment will be financing a large-scale green steel project in Sweden, which aims to produce steel with up to 95% lower CO₂ emissions compared to steel production from coke-fired blast furnaces.

The collaboration supports NN Group in its target to more than double investments in climate solutions to around EUR 11 billion by 2030. The strategy has been jointly designed and developed by NN Group and Macquarie. It will be managed by Macquarie, which has a long-standing track record of providing infrastructure debt financing, having deployed approximately EUR 14 billion in infrastructure and energy debt on behalf of its clients since 2012.

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘We are pleased to support the launch of this new strategy with Macquarie as our trusted partner in infrastructure investments.  It will enable us to further support our contribution to the energy transition across a wide range of sectors beyond traditional renewable energy.’

Tom van Rijsewijk, Co-Head of Macquarie Asset Management’s Private Credit team in Europe, said: ‘There is a considerable and growing demand for debt financing in green investments beyond wind and solar. Substantial investment in these more nascent and critical elements of energy transition ecosystems is needed urgently to accelerate the transition to net zero.’

Biodiversity, or the variety of life on our planet, is declining at an unprecedented rate. Healthy ecosystems provide essential services such as food, clothing, and medicines, and more than half of global GDP depends on nature and its ecosystems. Deteriorating ecosystems pose a severe risk to our society and economy.

The white paper provides an overview of all our efforts to protect and restore biodiversity, highlighting the initiatives we have taken to integrate biodiversity in our investment strategies. We also describe the impact assessment we have conducted for our proprietary corporate investment portfolio, and how biodiversity fits with our ongoing work. We believe that collaboration and innovation within our company and the broader financial industry are key drivers in achieving our future goals. By sharing our approach, we aim to inspire and encourage others to join us in preserving the environment and promoting biodiversity for future generations.

Jelle van der Giessen, Chief Investment Officer at NN Group: “As part of our responsible investment strategy, and as a signatory of the Finance for Biodiversity Pledge, we are committed to contribute to the conservation and restoration of biodiversity. The global economy depends on the healthy functioning of ecosystems, which is why the loss of biodiversity could have long term implications for our investments. With this paper we want to share our knowledge and insights of both the social economic, as well as financial risk associated with biodiversity loss.”

NN Group is committed to promoting the protection and restoration of biodiversity and ecosystems through our financing activities and investments. We are involved in several working groups through the Finance for Biodiversity Foundation. In 2023, we joined the collaborative engagement programs Nature Action 100 and Ceres Valuing Water Finance Initiative, to strengthen our efforts in protecting and restoring biodiversity and ecosystems through our investments. In the coming years, biodiversity and water will be an important focus area, and we are participating in various initiatives to strengthen engagement in these areas.

NN invests in real estate through both direct ownership of buildings (‘direct portfolio’) and indirect investment via non-listed real estate funds (‘indirect portfolio’). NN Group's direct portfolio scored 92 out of 100 in the GREBS benchmark, up 5 points from 2022. The score is 11 points higher than the peer group average of 81 and 17 points above the GRESB average of 75. The overall GRESB score for the total portfolio, direct and indirect combined, will be published by NN Group in its annual report.  

The leading GRESB 2023 ranking and the improvement on last year’s score for the direct portfolio have been the result of successful efforts to reduce energy usage across the portfolio, as well as the increased use of renewable energy via the installation of solar panels, smart installations, and so on. In addition to these efforts by NN Group, CBRE IM took steps to further reduce greenhouse gas emissions across the portfolio and increase water data coverage across all asset classes.

Marieke van Kamp, Head of Private Markets at NN, said: “NN is committed to achieving net-zero emissions, and we have pledged to more than double our investments in climate solutions by 2030. Energy-efficient real estate plays a vital role in this, next to investments in renewable infrastructure and green bonds. This five-star GRESB ranking and our position at the forefront of the peer group – Western European diversified portfolios – is evidence of that commitment. We are very pleased with this strong result, which we view as a blueprint to make the rest of the portfolio more sustainable as well.”

Marije Braam-Mesken, Senior Portfolio Manager at CBRE IM, said: “We have been dedicated to improving the GRESB score as we understand to drive long-term outperformance in the real estate that we manage, sustainable energy-efficient investment is fundamental. It is rewarding to see these efforts yield such excellent results – NN’s direct portfolio is now GRESB’s premier Western European diversified core fund.”

About GRESB
GRESB is a mission-driven and industry-led organisation that provides actionable and transparent environmental, social and governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for global real estate and infrastructure investments, providing standardised and validated ESG data.

Finance for Biodiversity Foundation: Biodiversity-climate nexus guide
NN Group plays an active role in the Finance for Biodiversity Foundation. Its goal is to support a call to action and collaboration among financial institutions to reverse nature loss this decade. We have contributed to a new guide on how to manage the biodiversity and climate nexus in investments and lending. The guide helps financial institutions integrate biodiversity into their climate change strategies and offers practical recommendations and sector examples to manage the relationship between biodiversity and climate change in investments. 

Collective engagement initiative Nature Action 100
In September, NN Group joined Nature Action 100, a global investor-led initiative working to drive the necessary corporate action to reverse nature loss. Through Nature Action 100, 190 investor participants will engage directly with 100 companies in key sectors around the world. NN will lead and/or actively participate in a selected number of engagements to advance the investor expectations identified by Nature Action 100. 

Protecting and restoring biodiversity and ecosystems through our investments
Jelle van der Giessen, Chief Investment Officer of NN Group: “As a company, we want to contribute to the well-being of people and planet. To this end, we recognise the importance of integrating biodiversity into our investment strategies and active ownership activities. That is why NN Group has contributed to a guide that helps financial institutions understand the connection between climate change and nature. To further our efforts in protecting and restoring biodiversity and ecosystems through our investments, we also joined Nature Action 100. Collaboration with other investors enables us to leverage our collective knowledge and influence, driving change and encouraging companies to improve their biodiversity impact and practices more effectively." 

Nathalie van Toren, Manager Responsible Investment, was recently included in the ‘Top 50 Women in Sustainable Finance’ by Women in Financial Services (WIFS). We sat down with her to discuss her career in responsible investing, what drives her and what’s next.

1. What kind of work do you do, and what does a typical day look like? 
"As Manager of Responsible Investment, I co-lead the Responsible Investment (RI) team at NN Group, which drives the integration of sustainability and RI principles across the company's investment activities. Our objective is to align our investments with NN Group’s values and RI criteria, by taking into account environmental (E), social (S) and governance (G) factors in the investment process and engaging with companies to promote sustainable practices.

On a typical day, you will find me working on policy and strategy development, reporting on progress, and collaborating with internal departments such as the Investment Office, Finance, and Risk. I also spend time engaging with external stakeholders like asset managers and participating in industry initiatives."

2. Why did you pursue a career in RI, and what makes this work so interesting? 
"I pursued a career in RI after working as an equity analyst and investor relations professional. Through these experiences, I became acquainted with Socially Responsible Investment (SRI) portfolio managers who raised long-term, strategic questions about topics such as environmental issues, human rights, and health. This led me to the field of RI, which I have been involved in for the past decade.

What makes RI so interesting to me, is its focus on connecting finance with the real economy to drive positive change. This includes addressing global issues such as climate change and growing inequality. I’m particularly driven by implementing and monitoring a net-zero strategy for our investment portfolios across different asset classes."

3. Where do you see opportunities to grow? 
"One of the initiatives we have been working on is expanding the capacity of our RI team and active ownership function. We are building a team of 10 dedicated professionals, and I am excited about becoming a leading and innovative RI team in the industry.

However, growth is not just about adding more people. It is about constantly learning, evolving, and finding new ways to make a positive impact. We recognise that we have to address complex environmental and social issues, but with the right team and approach, we are confident that we can make a difference."

4. What issues are you facing? 
"As responsible investors, we need reliable and comprehensive ESG data to make informed decisions. While new regulations such as CSRD have been introduced to ensure corporations provide this data, the compliance factor can be complex and time-consuming, and it is important to constantly evaluate whether these efforts truly contribute to promoting RI.

Another challenge is how to bring about actions with real-world impact. For instance, in setting net-zero goals, there is a risk that investors may achieve decarbonisation through divestment rather than supporting real-world emission reduction. This is particularly challenging for carbon-intensive sectors like cement and steel, which are essential to the low-carbon world but hard to decarbonise. Emerging markets are another example, since they may have different priorities or less progress in meeting climate targets. Divesting may not be the best solution as it does not support these sectors and markets to transition to more sustainable practices and we may miss an opportunity to engage with them to stimulate change."

5. What’s next for you? 
"Looking towards the future of RI at NN Group, I am excited about several initiatives, such as integrating biodiversity considerations into our investment processes and strategies. We are also putting more emphasis on human rights due diligence and living wages, as we believe that these topics are important to promoting sustainability and RI.

Another focus area is the use of technology to drive efficiency and innovation. Our company is exploring the use of ChatGPT AI, which I find particularly interesting. Through this technology, we could make tasks related to ratings, benchmarks and reporting more efficient, freeing up time for more impactful activities like strategy and policy development and active ownership.

Finally, my recent nomination as one of the top 50 women in finance by WIFS is an honour. I see this as an opportunity to be an ambassador and inspire more people to work in sustainable finance."

57 leading financial institutions with over $ 2.9 trillion Assets under Management, spanning 10 countries launch an investor statement to calling upon Member States to accelerate implementation of the of the WHO FCTC. These financial institutions, including banks, pension funds, insurers, and asset managers, are committed to raising awareness about the multifaceted benefits of tobacco control, spanning not only health and environmental concerns but also the significant negative economic impact of tobacco-related issues. Besides NN Group, signatories include Achmea, BNP Paribas AM, Australian Super, Länsförsäkringar, and Cardano. 

Nathalie van Toren, Manager Responsible Investment at NN Group: “NN Group has excluded tobacco producers from its investments since 2018 due to concerns regarding public health and the economic burden that smoking places on society. The decision was based on the observation that engagement with the tobacco industry would not lead to fundamental changes. Additionally, the tobacco sector is associated with issues such as human rights violations and negative environmental impacts. The supply chain for tobacco farming, which engages over 17 million people, is particularly sensitive to such violations.

Signing and ratifying the WHO FCTC, or accelerating implementation of the measures outlined in the Convention if already signed, can help countries gain the health and economic benefits of tobacco control."

The VBDO’s Benchmark on Responsible Investment by Insurance Companies in the Netherlands is published every two years. It assesses how 20 Dutch insurers formulate, govern, implement and report on their responsible investment policy. This year, the bi-annual report focused on climate change. Compared to VBDO’s 2021 benchmark study, NN's efforts resulted in an improved absolute score of 4.1, resulting in a fourth overall place. We were among the top performers of the benchmark, with the four top-scoring companies all receiving a four-star ranking.

As a financial services provider, we are aware of our impact on society. We use our resources and knowledge to contribute to a sustainable future. We integrate environmental, social and governance (ESG) factors into our policy and climate change is an important focus area.

Our recently updated Climate Action Plan sets out a clear roadmap to reduce greenhouse gas (GHG) emissions to net-zero in our own operations by 2040, as well as in our proprietary investments and insurance underwriting by 2050. As an investor, we enter into a dialogue with companies to encourage them to reduce their emissions. In addition, we make a positive contribution to the energy transition by investing in climate solutions. We also make customers aware of climate risks through our insurance and banking products, for example, helping them to choose sustainable damage repair, and stimulating them to live more sustainably.

We will continue to work on improving our responsible investment policy and addressing climate risks throughout our activities.

You can read the full VBDO report on their website.

Fleur Hudig, head of Corporate Citizenship of NN Group: 'We are committed to being an active asset owner, and working together with other investors will bring engagement efforts with our investee companies to a next level. Joint engagement is a powerful tool that allows us to influence change and encourage companies to improve their environmental, social, and governance (ESG) practices more effectively. As a responsible corporate citizen, we have identified water stewardship and promoting a living wage as two important engagement priorities. By joining these initiatives, we are contributing to long-term value that benefits society at large.’

About Ceres’ Valuing Water Finance Initiative (VWFI)

VWFI is a global investor-led effort to engage companies with a high water footprint to value and act on water as a financial risk and drive the necessary large-scale change to better protect water systems. Launched in August 2022, the initiative has developed a water valuation framework in which it assesses companies’ water impacts and has identified 72 companies to engage with. The initiative was launched with 64 investor signatories and continues to grow.

Water is a vital resource for society at large. Yet, poor water management, intensified by climate change, is contributing to water shortages and water pollution globally. For companies, competition for water, weak regulation, growing demand, aging infrastructure, water scarcity, and water contamination are all sources of financial risk. NN Group will engage with companies with a high water footprint, to adopt and implement a set of clear steps called the Corporate Expectations for Valuing Water.

About Platform Living Wage Financials (PLWF)

PLWF is a collaboration of 20 financial institutions with over EUR 6.9 trillion of assets under management and advice, that encourages and monitors investee companies to enable living wages and incomes for workers in their global supply chains.

The implementation of a living wage helps to raise the standard of living of workers and their families. A living wage enables them to meet their basic needs. Moreover, a living wage can act as a catalyst for improvement in other areas of the labour market. For instance, there is less likelihood of child labour when parents earn enough to support their families.

NN is committed to transition its insurance underwriting portfolio to net-zero greenhouse gas emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the Paris Agreement on Climate Change.

The Target-Setting Protocol will enable NZIA members to set science-based, intermediate targets to transition insurance underwriting portfolios to net-zero. It outlines five target types with respect to emissions reduction, engagement and/or insuring the transition category. In line with the protocol’s requirements, NN will subsequently set and disclose initial target(s) by 31 July 2023.

David Knibbe, CEO of NN Group: "The NZIA's Target-Setting Protocol is an important step towards net-zero target-setting for insurance underwriting. It underscores how our industry, through joint action, can play a key role in enabling the transition towards a low-carbon economy."

The Protocol builds on the launch of the global accounting standard to measure greenhouse gas emissions associated with insurance underwriting portfolios, which was developed by the Partnership for Carbon Accounting Financials (PCAF) in collaboration with the NZIA.

About the NZIA

The United Nations-convened Net-Zero Insurance Alliance (NZIA) is a group of 29 leading insurers representing about 15% of world premium volume globally, who are all signatories to the UN Principles for Sustainable Insurance (PSI). For more information on the NZIA, please refer to their website.

The NZIA will continue to collaborate with the Science Based Targets Initiative (SBTi) on the development of its approach to target-setting for insurance and reinsurance underwriting portfolios, in line with SBTi’s upcoming Financial Institution Net-Zero Standard (FINZ).

NN’s approach to reduce the risks and impact of climate change is based on two main pillars. The first, to help accelerating the transition to a low carbon economy. The second, to develop and offer products and services that address the environmental challenges of its customers. This Climate Action Plan explains how NN is developing metrics, setting targets and building a clear roadmap to net-zero GHG emissions by 2040 (own operations) and 2050 (investments and insurance underwriting).

Dailah Nihot, member of the NN Group Management Board: ‘The financial sector can play a key role in enabling a transition towards a low-carbon economy. Sustainability has been high on our agenda for many years, and is rooted in NN’s strategy with concrete targets since 2020. We aim to tackle GHG emissions for our investment activities, insurance underwriting portfolio, and across our own operations. Over the past years, we introduced new policies and tightened existing ones, set interim targets on GHG emissions and we doubled our investments in climate solutions. Our Climate Action Plan addresses some of the developments and challenges that we encounter on our way to net-zero emissions. It is clear that there is much more work to do, in order to further build and implement our strategy going forward, and we expect to review our plan regularly over the coming years.’

Decarbonisation following engagement

We primarily focus our efforts on dialogue and engagement with companies to stimulate their transition to a sustainable business model. We believe this offers the best opportunity to make a real impact. We monitor the developments closely. If we establish that there is insufficient progress or there is no willingness to improve, we dispose of the investments. We could decarbonise our investment portfolio quickly by eliminating exposure to companies in carbon-intensive sectors such as steel and cement. However, we still need these sectors while transforming for the future, and they need capital to be able to decarbonise and transition. In our Climate Action Plan, we describe our approach to assess an investee’s alignment to the Paris climate goals, and how we aim to change our overall portfolio over time to reach our climate objectives.

Tightening fossil fuel related policies

We have introduced oil, gas and coal policies since 2018. NN’s current exposure to oil and gas is approximately 1% to 2% of our total proprietary assets. We further tighten our policies and add additional criteria around unconventional exploration and production focused on Arctic drilling and shale oil and gas.

• Arctic drilling; we no longer invest or hold companies that directly derive more than 5% of their revenues from offshore oil and gas exploration in the Artic region. We have no existing exposure in our portfolio.
• Oil (tar) sands extraction; we strengthen our existing restrictions applicable to oil sands by lowering our thresholds from 20% to 5%. We will no longer invest in or hold companies that directly derive more than 5% of their revenues from oil sands extraction. We have no existing exposure in our portfolio.
• Shale oil and gas; we will no longer make new investments in companies that directly derive more than 30% of their revenues from fracking/ shale oil and gas. For companies with 5 to 30% involvement, investment is only allowed if a credible transition plan is in place. Existing investments will be divested.
• Exiting coal; since 2019, we have a coal phase-out policy in place for our investments, that aims to reduce thermal coal exposure to ‘close to zero’ by 2030. We have increased restrictions and will immediately divest from companies that have not demonstrated sufficient progress to reduce their involvement in thermal coal activities.

In July 2023, we will publish an updated version of the NN Group Climate Action Plan. You can download the full Plan here

Dailah Nihot, member of the Management Board of NN Group: 'We are pleased with our continued inclusion in the DJSI World. As an industry leader, we can make a real difference by supporting our 18 million customers and by contributing to the transition to a sustainable economy. Today’s results encourage us to further addressing societal and environmental challenges, and create long-term value for our different stakeholders.’

About the DJSI review

S&P Dow Jones Indices has been a pioneer in environmental, social, and governance (ESG) indexing for 20 years, starting with the 1999 launch of the Dow Jones Sustainability World Index. Following a best-in-class approach, the index measure the performance of the world's sustainability leaders. The index tracks the performance of 10% of top companies in each industry in the developed markets globally, selected by the S&P Global ESG Score. Companies are selected for the indices based on a comprehensive assessment of long-term economic, environmental and social criteria that account for general as well as industry-specific sustainability trends. The indices are created and maintained according to a systematic methodology, allowing investors to appropriately benchmark sustainability-driven funds and derivatives over the long term.

Read more here on NN Group’s sustainability approach.

Please note the fund name changed on 24 June 2025 from Dutch Climate Action Fund to Dutch Infrastructure Opportunities Fund. This article has been updated to reflect this name change. The rest of the article remains the same.

NN Group today announces that it will launch the Dutch Infrastructure Opportunities Fund. The fund is a partnership with DIF Capital Partners. NN is a cornerstone investor with an initial commitment of EUR 125 million, and DIF Capital Partners will manage the fund.  

The Dutch Infrastructure Opportunities Fund will invest in projects and companies active in climate change solutions that envisage to support the Dutch energy transition. The fund is rising to this challenge by targeting investments that aim to support the reduction of carbon emissions in the Netherlands. These investments are targeted to be pioneers in their markets as well as investments in more traditional clean energy sectors. The fund may invest in energy efficiency, e-mobility, energy storage and hydrogen, as well as in renewable energy generation such as onshore wind and solar farms. Renewable energy generation is expected to be a catalyst for electrification of industries, buildings and transportation, driving a significant part of emission reduction and therefore investment needs. The Dutch Infrastructure Opportunities Fund focuses on equity investments of up to EUR 25 million per investment.

Specifically, the fund’s investments target to support and promote the United Nations Sustainable Development Goals number 7 (affordable and clean energy), number 11 (sustainable cities and communities) as well as number 13 (climate action). Actual contribution to these SDGs, as well as reporting against the progress of achieving selected KPIs in relation to these SDGs, are targeted to be assessed for each investment opportunity. The investments in the fund are part of NN Group’s target to invest an additional amount of EUR 6 billion in climate solutions by 2030.

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘Climate change is one of the biggest challenges of today; weather extremes due to climate change in the form of heat waves, drought and storms are only increasing. In addition to decarbonising our investment portfolio, NN Group has a clear commitment to double our investments in climate solutions by 2030. Companies and households may be able to reduce their carbon footprint, but still need energy. As long as this energy is derived from fossil fuels, we as a society will face difficulties achieving net-zero. Our investments in the Dutch Infrastructure Opportunities Fund will support and accelerate the Dutch energy transition, essential to ultimately reach net-zero.’

Allard Ruijs, Partner of DIF Capital Partners: ‘We are honored to partner with NN Group on this Dutch initiative to further drive the energy transition and the reduction of carbon emissions in our home market through a focused investment strategy and leveraging on DIF’s long standing track record in the global energy infrastructure markets.’

Please see here for more information on NN Group’s climate action approach and policy to transition to a low carbon economy.

NN Group (NN) today announces the launch of its Positive Impact Programmatic Venture (PIPV), a collaboration between NN and CBRE Investment Management with an initial equity commitment of EUR 500 million. The venture will invest in Dutch sustainable and affordable residential real estate with the aim to improve energy efficiency and reduce carbon emissions. PIPV contributes to NN Group’s target to increase investments in climate solutions by at least EUR 6 billion by 2030.

The programme aims to make an impact on a broad range of Environmental, Social and Governmental (ESG) themes. The ambition is to achieve alignment with the environmental objectives of the EU Taxonomy for all investment properties, while also focusing on providing mid-priced rental for households who do not qualify for social housing.

PIPV targets a reduction of 80% of landlord-controlled greenhouse gas emissions and procuring 100% renewable electricity by 2030, and net-zero operational emissions by 2035. Assets must achieve a high standard of energy performance, being at least 10% more efficient than the Nearly Zero Energy Buildings requirements as defined by the Dutch ‘Bijna Energieneutrale Gebouwen’ (BENG).

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘Contributing to the well-being of people and planet is a key element of our strategy. NN has set clear targets towards net-zero emissions and we have pledged to more than double our investments in renewable infrastructure investments, green bonds and energy efficient real estate in the coming years. The PIPV project is clearly contributing to that target.’

Promotion of circularity, water conservation, biodiversity protection and pollution prevention will all be non-negotiable elements incorporated in the asset selection and construction design of the targeted PIPV properties. Going forward, the programme aims to include life cycle assessment of materials employed in the construction phase as part of the development design, with the ambition to move toward innovative and traditional biomaterials for limiting embodied carbon and further reduce waste and pollution.

Simultaneously, the programme will add to the supply of affordable rental homes in high demand areas. A positive impact on communities and the well-being of tenants also plays a critical role in the objectives of the venture, with tenant satisfaction regularly assessed throughout their tenure. With the programme’s aim to reduce energy consumption, this also helps tenants as they will benefit from lower energy costs.

The programme has made its first acquisition with the forward funding agreement to acquire Lighthouse, a residential asset located in a popular location in Eindhoven, the Netherlands.

For the fifth consecutive year NN Group remains included in the Dow Jones Sustainability Indices (DJSI World). Scores are given on 3 dimensions: economic (81), environmental (94), and social (73). Overall NN scored 80 (out of 100), compared to the average industry score of 40. Inclusion in the DJSI means that NN Group ranks amongst the top 10% of the insurance sector with regard to its sustainability performance.

David Knibbe, CEO of NN Group: 'We are pleased that we have been included again in the index and that we can say that we celebrate our fifth anniversary. Our continued inclusion underpins the fact that sustainably is a long-term commitment for us. We pursue long-term value creation for our stakeholders in our daily activities. We continuously work on setting new and ambitious targets to underline our commitment, for example in the area of climate change. Through products and services that have an additional positive social and environmental impact, we support our customers with solutions that help them address societal challenges.’

S&P Dow Jones Indices, one of the world’s leading providers of financial market indices, and RobecoSAM, the investment specialist focused exclusively on sustainability, yesterday announced the results of the annual Dow Jones Sustainability Indices (DJSI) review.

At NN, we have a clear ambition to support the global transition towards net-zero greenhouse gas (GHG) emissions by 2050, in line with efforts to limit global warming to 1.5°C. We have defined a first set of interim targets to steer and monitor the transition of our investment portfolio to achieve net-zero GHG emissions.

Transitioning our investment portfolio with asset-class specific strategies

NN’s strategy for transitioning our proprietary investment portfolio towards the global goal of net-zero emissions by 2050 has two dimensions: decarbonisation of the investment portfolio and increasing investment in climate solutions. Drawing on the Institutional Investors Group on Climate Change (IIGCC) Net-Zero Investment Framework, we have been developing asset class-specific strategies. A key principle in this framework is to utilise a comprehensive set of levers available to investors for accelerating decarbonisation in the real world.

Decarbonising our corporate investment portfolio

For the corporate investment portfolio (listed equity and corporate fixed income), we have set reference targets for GHG emissions reduction, to determine the direction and ambition and to monitor the effectiveness of our net-zero investment strategy. By 2025, we aim to reduce GHG emissions of our corporate investment portfolio by 25%, and by 2030 by 45% compared to our baseline year 2021 (based on underlying investee emissions from 2019).

Investing in frontrunners of the transition journey

To implement our strategy, we developed a methodology to categorise companies (based on current and forward-looking criteria) according to their alignment or potential to align to a net-zero pathway. Through a best-in-class policy, we will seek to allocate new investments towards companies that are better positioned in their journey to transition to a low carbon economy. For existing assets, we focus on stewardship and engagement to drive alignment as we believe this gives the best opportunity to realise real-world impacts.

A similar methodology has been implemented for the sovereign bonds portfolios, where investments are scored against a set of current and forward-looking alignment criteria. For new or re-investments, there is preference for allocation to higher climate performing issuers and/or eligible green bonds. We are seeking to further increase dialogue activities with governments.

More than double investments in climate solutions by 2030

NN also defined criteria for qualifying investments across different asset classes as climate solutions, aligning with the EU taxonomy where possible. NN set a target to increase investments in climate solutions with at least EUR 6 billion by 2030, which would more than double our current investments in renewable infrastructure investments, green bonds and energy efficient real estate.

All these steps build on earlier decisions to restrict investments in companies that have activities in oil sands extraction and thermal coal mining, as well as execute a phase out strategy of thermal coal-exposed companies in our proprietary investment portfolio by 2030.

Sharpening targets for our business operations

In addition to the targets set for our investment portfolio, NN is committed to reducing GHG emissions of our own business operations by at least 35% by 2025, and 70% by 2030 (compared to 2019). To achieve these goals, we are implementing further measures to improve energy efficiency in our offices and taking actions focusing on company lease cars and business air travel.

At NN, we do business with the future in mind and contribute to a world where people can thrive for many generations to come. We want to make a positive change to challenges the world is facing today, climate change being one of them.

We have set a clear ambition to accelerate the transition to a low-carbon economy and have taken several steps in line with our ambition on climate change. Today, our commitment to the Net-Zero Insurance Alliance (NZIA) is announced. The purpose of this alliance is to set specific targets for the insurance industry to reach the net-zero goal. Committing to the NZIA strategically fits our net-zero commitment for investments for which we support the Net-Zero Investment Framework since the beginning of this year.

NN is keen to be amongst the first companies, and to be the first Dutch insurer, to join the important work of the NZIA. We believe that knowledge sharing with key players in the international (re)insurance market is important to facilitate and accelerate the transition to a low-carbon economy.

David Knibbe, CEO of NN Group:

‘Climate change is one of the most pressing developments of our time and is impacting our customers and the societies in which we operate. Joining the Net-Zero Insurance Alliance fits our ambition to accelerate the transition to a low carbon economy and is in line with our net-zero commitment for investments. By collaborating with other international (re)insurers, we believe that we will all deepen/strengthen our knowledge and increase our impact.’

The UN-convened Net-Zero Insurance Alliance brings together insurers and reinsurers to play their part in accelerating the transition to net-zero emissions economies. Together with all NZIA members, NN is committing to transition its underwriting portfolio to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100. More information on the NZIA, please refer to their website.

Last week, the Association of Investors for Sustainable Development (VBDO) released the 'Benchmark for responsible investment by insurers 2021'. In this study, the VBDO assesses the responsible investment policy of 30 Dutch insurers in the field of governance, policy, implementation and accountability. NN's efforts have resulted in a second place in this benchmark. In 2019, NN was in third place.

As a financial services provider, NN is aware of our impact on society and therefore wants to contribute to a sustainable future. Environmental, social and governance (ESG) integration is part of our policy and climate change is an important focus area. NN therefore uses its resources and knowledge to protect the environment.

In responsible investment, NN aims for a climate-neutral investment portfolio by 2050. As an investor, NN enters into a dialogue with companies to encourage them to reduce their emissions. In addition, NN makes a positive contribution to the energy transition by investing in climate solutions. NN also makes customers aware of climate risks with insurance and banking products, helps them to make choices for, for example, sustainable damage repair, and stimulates them to live more sustainably.

See the full VBDO report.

NN wants to support our customers with products and services that have a positive environmental impact. With this aim we launched Woonnu, a full subsidiary of Nationale-Nederlanden Bank, to make sustainable homes an even more attractive option for our customers. On its first anniversary of operation, Woonnu has already captured close to 1% of the Dutch mortgage market, showing it clearly meets a customer need.

Woonnu responds to the increasing demand of home buyers, mortgage advisors and investors for sustainable and contemporary solutions. The mortgage provider supports and rewards consumers who are looking to buy an energy-efficient home or who are taking steps to make their current home more eco-friendly.

Supporting the transition to a greener energy label

In the Netherlands, all homes must have an energy label when they are built, sold or rented, ranking from A to G. Homes with an ‘A’ label are considered the most energy efficient, while homes with a ‘G’ label are the least energy efficient. Woonnu supports sustainable living with a discount on mortgage interest for homes with a high energy label (A and B). Since its launch in August 2020, Woonnu has established a strong portfolio of mortgages, with 90% of customers having an A energy label or plans to move to an A energy label.

Going forward, Woonnu wants to attract customers with a lower energy label and support them with the conversion to a more energy efficient home. Homeowners investing in energy-saving measures such as solar panels or insulation receive a discount with each progression to a higher label. Woonnu rewards customers at every step in the process from a B energy label, with the interest rate discount applied for the entire mortgage term and for the entire mortgage.

Sustainable housing for everyone

Making our homes more sustainable is not only good for the planet, it can also result in a lower energy bill and it may even increase a home’s value. To give consumers insight into potential energy savings also when taking out or refinancing a mortgage, Woonnu’s verduurzamingscheck (sustainability check) allows for an assessment of a property’s potential. This check can be followed by a visit from partner Susteen who provides a tailored sustainability report.

Woonnu works closely with financial intermediaries, who play an important role in supporting customers considering improving the energy efficiency of their home, either when they purchase of a new home or when refinancing the mortgage. Research by Woonnu shows that 77% of customers think sustainability is an important factor in the purchase decision.

Patricia Plass, CEO of Woonnu: ‘At Woonnu we believe that sustainable housing should be possible for everyone. That is why we help consumers and mortgage advisors with our sustainability checks and support Woonnu clients undertaking the actual sustainability conversion.’

Hendrik Jan Luikinga, Chief Investment Officer at Woonnu: ‘Our focus on sustainability has resulted in a high quality green portfolio which is very attractive for investors. A unique differentiator in the market.’

Watch the video, where Patricia explains how Woonnu aims to contribute to a more sustainable housing market in the Netherlands.

Commitment of the financial sector to the Dutch climate agreement

With Woonnu, Nationale-Nederlanden underlines its commitment to the Dutch Climate Agreement which aims to reduce CO2 emissions by 49% by 2030, compared to 1990 levels.

As part of this commitment, Nationale-Nederlanden Bank and Woonnu in May 2021 joined two European sustainability initiatives with the aim of making the mortgage market more sustainable.

On SDG Action Day (25 September), three NN offices in the Netherlands raised the SDG flag. Together with hundreds of other companies, governmental institutions and educational organisations in the Netherlands, NN expressed its support of the United Nations Sustainable Development Goals.

Dailah Nihot, member of the Management Board of NN Group: ‘One of our company’s strategic commitments is to make a positive contribution to society. We aim to put our resources, expertise, and networks to use for the well-being of our customers, the advancement of our communities, the preservation of our planet, and for the promotion of a resilient, inclusive, and sustainable economy. The objectives in the SDGs are in that sense reflected in our strategy and form an integral part of our business. The SDGs also challenge and inspire us to take further action.’

As part of SDG Action Day, Global Compact Network Netherlands published the report ‘Stakeholder inclusion as accelerator for the SDGs’. The report includes two practices that show how we translate the SDGs to our business.

‘We help people care for their financial situation’

With our community investment programme, NN Future Matters we aim to improve people’s financial resilience and economic opportunities in the communities where we live and work. The programme targets different elements covered by SDGs 1, 4 and 8. Since the start, we have reached more than 138,000 young people - exceeding our target of 100,000 young people by 2020.

The report highlighted our From Debt to Opportunities programme and two initiatives on how we support customers in arears. Read more about how NN contributes to positive change in communities.

Putting capital to work; preferring inclusion over exclusion

The second practice is about how important responsible investing (RI) is in what we do. In our role as investors, we integrate environmental, social and governance (ESG) factors into our investment process. We apply different RI strategies, such as norms-based, voting, engagement, ESG integration and restriction. Our approach reflects our investment beliefs, our company’s values, relevant laws, and internationally recognised norms and standards. Read more about NN’s approach to RI.