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SEB Sets New Climate Ambitions

By Dominic Chopping

 

STOCKHOLM--Skandinaviska Enskilda Banken AB said Wednesday that it has set new climate ambitions and goals, consisting of a Carbon Exposure Index, a Sustainability Activity Index, and a Transition Ratio.

The Sweden-based bank said it developed its first specific sustainability strategy in 2009 and in recent years has signed the UN initiative Principles for Responsible Banking, committed to a number of other international undertakings that support the sustainability transition, adopted an updated sector policy on fossil fuels, and implemented criteria to exclude fossil fuels from its funds.

"We now raise our ambition level further and take the next step in doing what we can to accelerate the transition," Hans Beyer, SEB's chief sustainability officer, said.

SEB said the updated sustainability strategy is part of its business plan for 2022-2024 and a cornerstone of its 2030 strategy.

With an initial focus on climate-related issues, the sustainability strategy broadens the scope of SEB's sustainability work, clarifies SEB's role in the transition, and further integrates sustainability in products, processes and decisions, it added.

The Carbon Exposure Index is a goal to reduce the fossil credit exposure within its energy portfolio by 45%-60% by 2030, SEB said.

The Sustainability Activity Index tracks the development within sustainability-related lending, sustainable finance advisory, sustainable investment products, and venture capital investments within green tech, with an ambition to increase average activity 6-8 times by 2030.

The Transition Ratio reflects how SEB's customers transition in line with the Paris Agreement, it added.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

November 17, 2021 05:14 ET (10:14 GMT)

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