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Ambitions and goals

SEB has set three climate-related ambitions and goals – a Carbon Exposure Index (The Brown), a Sustainability Activity Index (The Green) and a Transition Ratio (The Future).

Through these, we aim to accelerate the transition towards a sustainable society by reducing our negative impact (The Brown), increasing our positive impact (The Green), and engaging with our customers on their transition journeys (The Future). These customer dialogues enable us to classify our credit portfolio and to set interim 2030 targets regarding our financed emissions, as part of our strive for net-zero emissions by 2050 or sooner.
In November 2022, at SEB’s sustainability event Transition in Numbers: Towards Net Zero, we for the first time presented our progress on The Brown and The Green (see below). The third, The Future, will be disclosed in the beginning of 2023.

Three ambitions and goals

Carbon Exposure Index

Goal: To reduce exposure by
45-60% by 2030, compared
to a 2019 baseline.

Sustainability Activity Index

Ambition: To increase average
activity 6x-8x by 2030,
compared to a 2021 baseline.

Transition Ratio

Ambition: To provide a view of
how our customers, over time,
transition in line with the
Paris Agreement.

Carbon Exposure Index – The Brown

The Carbon Exposure Index is a volume-based metric capturing our fossil fuel credit exposure. Our goal is to reduce the fossil credit exposure in SEB’s energy portfolio, which includes power generation and transmission as well as oil and gas (upstream-related and refining & distribution), by 45–60 per cent by 2030 compared with a 2019 baseline. Our progress as per Q3 2022 was a decrease of 14 per cent which is in line with our planned trajectory. The fossil fuel credit exposure represented 3.4% of our total credit portfolio, compared to 4.8% in 2021.

The Carbon Exposure Index means that we will be in line with or outperforming the most credible 1.5 degree-aligned climate scenario assumptions provided by The Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

Sustainability Activity Index – The Green

The Sustainability Activity Index is a volume-based metric capturing our sustainability activity, measuring volumes for green financing, sustainable advisory-based business, venture capital investments within greentech and Article 9 financial investment products’ share of assets under management. The ambition is to increase activity 6–8 times by 2030 compared with a 2021 baseline. At Q3 2022 we had increased our sustainable activity with 40%.

Transition Ratio – The Future

We will transition together with our customers as reflected in a Transition Ratio, which is a volume-based ratio to ensure our customers’ transformation over time. The ratio is based on the assessment enabled by SEB’s Customer Sustainability Classification Model. This means that we are assessing our customers’ climate impact and alignment towards the goals set out in the Paris Agreement, by classifying our credit portfolio. By using this tool, we get a better understanding of our customers’ transition journeys and can support them in reducing their carbon footprints. We aim to disclose the Transition Ratio in the beginning of 2023.

Net-zero aligned 2030 sector targets for SEB’s credit portfolio

SEB is one of 42 founding signatories of the Net Zero Banking Alliance (NZBA). In line with our sustainability strategy and our commitment to NZBA, SEB has committed to align its credit portfolio with pathways to net-zero by 2050 or sooner, and to set interim targets for 2030. The targets are in line with the ambition to limit global warming to 1.5 degrees Celsius in accordance with the Paris Agreement.

Sector targets

The 2030 sector targets are set against a 2020 baseline and initially cover SEB’s lending and commitments to the oil & gas, power generation, steel, car manufacturing and Swedish household mortgage sectors. These sector targets strengthen and complement SEB’s ambitions and goals within the climate area, The Brown, The Green and The Future.

  • For oil & gas (exploration, production and refining), the target is a 55 per cent reduction in absolute financed emissions by 2030 compared with the 2020 baseline.
  • For power generation, the 2030 target is a 43 per cent reduction in financed emission intensity.
  • For steel, the 2030 target is a 30 per cent reduction in financed emission intensity.
  • For car manufacturing, the 2030 target is a 60 per cent reduction in financed emission intensity.
  • For Swedish household mortgages, the 2030 target is a 30 per cent reduction in financed emission intensity.
  Sector Emissions, scope Metric 2020 baseline 2030
  Oil & Gas E&P1 and refining S1&2&32 mtCO2e3 18.4 8.3 (-55%)  
  Power generation S1&2 g CO2e/kWh 123 70 (-43%)  
  Steel S1&2 t CO2e/t steel 1.40 0.98 (-30%)  
  Car manufacturing S34 g CO2e/km 153 61 (-60%)  
  Household mortgage Sweden S1&2 kg CO2e/m2 3.12 2.18 (-30%)  

1 Exploration & Production
2  S3 - use of sold products
3 Financed emissions
4 Use of sold products – Tank To Wheel


The 2030 targets are an important part of SEB’s goal to reach a net-zero credit portfolio by 2050 or sooner. We have now developed a methodology that helps us to define our baseline and to measure progress towards that goal. In parallel, we have started to integrate our 2030 targets in our decision-making and governance.

Moving forward and in line with our commitment to the NZBA, we will set additional targets for other carbon-intensive sectors. We also plan to refine our methodology as data availability and quality improve and updated climate scenarios and decarbonization pathways are developed.

More information about the targets and the method used

Contact us

SEB’s sustainability experts have extensive knowledge in areas such as climate and financing solutions,
sustainable investments and regulatory development in the European Union.


Reach out to our sustainability contacts