SEB
Climate warning
Climate warning
Tomas Roovete
82 w
Never trust a banker
The banking and financial sector could have been one of the industries which, through monetary instruments, could steer towards more sustainable investments and thus combat the climate crisis. No, instead they finance new oil extraction in the Arctic. It becomes doubly deceitful when the banks in their sustainability reports promise to live up to the Paris Agreement - SHAME ON THE BIG SWEDISH BANKS, WITH SEB IN THE LEAD. Photo by Steve Morello, WWF
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Pinned by SEB
SEB has read Fair Finance Guide’s report and want to share our view on the report and our role in the transition to a more sustainable society, and explain how we are concretely working to reduce the climate impact related to our credit portfolio. To begin with, we want to stress that sustainability is very important for us, too, and that our direction is clear: climate change is the greatest challenge of our time, and SEB is and shall be part of the transition that must take place. SEB’s ambitions and goals In autumn 2021 we set new ambitions and goals within the climate area that aim to reduce our fossil credit exposure while increasing and developing our sustainable and green products, services and investments. Our goal is to reduce the fossil credit exposure in our energy portfolio by 45%–60% by 2030 compared with the 2019 baseline. This means that SEB will be aligned with, or exceed, the most credible 1.5°C scenarios from the Network of Central Banks and Supervisors for Greening the Financial System and the International Energy Agency. SEB communicates its performance with respect to these ambitions and goals on a yearly basis. These goals are also in line with our commitments within the UN-led Net Zero Banking Alliance, which aims to accelerate the shift of the global economy to net zero emissions by 2050 at the latest by establishing a uniform and robust method for banks to calculate financed emissions. In October 2022, SEB set net zero–aligned interim targets for 2030 for specific sectors in its credit portfolio. These focus on the areas where SEB can have the greatest positive impact, and cover SEB’s lending commitments to the oil & gas, power generation, steel, car manufacturing, and Swedish household mortgage sectors. Our policies In February 2021, SEB adopted an updated sector policy for fossil fuels that sharpened our guidelines to include more areas and clearer standpoints. Among other things, it strengthened SEB’s guidelines regarding environmentally sensitive areas such as the Arctic. For example, SEB shall avoid providing financial services to, or invest in, companies with a revenue share exceeding 5% originating from oil and gas-related activities in environmentally sensitive areas. SEB shall also avoid providing dedicated finance for exploration or production of Arctic oil and gas, and avoid providing financial services to, or investing in, companies with a material revenue share (>15%) derived from exploration and production of Arctic oil or gas on the Norwegian Continental Shelf (the higher threshold for the Norwegian Continental Shelf is justified by the strict Norwegian environmental legislation and monitoring). SEB has complied with this policy. With respect to fund investments, SEB’s fund company SEB Investment Management has since the spring of 2021 excluded fossil fuels from all funds managed by SEB. Views on the report The calculation method used by Fair Finance Guide is misleading. Fair Finance Guide includes financing that is not related to the companies’ operating activities, such as bridge loans for company acquisitions, and unutilised financing, such as credit facilities. If one nevertheless uses Fair Finance Guide’s calculation method, we also want to point out that the figures have changed significantly since 30 June, as a large share of the financing mentioned has expired. It is incorrect, as Fair Finance Guide does, to call the companies mentioned in the report “oil companies in the Arctic”. Granted, they have operations there, but these are limited and make up only 2%–11% of the total reserves for the companies mentioned in the report. Several of the companies are energy companies with diversified business models that include renewable energy, such as wind power. It is a misrepresentation to assert that the financing mentioned in the report has only gone to oil and the Arctic. SEB finances Norwegian energy companies’ investments in renewable energy, which is not mentioned in the report. We have a strong ambition and key role to play in supporting these companies’ projects within renewable energy and in contributing to accelerating the transition. Norwegian corporate bank In contrast to other Swedish banks, SEB is a major corporate bank also in Norway, which is reflected in Fair Finance Guide’s comparison. For example, we have customer relationships and engagements with most large corporates in Norway, including its energy companies. Some of these companies have engagements in the Arctic, but we want to make it clear that this is only a limited share of their total operations and that it is thus misleading to say that our lending to these companies is to be equated to lending to the Arctic. Of the companies mentioned in Fair Finance Guide’s report, their reserves in the Arctic make up only 2%–11% of the total reserves. Moreover, only one of the companies mentioned has production in the Arctic. Our role in the climate transition Our commitments related to the UN’s sustainability targets and the Paris Agreement are not in conflict with having customers with a large climate impact – on the contrary. If we are to meet the goals of the Paris Agreement, the companies that have the greatest carbon footprints must transition. Our ambition is to accelerate the transition to a more sustainable society by supporting our customers in their transitions. This means that we both engage with and support our customers in their transition where that is possible, but also that we end client relationships if we do not share the same goals and do not have an opportunity to influence. The goals that SEB has set for transition in the energy sector make this clear. The goals that SEB has set within the framework of the Net Zero Banking Alliance broaden the bank’s ambitions to more carbon-intensive sectors. More information https://sebgroup.com/sustainability https://sebgroup.com/sustainability/our-strategy/ambitions-and-goals https://sebgroup.com/press/press-releases/2021/seb-sets-new-climate-ambitions-and-goals-as-part-of-its-sustainability-strategy
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77 w
Pure facts
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77 w
I love it here. I feel like I found what I was looking for. https://www.mahjongplay.org/
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78 w
@seb - congratulations on your impressive GREENWASHING STATEMENT! Mostly those who start any response to a challenge with - "we are totally committed", instead of stating their strategy and action plans - are greenwashing because they are not really committed, as with the statement above! Sad!
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SEB has read Fair Finance Guide’s report and want to share our view on the report and our role in the transition to a more sustainable society, and explain how we are concretely working to reduce the climate impact related to our credit portfolio. To begin with, we want to stress that sustainability is very important for us, too, and that our direction is clear: climate change is the greatest challenge of our time, and SEB is and shall be part of the transition that must take place. SEB’s ambitions and goals In autumn 2021 we set new ambitions and goals within the climate area that aim to reduce our fossil credit exposure while increasing and developing our sustainable and green products, services and investments. Our goal is to reduce the fossil credit exposure in our energy portfolio by 45%–60% by 2030 compared with the 2019 baseline. This means that SEB will be aligned with, or exceed, the most credible 1.5°C scenarios from the Network of Central Banks and Supervisors for Greening the Financial System and the International Energy Agency. SEB communicates its performance with respect to these ambitions and goals on a yearly basis. These goals are also in line with our commitments within the UN-led Net Zero Banking Alliance, which aims to accelerate the shift of the global economy to net zero emissions by 2050 at the latest by establishing a uniform and robust method for banks to calculate financed emissions. In October 2022, SEB set net zero–aligned interim targets for 2030 for specific sectors in its credit portfolio. These focus on the areas where SEB can have the greatest positive impact, and cover SEB’s lending commitments to the oil & gas, power generation, steel, car manufacturing, and Swedish household mortgage sectors. Our policies In February 2021, SEB adopted an updated sector policy for fossil fuels that sharpened our guidelines to include more areas and clearer standpoints. Among other things, it strengthened SEB’s guidelines regarding environmentally sensitive areas such as the Arctic. For example, SEB shall avoid providing financial services to, or invest in, companies with a revenue share exceeding 5% originating from oil and gas-related activities in environmentally sensitive areas. SEB shall also avoid providing dedicated finance for exploration or production of Arctic oil and gas, and avoid providing financial services to, or investing in, companies with a material revenue share (>15%) derived from exploration and production of Arctic oil or gas on the Norwegian Continental Shelf (the higher threshold for the Norwegian Continental Shelf is justified by the strict Norwegian environmental legislation and monitoring). SEB has complied with this policy. With respect to fund investments, SEB’s fund company SEB Investment Management has since the spring of 2021 excluded fossil fuels from all funds managed by SEB. Views on the report The calculation method used by Fair Finance Guide is misleading. Fair Finance Guide includes financing that is not related to the companies’ operating activities, such as bridge loans for company acquisitions, and unutilised financing, such as credit facilities. If one nevertheless uses Fair Finance Guide’s calculation method, we also want to point out that the figures have changed significantly since 30 June, as a large share of the financing mentioned has expired. It is incorrect, as Fair Finance Guide does, to call the companies mentioned in the report “oil companies in the Arctic”. Granted, they have operations there, but these are limited and make up only 2%–11% of the total reserves for the companies mentioned in the report. Several of the companies are energy companies with diversified business models that include renewable energy, such as wind power. It is a misrepresentation to assert that the financing mentioned in the report has only gone to oil and the Arctic. SEB finances Norwegian energy companies’ investments in renewable energy, which is not mentioned in the report. We have a strong ambition and key role to play in supporting these companies’ projects within renewable energy and in contributing to accelerating the transition. Norwegian corporate bank In contrast to other Swedish banks, SEB is a major corporate bank also in Norway, which is reflected in Fair Finance Guide’s comparison. For example, we have customer relationships and engagements with most large corporates in Norway, including its energy companies. Some of these companies have engagements in the Arctic, but we want to make it clear that this is only a limited share of their total operations and that it is thus misleading to say that our lending to these companies is to be equated to lending to the Arctic. Of the companies mentioned in Fair Finance Guide’s report, their reserves in the Arctic make up only 2%–11% of the total reserves. Moreover, only one of the companies mentioned has production in the Arctic. Our role in the climate transition Our commitments related to the UN’s sustainability targets and the Paris Agreement are not in conflict with having customers with a large climate impact – on the contrary. If we are to meet the goals of the Paris Agreement, the companies that have the greatest carbon footprints must transition. Our ambition is to accelerate the transition to a more sustainable society by supporting our customers in their transitions. This means that we both engage with and support our customers in their transition where that is possible, but also that we end client relationships if we do not share the same goals and do not have an opportunity to influence. The goals that SEB has set for transition in the energy sector make this clear. The goals that SEB has set within the framework of the Net Zero Banking Alliance broaden the bank’s ambitions to more carbon-intensive sectors. More information https://sebgroup.com/sustainability https://sebgroup.com/sustainability/our-strategy/ambitions-and-goals https://sebgroup.com/press/press-releases/2021/seb-sets-new-climate-ambitions-and-goals-as-part-of-its-sustainability-strategy
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79 w
Thanks for explaining your views @seb You provided good transparency!
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@seb I kindly call it "corporate nonsense". Look at the Danish bank Merkur (https://r.search.yahoo.com/_ylt=Awr.oGIp31xjp_UTehLMIc1Q;_ylu=Y29sbwNpcjIEcG9zAzEEdnRpZAMEc2VjA3Ny/RV=2/RE=1667059625/RO=10/RU=https%3a%2f%2falltomelbil.se%2fdansk-bank-nekar-billan-till-fossildrivna-bilar-ger-formanligare-lan-till-elbilar%2f/RK=2/RS=I81yGwBXYeh24w6fErTDwvTW9V8- ). They immediately stopped financing fossil fueled vehicles. However, I am not surprised, as profit is more important than the climate for the big banks.
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79 w
Its not ethical at all.
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79 w
Dear Tomas Roovete Thank you for getting your climate warning to level 2! We have reached out to SEB and asked for a response. I will keep you updated on any progress! /Muhammad We Don't Have Time
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79 w
This is really devastating!
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82 w
Good to add the source: https://www.naturskyddsforeningen.se/artiklar/svenska-banker-fortsatter-pumpa-in-miljarder-till-oljebolag-i-arktis/
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82 w
Money trumps everything!
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82 w
Interesting/ impressive statement
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82 w
I switched many years ago...
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82 w
This sad
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I need to switch bank
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