SEB wants to be a leading catalyst in the sustainability transition. As a bank, we have the power, opportunity and responsibility to impact the world we operate in. We are committed to partnering with our customers in their transition to more sustainable business models and help society achieve net-zero emissions by 2050.
SEB’s sustainability strategy outlines our role in the transition towards a sustainable society. It is part of SEB’s business plan for 2022–2024 and a cornerstone of SEB’s 2030 Strategy. As a signatory of the UN initiative Principles for Responsible Banking, we have committed to continuously adapt our business strategy to align and contribute to the UN Sustainable Development Goals and the Paris Agreement. We have also committed to other important international undertakings, such as the Net Zero Banking Alliance, the Net Zero Asset Managers Initiative and the Poseidon Principles.
SEB developed its first specific sustainability strategy in 2009 and we have since then step-by-step ramped up our focus on strengthening the advisory capacity, product innovation, policy framework and governance. In February 2021, we adopted an updated sector policy on fossil fuels that sharpened our guidelines to include more areas and clearer standpoints. Among other things, it includes a roadmap for how SEB will phase out its exposure to coal and unconventional oil. It also involves a gradual shift away from companies without a credible transition plan. Also in February 2021, SEB’s fund company SEB Investment Management strengthened its sustainability policy and implemented uniform exclusion criteria for all funds managed by SEB Investment Management, including the exclusion of fossil fuels.
Updated sustainability strategy
In the autumn of 2021, SEB presented an updated sustainability strategy that outlines SEB’s role in the transition towards a sustainable society. As a key part of the strategy, we presented three ambitions and goals that laid out a path for the reduction of our fossil credit exposure and at the same time setting growth ambitions for our sustainable products, advisory services and investments. These consist of a Carbon Exposure Index (The Brown), a Sustainability Activity Index (The Green), and a Transition Ratio (The Future). In October 2022, SEB published net-zero aligned 2030 interim targets for specific sectors in its credit portfolio, in line with our commitment to the Net Zero Banking Alliance.
The sustainability strategy clarifies our role in the transition. On the path to becoming a leading catalyst in the sustainable transition, we focus on:
- Financing the transition
We support our customers, share our knowledge and offer advisory services as well as sustainable financing and investment products.
- Acting as a thought leader
We develop innovative products and services, and set standards for how banks can contribute to a more sustainable society.
- Being a corporate citizen
We fulfil our critical role in society, and always strive to take an active part in positively shaping the future. In line with our long tradition within this area, we encourage sustainable entrepreneurship, support young people and promote financial equality.
- Transforming our business
We develop our own business, communicate our policies and goals, and transparently and continuously report on our position and progress.