Climate and Nature Discourse in Nordic Earnings Calls

This white paper examines the integration of climate and nature-related topics in the quarterly earnings calls of the 100 largest Nordic companies from 2019 to 2024. Utilizing Danske Bank's AI tool, DanskeGPT, the analysis processes over 2,200 transcripts to identify how these topics are discussed. The findings indicate a notable increase in climate-related discussions, with about one-third of earnings calls referencing climate issues, reflecting a growing recognition of its financial materiality. In contrast, nature-related topics are mentioned in only 15% of calls, highlighting a significant gap in corporate communication. The paper outlines that while companies with higher carbon exposure address climate risks, they often overlook nature-related risks, despite their substantial impact on market value. The insights aim to assist investors in evaluating environmental issues in corporate communications and encourage companies to enhance their sustainability disclosures, particularly regarding nature-related risks and opportunities.