Many of our clients in key industries such as transportation, energy and agriculture are leading the shift towards net zero. The challenges are often enormous, which is why we want to be the best financial partner possible.
We aim to reduce the fossil fuel credit exposure in SEB’s energy portfolio by 45–60 per cent by 2030 compared with 2019. The basis is the bank's energy portfolio in total, i.e. all companies that produce energy or are active in the value chain around the oil and gas industry. At year-end 2023, SEB's fossil fuel credit exposure had decreased by 39 per cent since the end of 2019.
Through SEB Greentech Venture Capital, SEB invests in green technology. We focus on ideas that promise substantial impact in reducing greenhouse gas emissions or in preventing transgression of the planetary boundaries. We do that by investing in solutions in sectors ranging from renewable energy, water and agriculture, to circular business models and waste management. By year-end 2023, SEB Greentech had increased its investments by 239 perc ent, to SEK 232 million, compared with 2021.
The Sustainability Activity Index (The Green) captures SEB's sustainability activities across four areas: sustainability-related financing, sustainable finance advisory, greentech venture capital investments and sustainable savings and investments. The ambition is to increase sustainability activity by 6–8 times by 2030 compared with a 2021 baseline. At year-end 2023, the index had increased by 123 per cent.
In 2023, SEB facilitated the issuance of global sustainability and sustainability-linked bonds worth SEK 111 billion. Sustainability bonds are used to finance or refinance projects that address environmental as well as social issues.
SEB was the first bank in Sweden to launch green mortgages, which offer a lower interest rate for people who live in climate-smart homes. The loans are available to anyone with housing that fulfils specific requirements, for example homes with the Nordic Swan ecolabel or with the Sweden Green Building Council certification. In 2023, the volume of green mortgages had increased by 119 per cent compared with 2021, amounting to SEK 17.3 billion.
SEB Investment Management AB is a signatory of the Net Zero Asset Managers initiative, meaning that we are committed to reach net zero greenhouse gas emissions by 2040 for the total assets under management in funds.
SEB Investment Management AB use its ownership influence to promote more sustainable development, for example by engaging in dialogue, voting at annual general meetings, and participating in nomination committees. During 2023, SEB Investment Management AB had 2,837 dialogues with companies on sustainability and corporate governance issues either individually or through collaborative initiatives.
We believe that sustainable financing is among the most important drivers in the transition towards a sustainable society. During 2023, SEB provided SEK 259 billion in sustainability-related financing to our customers.
SEB's sustainability experts have extensive knowledge in areas such as climate and financing solutions, sustainable investments and regulatory development in the European Union.