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Statements from SEB regarding proposals to the General Meeting 2024

Carl Axel Bruno, item 22

Proposal, item 22 

In recent years, we have seen an increase in fraud numbers in society, mainly through social manipulation via phone and SMS. SEB takes this development very seriously. 

Our responsibility is to prevent and counter financial crime, such as fraud, and we have systems and procedures in place to monitor and try to alert customers when we detect abnormal patterns, behaviour, or transactions. There are also amount limits for certain solutions and services. Since criminals are constantly trying to find new ways to exploit the financial system and defraud banks' customers, we work continuously with various measures, and we continuously review and strengthen our systems, routines, and processes. Within the Swedish Bankers’ Association, we are also looking at an initiative that aims to develop selectable security functions for bank customers.

The Swedish Society for Nature Conservation and Greenpeace Nordic, item 23

Proposal, item 23

Climate change is the biggest challenge of our time and our direction is clear – SEB is and shall be part of the transition that must take place. Therefore, we have committed to continuously adapt our business strategy to contribute to the Paris Agreement and we have formulated a sustainability strategy that is aligned with the development needed by both SEB and our customers to meet the goal of limiting global warming to 1.5 degrees Celsius. 

A key part of our sustainability strategy is our engagement as a founding signatory of the UN-supported Net Zero Banking Alliance (NZBA) – the market standard for how banks can align their business with the objectives of the Paris Agreement. It means SEB has committed to align its credit portfolio with pathways to net-zero by 2050 or sooner and to set net-zero aligned interim reduction targets for 2030 for specific sectors. In addition, SEB has developed its own proprietary metrics to reduce the bank’s fossil fuel credit exposure and increase sustainability-related activity. SEB also has a Sector Policy on Fossil Fuels that defines and regulates SEB’s view on the fossil-fuel industry. It includes restrictions regarding financing activities and a roadmap for how SEB will phase out its exposure to different types of fossil fuels and extraction methods. It involves a gradual shift away from companies without credible transition plans aligned with the Paris Agreement. 

The sustainability strategy follows our conviction that we make the greatest positive impact for the climate by partnering with our customers in their transitions to more sustainable business models and helping society achieve net-zero emissions by 2050. This means that we both engage with and support our customers on their transition journeys, but also that we end customer relationships if we do not share the same goals and do not have an opportunity to influence. From our perspective, our commitments related to the Paris Agreement and NZBA are not in conflict with supporting customers with a large climate impact to transition – on the contrary. If society is to meet the goals of the Paris Agreement, the companies that have the greatest carbon footprints must transition. We recognize that these are complex issues and that there are different views about the best way forward, and we welcome dialogue and cooperation with all stakeholders. 

More information

Net-zero aligned NZBA sector targets 

In line with NZBA, SEB has committed to align its credit portfolio with pathways to net-zero by 2050 or sooner. As part of this, SEB has set net-zero aligned interim targets for 2030 regarding reductions in financed emissions and emission intensity within specific sectors. These targets currently apply to six sectors (oil & gas, power generation, steel, car manufacturing, heavy vehicle manufacturing and Swedish household mortgages), which cover 76% of SEB’s 2020 financed emissions. 

The specific NZBA target for the oil & gas sector is to decrease financed emissions by 70% until 2030 compared to a 2020 baseline. At the end of 2022, the absolute financed emissions from oil & gas had declined by 61% compared with a 2020 baseline.  

Additional information about our targets

SEB’s own ambitions and goals

In 2021, SEB presented an updated sustainability strategy for the Group. As part of this, SEB introduced a goal – the Carbon Exposure Index (The Brown) – to reduce its fossil fuel credit exposure in the energy portfolio by 45-60% by 2030 compared with a 2019 baseline. This goal for the bank’s lending is derived from the International Energy Agency’s (IEA) and Network for Greening the Financial System’s (NGFS) 1.5 degrees Celsius aligned scenarios, stating that the supply of fossil energy needs to decrease by A/ IEA (world) 30% (footnote 1) and B/ NGFS (Europe) 45% (footnote 2).

In addition, SEB also set an ambition – the Sustainability Activity Index (The Green) – to increase average activity within four areas by 6-8 times by 2030 compared with a 2021 baseline. These areas are sustainability-related lending, sustainable finance advisory, venture capital investments within Greentech, and sustainable savings  (footnote 3) as a share of SEB’s total fund offering (own and external).

At the end of 2023, the Carbon Exposure Index had decreased by 39% compared with the 2019 baseline, which is in line with the 2030 trajectory. The Sustainability Activity Index had at the same time increased by 123% compared with the 2021 baseline, which is also in line with plan

Additional information about our ambitions and goals

Sector Policy on Fossil Fuels

In 2021, SEB strengthened its Sector Policy on Fossil Fuels and adopted a strategy which involves a gradual shift away from companies without a credible transition plan (Scope 1&2&3) aligned with the Paris Agreement. The policy defines and regulates SEB’s view on the fossil-fuel industry, and includes, among other things, restrictions regarding financing activities as well as a roadmap for how SEB will phase out its exposure to different types of fossil fuels and extraction methods. It also strengthened SEB’s guidelines regarding environmentally sensitive areas such as the Arctic. In accordance with the policy, SEB does not provide dedicated financing to specific exploration and production projects, including expansion projects. SEB’s Sector Policy on Fossil Fuels is regularly reviewed and the bank plans to publish an updated version in the spring of 2024.

Additional information SEB Policy on Fossil Fuels (pdf)


1 According to IEA’s “Net Zero by 2050 – A Roadmap for the Global Energy Sector”

2 NGFS’s “Divergent Net Zero” scenario developed with the REMIND-MAgPIE 2.1-4.2 model for the EU region

3 Article 9 funds, as defined by the EU’s Sustainable Finance Disclosure Regulation (SFDR)