Investment funds and investment products 101
The product group includes equity fund, bond funds, mixed funds and investments products. Nordic Swan Ecolabel funds must fulfil requirements within four different sustainability strategies.
• Exclude the worst companies and industries within coal, oil, gas, nuclear, tobacco, weapons, and non-compliance with international norms.
• Include more sustainable companies, by rewarding companies with strong sustainability work seen from a ESG and EU Taxonomy perspective. The criteria also have a special focus on sectors with high GHG emissions and / or high risk of biodiversity impact.
• Exercise active ownership, by engaging with companies where there is uncertainty as to whether they live up to international norms if the company is not sold.
• Publish all holdings in the portfolio and publish an annual sustainability report.
In addition, the fund shall collect points by showing a strong green inclusion or a strong active ownership.
Below you will find all the necessary documents and background information to apply for the Nordic Swan Ecolabel.
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- Start your application process by reading the criteria document and find out if your product can obtain the Nordic Swan Ecolabel.
- Read your Application Guide.
- Request login credentials.
- Now you are ready to enter the Nordic Ecolabelling Portal.
Portal sign in Get login credentials
Should you wish to transfer your licence, please use this form.
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Fees valid from 1 January 2023
The criteria document for funds is an overall document for the commodity groups:
- Investment funds
- Investment products
Fees are charged per commodity group according to the price list below.
Application fee
Application fee including one on-site inspection within the Nordic countries 3 114 EUR (per fund) excl. VAT.
Index funds:
2 076 EUR (per fund) excl. VAT for index funds that base their application on an index that has been pre-evaluated and approved by Nordic Ecolabelling.Index providers and investment products:
129,75 EUR per hour excl. VAT.Renewal fee 1 557 EUR (per fund) excl. VAT. Annual licence fee
Annual Nordic licence fee The annual licence fee is based on the size (AUM*) and the ongoing charges of the fund. The licence fee is determined by calculating the average AUM held by Nordic unitholders (during the period of the year when the fund has had a valid Nordic Swan Ecolabel license). VAT is added.
Ongoing charges of fund | Licence fee
≥ 1.00% 0.0015% of AUM
<1.00 % 0.0014% of AUM
<0.80% 0.0013% of AUM
<0.60% 0.0012% of AUM* Assets Under Management
Annual fee, index providers 1 557 EUR (one-day inspection) + travel costs. Please refer to "Fees for on-site inspections". If more than a working day is required for the inspection, an extra fee of 129,75 EUR per hour is charged. Annual fee, Investments products 2 076 EUR + travel costs. Minimum fee for a Nordic fund licence 1 557 EUR per year excl. VAT. Maximum fee for a Nordic fund licence 10 000 EUR per year excl. VAT and 100 000 EUR per group, at a minimum 2 000 EUR per fund. NB! Funds can also be marketed with the Nordic Swan Ecolabel outside the Nordic countries. The licence fee for funds is based on the AUM that Nordic unitholders hold in the Nordic Swan Ecolabelled fund.
Fees for extensions/alternation of the licence
Extension/alteration of existing licence Fees will be charged according to how long it takes to deal with the matter:
- Less than 4 hours: 389 EUR excl. VAT
- Between 4 and 8 hours: 778 EUR excl. VAT
- More than 8 hours: 1 557 EUR excl. VATFees for on-site inspections
Extra fee for additional on-site inspection within the Nordic countries 519 EUR excl. VAT per visit On-site inspection outside the Nordic region, but within Europe *) 1 557 EUR excl. VAT per visit On-site inspection outside Europe *) 2 595 EUR excl. VAT per visit *) There is an extra fee of 1 038 EUR per day, if the inspection takes more than one day.
Fees valid from 6 May 2020
The criteria document for funds is an overall document for the commodity groups:
- Investment funds
- Investment products
Fees are charged per commodity group according to the price list below.
Application fee
Application fee including one on-site inspection within the Nordic countries 3 000 EUR (per fund) excl. VAT.
Index funds:
2 000 EUR (per fund) excl. VAT for index funds that base their application on an index that has been pre-evaluated and approved by Nordic Ecolabelling.Index providers and investment products:
125 EUR per hour excl. VAT.Renewal fee 1 500 EUR (per fund) excl. VAT. Annual licence fee
Annual Nordic licence fee The annual licence fee is based on the size (AUM*) and the ongoing charges of the fund. The licence fee is determined by calculating the average AUM held by Nordic unitholders (during the period of the year when the fund has had a valid Nordic Swan Ecolabel license). VAT is added.
Ongoing charges of fund | Licence fee
≥ 1.00% 0.0015% of AUM
<1.00 % 0.0014% of AUM
<0.80% 0.0013% of AUM
<0.60% 0.0012% of AUM* Assets Under Management
Annual fee, index providers 1 500 EUR (one-day inspection) + travel costs. Please refer to "Fees for on-site inspections". If more than a working day is required for the inspection, an extra fee of 125 EUR per hour is charged. Annual fee, Investments products 2 000 EUR + travel costs. Minimum fee for a Nordic fund licence 1 500 EUR per year excl. VAT. Maximum fee for a Nordic fund licence 10 000 EUR per year excl. VAT and 100 000 EUR per group, at a minimum 2 000 EUR per fund. NB! Funds can also be marketed with the Nordic Swan Ecolabel outside the Nordic countries. The licence fee for funds is based on the AUM that Nordic unitholders hold in the Nordic Swan Ecolabelled fund.
Fees for extensions/alternation of the licence
Extension/alteration of existing licence Fees will be charged according to how long it takes to deal with the matter:
- Less than 4 hours: 375 EUR excl. VAT
- Between 4 and 8 hours: 750 EUR excl. VAT
- More than 8 hours: 1 500 EUR excl. VATFees for on-site inspections
Extra fee for additional on-site inspection within the Nordic countries 500 EUR excl. VAT per visit On-site inspection outside the Nordic region, but within Europe *) 1 500 EUR excl. VAT per visit On-site inspection outside Europe *) 2 500 EUR excl. VAT per visit *) There is an extra fee of 1 000 EUR per day, if the inspection takes more than one day.
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In the criteria document, you can read about how to document and verify compliance for each requirement.
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Criteria documentEnglish / 2.1
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Portfolio spreadsheetEnglish / 2.1
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Information on the latest version of the criteria for investment funds
2.0 ⇛ 2.1: Adjustment of criteria
Nordic Ecolabelling decided on the 15 September 2022 to make the following adjustments:
- Adjust requirement O13 so that a validated 1.5° Near Term SBT can be used until 1 June 2024.
- Adjsut requirement O13 so that proxies for GHG emissions can be used until 1 June 2024.
- Adjust requirement O14 so that it is specified that the EU Taxonomy analysis shall include objectives 3-6.
- Adjust requirement P3 so that engagement in companies outside the portfolio may account for up to half of the total engagement.
- Nordic Ecolabelling further decided on the 8 November 2022 that in requirement O9 the exclusion of companies that are under sanction by the EU or UN was added.
The new version is called 2.1 and is valid until 31 January 2025.
2.0: Adoption of criteria
The Nordic Ecolabelling Board decided on 15 February 2022 to adopt new criteria for investment funds. Version 2.0 is valid until 31 January 2025.
1.3 ⇛ 1.4: Prolongation of the validity of the criteria
Nordic Ecolabelling decided on the 15 Februari 2022 to prolong the validity of the criteria to the 31 March 2023. The new version is called 1.4.
1.2 ⇛ 1.3: Extention of criteria
Nordic Ecolabelling decided on the 6 May 2020 to extend the criteria to include investment products investing in Nordic Swan Ecolabelled investment funds. The new version is called 1.3.
1.1 ⇛ 1.2: Prolongation of the validity of the criteria
Nordic Ecolabelling decided the 22 Februari 2020 to prolong the validity of the criteria to the 30 June 2022. Furthermore, an adjustment of requirement O6 was made. The new version is called 1.2.
1.0 ⇛ 1.1: Adjustment of criteria
The Nordic Ecolabelling Board decided on 14 March 2018 that qualified non corporate green bonds can be included when the applicant shows that the fund can apply for a license. The new version is called 1.1.
1.0: Adoption of criteria
The Nordic Ecolabelling Board decided on 14 June 2017 to adopt criteria for investment funds. Version 1.0 is valid until 30 June 2020.
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In the background document below you will find reasoning and facts behind the specific requirements in the criteria document.
Here you can also read the comments, requirement for requirement, from the public hearing.
If the documents are in a Nordic language, you can get help in understanding the sections you need by contacting the product specialist in your chosen country below.
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Background documentEnglish / 2.1
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Compilation of hearing statements, gen. 2English / 2.1
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