Nordic Swan Ecolabel
The Nordic Swan Ecolabel analyses 60 product groups including financial products and gives consumers an indication of how much attention they pay to environmental impact and sustainable development.
Summary data :
label | ID | Topic | Description | Mode | Enabled | Order |
---|---|---|---|---|---|---|
Nordic Swan | 1 | Label | Nordic Swan Ecolabel | t | 1 | 1 |
Nordic Swan | 1 | Nationality | The label is the shared ownership of the 5 Nordic countries (Sweden, Norway, Iceland, Finland and Denmark) and available in English | t | 1 | 3 |
Nordic Swan | 1 | Management | The awarding of the Nordic Swan Ecolabel to all financial products is managed by the Swedish national EcoLabel agency. | t | 1 | 4 |
Nordic Swan | 1 | Label type | Focused on environmental impacts | t | 1 | 5 |
Nordic Swan | 1 | Website | https://www.svanen.se/en/funds/ | t | 1 | 7 |
Nordic Swan | 1 | Market | The label is focused on the Nordic market (Sweden, Norway, Iceland, Finland and Denmark). | t | 1 | 8 |
Nordic Swan | 1 | Products | 76 financial products at the end of June 2022 (as well as 41 000 non-financial products) | t | 1 | 9 |
Nordic Swan | 1 | Links to funds | https://www.svanen.se/siteassets/fonder/alla-svanenmarkta-fonder.pdf | t | 1 | 10 |
Nordic Swan | 1 | Criteria | https://www.svanen.se/contentassets/653430c81fae41418c2b544a2205abf6/criteria-document_101_investment-funds-101_english2.pdf | t | 1 | 15 |
Nordic Swan | 1 | Periodicity | The criteria are monitored annually and the requirements updated every 3-5 years. | t | 1 | 21 |
Analytical data :
label | ID | Topic | Description | Mode | Enabled | Order |
---|---|---|---|---|---|---|
Nordic Swan | 1 | Description | The Nordic Swan Ecolabel is an eco-label that follows the ISO 14024 type I standard: it analyses 60 product groups including financial products and provides consumers with an indication of products that have a particular focus on environmental impact and sustainable development. | d | 1 | 6 |
Nordic Swan | 1 | Genesis and development | In 1989, the Nordic Council of Ministers decided to introduce a common, official environmental label in the Nordic countries to help consumers choose environmentally friendly products. The Nordic Swan Ecolabel was born with Sweden, Norway, Finland and Iceland joining the project, and later Denmark joining as well. | d | 1 | 11 |
Nordic Swan | 1 | Objectives | The Nordic Swan Ecolabel renews every three to five years its eligibility criteria, included in a framework document (now "Gen 1"), in a logic of reducing the environmental impact of goods and services and of circular economy. For consumers, it is a signal that the goods and services they buy meet high and rising environmental standards. In 2022, we will move on to the new Gen 2 version, which will cover the European environmental taxonomy and strengthen the requirements regarding fossil energy and biodiversity impacts. | d | 1 | 12 |
Nordic Swan | 1 | Promoters and administrators | Each participating country funds a local structure that manages applications, assesses compliance with requirements, and monitors eligibility conditions over time. The Swedish Ecolabel Agency is in charge of managing and monitoring all labelled financial products. | d | 1 | 13 |
Nordic Swan | 1 | SRI approach | The label is based on four areas of ESG / Sustainable Development that funds must strictly control: exclusion of harmful activities, ESG integration, transparency and engagement. To be awarded the label, the fund must meet 25 mandatory requirements and collect a minimum of 6 out of 16 points from optional requirements according to a scoring logic. | d | 1 | 14 |
Nordic Swan | 1 | Mandatory Criteria | The criteria currently in 'Gen 1' include 25 mandatory requirements to obtain the label divided into Exclusion criteria (The fund must refrain from investing in industries and companies that do not take the concept of sustainability into account), Inclusion (requirements needed to be part of the labelling process), Regulatory Screening (The fund may not invest in Society or states that risk contributing to the violation of international treaties, fundamental rights, human rights, or that risk causing serious damage to the environment and fuelling corruption) | d | 1 | 16 |
Nordic Swan | 1 | Additional criteria | A minimum of 6 out of 16 points must be collected from various scoring requirements that include Engagement (Engagement in ESG issues is encouraged through voting at annual general meetings and through dialogue and engagement with Society in Portfolio), Thematic Approach (Investments in Society operating in the areas of renewable energy, energy efficiency, water cleanliness, pollution control, waste reuse, sustainable food or green bonds are encouraged) and additional reports that make the fund more transparent. | d | 1 | 17 |
Nordic Swan | 1 | Allocation process | Candidate Society wishing to obtain the label for their products must contact the label in the market where the funds are distributed, follow the admission procedure and accept the required obligations (fee, annual reporting, Letter of Commitment, external inspection). | d | 1 | 20 |
Nordic Swan | 1 | External certification | Each fund receives the label with reference to a list of requirements (Gen1) and has to self-declare cases of non-compliance that arise over time. Each time the eligibility criteria are changed, a new verification of compliance is carried out by Nordic Swan Ecolabel. | d | 1 | 22 |
Nordic Swan | 1 | Focus on transparency | The fund must disclose its holdings in Portfolio every four months and publish an annual report on its ESG activities and performance on its website, as well as carry out an internal audit procedure to verify that the holdings meet the criteria required by Nordic Swan Ecolabel | d | 1 | 23 |
Nordic Swan | 1 | Focus on periodic checks | Compliance with the criteria is monitored every 12 months by Nordic Swan Ecolabel or upon express declaration by the fund if it no longer meets the conditions. When an aspect is no longer met the fund shall implement and communicate a remediation strategy. | d | 1 | 24 |
Nordic Swan | 1 | Related parties | The Nordic Swan Ecolabel is a founding member of the Global Ecolabelling network (GEN), an international non-profit association that establishes environmental performance criteria and certification protocols to encourage sustainable development and the circular economy (ISO 14024). | d | 1 | 25 |
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