Climate change is one of today's most serious challenges. SEB recognises the importance of limiting the average global temperature rise to well below the 2°C target. We therefore actively work to reduce our direct environmental impact.

However, as a bank, our largest environmental impact is indirect, the results of our funding and investments to environmental areas in need of capital. Read more in Sustainable finance.

Renewed targets to 2020

Between 2008 and 2015, we reduced our annual CO2 emissions by 54 per cent. Keeping our ambitions high, we will continue to work with minimising our direct footprint. We will further optimise our energy consumption, reduce paper consumption and improve our company car fleet. Special focus will be put on air travel in order to further reduce emissions related to business travel, as this area now accounts for the major part of our carbon footprint.

Our target for 2020 is to reduce our carbon footprint with another 20 per cent and to improve resource efficiency. Besides the overall CO2 reduction, the targets for 2020 include a 20 per cent reduction of emissions from:

• business travel
• company cars
• paper usage
• energy and electricity consumption

Results per focus areas

Business travel

Carbon emissions from business travel is our most challenging source of CO2 emissions. More than half of our emissions are related to this. Compared with 2016, emissions from business travel increased by 3 per cent in 2017. Air travel distance has increased as well as train travel distance. This shows that the initiatives SEB has taken to encourage alternative ways of meeting are not enough. Further efforts must be made into making alternatives to physical travelling available.

Company cars

CO2 emissions from company cars were reduced by 15 per cent in 2017, compared to 2016. During the same period, the SEB average car has reduced emitted CO2 by 1 per cent.

Paper consumption

In 2017, SEB reduced total paper consumption by 10 per cent. The bank continued to digitalise annual statements to private customers, e.g. for fund accounts as well as for saving accounts. This has resulted in a decrease of 47 per cent, from 14.8 million to 7.7 million paper sheets.

Energy use

SEB’s electricity consumption decreased by 7 per cent in 2017. The major part of electricity used is based on renewable sources, 91 per cent (88). The use of district heating increased in 2017, resulting in a slight decrease of about 1 per cent of SEB’s total energy usage. The emissions from energy use are about the same in 2017 as in 2016.

For all environmental details, see CS Fact Book.