As an element of our sustainability work, we have a strong focus on reducing carbon use, and thereby cutting global carbon dioxide emissions. For this reason, we have taken certain decisions when it comes to excluding companies that are engaged in the extraction of thermal coal. Parallel to our decision to reduce investments in carbon companies, we also engage actively to persuade power companies to switch to other energy sources than carbon fuels. In order to increase transparency about how our funds affect carbon dioxide emissions, SEB has signed the Montreal Carbon Pledge, which is an international climate agreement whereby we undertake to measure and disclose carbon dioxide emissions related to our funds.
Our engagement activities directed at power companies using carbon-based energy sources
Since 2015, we have engaged actively to persuade power companies for which carbon fuels account for more than 10 per cent of their energy sources to convert to other energy sources than brown coal. The initial focus of the work is European power companies such as E.ON, Fortum and French EDF.
In 2015, SEB signed the Montreal Carbon Pledge, an international climate agreement. This includes a commitment to report annually on our equities funds' carbon footprints, and to this end we cooperate with the external analysis firm ISS-Ethix Climate Solutions. The calculations and analyses are based on the Swedish Investment Fund Association's guidelines for fund management companies operating in the Swedish market. Clear and regular reporting of our funds' carbon footprints is also a requirement that is increasingly made by our customers. Reporting the funds' carbon footprints also gives us important feedback in our work to create sustainable funds.
Read more about carbon footprints
Companies that we exclude
Our funds exclude companies engaged in the extraction of thermal coal. The companies concerned have turnover exceeding 20 per cent from the activities in question. We apply a stricter definition to our sustainability funds, excluding all companies that are involved in the extraction of thermal coal in any way.
Read more about the companies that we exclude