Here are our main points:
- The report raises very important questions. We agree that climate change is one of our time’s biggest challenges and that the world needs to transition towards net-zero in order to limit the rise of the global temperatures.
- At the same time, we believe that the report addresses these questions in a way that does not reflect the positive developments in our work in the past five years. Between 2019 and 2024, SEB has reduced our credit exposure towards upstream oil and gas activities [1] with over 75 per cent. At the same time, our sustainability-related financing has increased with 185 per cent at the end of 2024 compared to 2021.
- The report does not differentiate between the types of projects that are being financed in the energy sector. SEB finances major developments in renewable energy within this sector, but because the companies in question also have fossil operations, this financing is classified as “fossil financing” in the report. This is despite the fact that this financing aims to support the companies in their transition and reduce their climate footprint.
- Through this work with energy companies, SEB has reduced the average fossil share in its energy portfolio from 59 per cent in 2019 to 30 per cent in 2024.
- We regret that the authors of the report have not taken our views on the methodology into account and have allowed what we consider to be clear methodological errors – for example, calculating based on loans issued each year instead of total outstanding loans, which is a more comparable measure and is also information that is available in our reporting.
- Fossil fuels currently make up a significant part of the global energy systems. The greatest positive impact on the climate can be achieved by working together with our customers and supporting them in their transition. We continue to actively collaborate with our customers to support an orderly transition in line with the Paris Agreement.
- SEB’s position is that the demand for fossil fuels must decrease while there must also be rapid growth in sustainable and affordable alternatives.
- The transition must take place in a responsible and orderly manner to avoid creating negative impact on essential societal functions. This is in alignment with the conclusions of the International Energy Agency (IEA), which is cited in the report.
- We do not provide dedicated financing for new oil and gas projects and are also restrictive when it comes to oil and gas production in environmentally sensitive areas.
More information about our fossil policy (pdf)
- When it comes to investments, SEB’s fund company, SEB Asset Management, has excluded fossil fuels from all funds managed by SEB since the spring of 2021.
Our sustainability approach at Asset Management
More about SEB’s sustainability strategy
As part of our sustainability strategy and ambition to be a leading catalyst in the transition to a low-carbon society, SEB aims to achieve a net zero credit portfolio by 2050.
To steer our business towards that goal and to measure our progress along the way, we have developed two proprietary metrics – the Fossil Exposure Index and the Sustainability Activity Index – as well as set net zero-aligned 2030 interim sector targets for seven sectors in our credit portfolio.
The Fossil Exposure Index is a volume-based metric that reflects the fossil credit exposure in our energy portfolio. At the end of 2024, SEB’s fossil credit exposure had decreased by more than 50 per cent since the end of 2019, including a reduction of more than 75 per cent in oil and gas upstream-related activities. The Sustainability Activity Index is a volume-based metric that tracks our activities supporting sustainable development. At the end of 2024, this index had increased by 175 per cent compared to the end of 2021. Our 2030 sector targets covered 77 per cent of our financed emissions in 2023 and had decreased by 49 per cent compared to 2020.
More information about our ambitions and targets
Answers to the most common questions about our fossil fuel exposure
[1] Exploration and production, oilfield services and offshore.