Stockholm-based banking group Swedbank unveiled new decarbonization targets for its lending portfolio with aims to reduce emissions in five key corporate sectors – including mortgages, commercial real estate, oil & gas, power generation and steel – by 2030.
The company said that the sectors were selected based on their contribution to climate change, the bank’s portfolio exposure and data availability.
Jens Henriksson, President and CEO, Swedbank, said:
“Climate change is one of the greatest challenges of our time. And as Sweden’s largest real estate bank, we have a unique opportunity to facilitate the green energy transition in this sector.”
The new climate targets include reaching decreased financed emissions intensity by 39% in the mortgage sector, 43% in the real estate sector, 50% in the oil and gas sector, 59% in the power generation sector, and 29% in the steel sector by 2030, on a 2019 baseline.
According to Swedbank, the new targets for part of the bank’s commitments to the Science Based Targets initiative (SBTi) and the Net-Zero Banking Alliance. Swedbank said that the targets have been sent to SBTi for validation.
Henriksson added:
“Urgent actions are needed to limit global warming. Swedbank is taking an active role in this effort by advising and supporting our clients in the transition.”
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