SEB updated its group-wide sustainability strategy, setting new climate targets and measuring the environmental impact of its investments and loan portfolio. Clients will receive greater support in the transition to green goals and the role of fossil fuels in SEB’s portfolio will be reduced.
„SEB, in cooperation with its clients, has been a leader in the financial sector in implementing green goals. As the next step, we established growth targets for sustainable products, consultation services and investments in the sector strategy, while putting in place a specific plan to reduce fossil fuel credit exposure," said Allan Parik, Member of the Management Board at SEB Pank.
According to Parik, the updated group-wide sustainability strategy is part of SEB’s business plan for 2022–2024 and the cornerstone of SEB’s strategy for 2030. "The sustainability strategy, which initially focused on climate-related issues, broadens the scope of SEB’s sustainability-related work, clarifies SEB’s role in reducing its carbon footprint and integrates sustainability into products, processes, and decisions," Parik added.
“Banks play a key role in setting the pace of the green transition. Impact and change occur through the products and services offered,’ said Evelin Allas, Sustainability Officer at SEB Pank ‘We have an important role to play in supporting and advising our clients, to help then do their part in bringing about a more sustainable society. At an individual level, we may not be able to do everything, but we can all do something to keep the environment and climate stable.”
SEB’s Carbon Exposure Index aims to reduce the share of fossil fuels in SEB’s energy sector loan portfolio by 45–60 per cent by 2030. This includes energy production and distribution, as well as oil and gas.
The Sustainability Activity Index helps to track the development of green funding, sustainable financial consulting, sustainable and green investments, with the aim to increase the volume of the related activities by 6–8 times by 2030.
The Transition Ratio reflects how SEB’s clients are implementing changes in line with the Paris Agreement. By using the ratio, SEB will gain a better insight into how clients are making the transition and how to support them in reducing their carbon footprint.
In February 2021, SEB adopted an updated fossil fuels policy, specifying the bank’s guidelines in order to cover more areas and clearer positions, including a roadmap on how SEB will phase out the share of coal and oil from its portfolio. At the same time, SEB’s fund management company, SEB Investment Management, strengthened its sustainability policy, which included the implementation of exclusion criteria in all SEB-managed funds, all of which exclude fossil fuels.
SEB developed its first specific sustainability strategy in 2009, and has paid more attention to the field of climate in recent years. In 2019, SEB signed the UN’s initiative ‘Principles for Responsible Banking’, which means that SEB is committed to continuously adapting its business strategy to align with and contribute to the UN Sustainable Development Goals and the Paris Agreement.
More information:
Maarja Kalamas
Communications Manager
SEB Pank
mobile +372-5304-5743
address Tornimäe 2, 15010 Tallinn
e-mail address maarja.kalamas@seb.ee
