NN Group Advances Sustainable Procurement to Reduce Operational Emissions

NN Group, a leading international financial services firm, is intensifying its commitment to sustainability by procuring more eco-friendly products and services across its operations. With a substantial annual procurement budget and thousands of suppliers, NN Group recognizes that its purchasing choices can leverage positive environmental impact.

Focus on High-Emission Procurement Categories

The company has identified IT, consultancy, and facility management services as its highest carbon-intensive procurement categories. Significantly, over two-thirds of emissions linked to suppliers originate from those serving NN Group’s Dutch business units and staff departments.

Transitioning to Supplier-Specific Emissions Reporting

Currently, NN Group reports emissions based on spend categories. However, the company plans to shift towards gathering supplier-specific greenhouse gas (GHG) emissions data, enhancing the accuracy and effectiveness of tracking emission reductions. This is facilitated by the Corporate Sustainability Reporting Directive (CSRD) and voluntary sustainability disclosures from suppliers.

Responsible Procurement and Supplier Engagement Strategy

In 2024, NN Group launched a responsible procurement framework, initially targeting its Dutch units, with a rollout to international operations scheduled for 2025 and 2026. Central to this is the Supplier ESG Engagement Programme, designed to evaluate and score suppliers’ progress toward net-zero emissions, examining their targets, transition plans, and reporting practices.

NN Group aims to engage at least 35% of suppliers by spend by the end of 2025. Suppliers not meeting sustainability standards receive encouragement to enhance their climate efforts, while new suppliers may be required to implement emissions measurement and net-zero targets as part of contracting. Progress on these commitments is reviewed during contract renewals.

Collaborative Approach to Real Economy Decarbonization

Rather than exclusively contracting with low-carbon suppliers—a choice that could accelerate the company’s own supply chain decarbonization but may limit broader impact—NN Group favors working collaboratively with higher-emitting suppliers. This engagement approach seeks to facilitate emission reductions across the wider economy. Nonetheless, NN Group enforces clear minimum sustainability requirements and timelines, reserving the right not to renew contracts lacking sufficient progress.

Further Information

For in-depth details on NN Group’s climate initiatives and sustainability ambitions, refer to their latest Climate Action Plan and official website.

About NN Group:
Active in 10 countries with around 19 million customers, NN Group provides retirement services, pensions, insurance, banking, and investments. The group includes brands such as Nationale-Nederlanden, ABN AMRO Insurance, and OHRA, and is listed on Euronext Amsterdam (Ticker: NN).

Media Contact:
Gerbert van Genderen Stort
Sustainability & Responsible Investment Spokesperson
Email: Gerbert.stort@nn-group.com
Phone: +31 (0)6 10 19 58 32

This summary encapsulates NN Group’s strategic steps to procure sustainable products and services, underscoring their commitment to environmental responsibility and supplier collaboration.

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