During recent years, climate change has been a deeply investigated subject, leading various governments to ratify climate-related agreements, such as the Paris agreement. These agreements triggered an unprecedented transition towards sustainability in the energy industry, historically related to fossil fuels. The aim of this work is to understand the financial impact for the energy sector when investing within sustainability in the Nordics, as this region has been at the forefront when it comes to sustainability. Linear regressions were performed to evaluate correlations between firms’ financial indicators and potentially underlying variables such as oil price and green investments. Equinor, St1, Neste, Preem, and Shell were the firms considered in this study. First, the share of green investments was evaluated, identifying the different investment strategies that firms may adopt. In addition, it was identified that green investments have a strong correlation with the enforced environmental policies, with new policies correlated with an average of 5% increase of the share of green investments. The study continues evaluating the percentage of net profit, showing a positive correlation with the oil price, indicating that increased profits are correlated with higher oil prices. Equinor is an exception, as its green investments show a unique correlation with net profit, likely due to its unique portfolio of offshore wind power. Finally, the study considers the share price as an independent variable, which has a negative correlation with green investments, indicating a risk-averse position from the shareholders. Additionally, the share price has a positive correlation with environmental policies, which is in line with previous studies arguing that it is beneficial for the overall sector to have a more regulated market. Equinor is an exception also in this case, as it shows a positive correlation with green investments, probably due to the increased profitability.