SEB (SEB) ESG Update summary

Portfolio targets

• 2030 sector targets now cover 77% of pro forma 2020 financed emissions; the net-zero credit portfolio ambition is 2050 or sooner, aligned with 1.5°C pathways.

• Heavy vehicle manufacturing target: raise zero-emission vehicles to 35% of new sales by 2030, from 0.5% in 2022, based on the IEA Net Zero Roadmap.

• Oil & gas target revised to a 70% reduction in absolute financed emissions by 2030, versus 55% previously; target level is 5.6 Mt CO2e, with year-end 2022 emissions at 7.3 Mt, down 61% from 2020.

Progress against 2020 baselines

• Power generation financed intensity: 95 g CO2e/kWh at year-end 2022, down 24%; 2030 target is 70 g, a 44% reduction.

• Steel financed intensity: 1.47 t CO2e/t at year-end 2022, up 6%; 2030 target is 0.98 t, a 29% reduction.

• Car manufacturing financed intensity: 143 g CO2e/km/vehicle at year-end 2022, down 10%; 2030 target is 61 g, a 62% reduction.

• Swedish household mortgage financed intensity: 3.12 kg CO2e/m² at year-end 2022, down 2%; 2030 target is 2.18 kg, a 32% reduction.

Climate ambitions

• Carbon Exposure Index: fossil-fuel credit exposure fell 34% from end-2019 to end-September 2023; its share of total credit portfolio declined to 2.8% from 4.8%. The 2030 reduction goal remains 45–60%.

• Sustainability Activity Index rose 113% from end-2021 to end-September 2023; sustainability-related financing reached 7.8% of the total credit portfolio, up from 4.0%. The 2030 ambition is 6–8x activity versus 2021.