Skandinaviska Enskilda Banken (SEB) has set a target to achieve near net-zero emissions by 2045 and has joined the Net-Zero Banking Alliance to align its credit portfolio with 1.5C scenarios pathways to net zero by 2050 or sooner. SEB's latest filings mentioned the keywords 'Emissions' and 'Climate Change' most number of times in relation to 'Net Zero'.

SEB has already taken measures to achieve its reduction targets, such as improving energy efficiency of operations and buildings, increasing the use of renewable energy, and electrifying its car fleet. The company measures emissions from energy consumption, paper, company cars, business travel, and waste. Its planned milestones include emission reductions of 66 per cent by 2025, 75 per cent by 2030 and close to 100 per cent by 2045.

SEB's strategy is aligned with the Paris Agreement, and it aims to minimize its carbon footprint in the supply chain by collaborating with suppliers. The company is supporting its customers in the sustainability transition with advice and products transforming the lending portfolio towards more sustainable activities, thereby reducing the amount of CO2 emissions that it finances. SEB Greentech Venture Capital invests in green technology, focusing on transformative ideas that promise substantial impact in reducing greenhouse gas emissions or in preventing transgression of the planetary boundaries. SEB Investment Management has joined the Net Zero Asset Managers initiative and commits to achieving net-zero greenhouse gas emissions by 2040 and aligning all investments with the Paris Agreement on an aggregated level.

SEB reports according to the Greenhouse Gas Protocol and measures emissions from energy consumption in facilities, business travel (air travel, train travel, car travel), paper consumption, and waste. The company's total carbon emissions in 2022 were 11,098 tonnes CO2e, with scope 1 emissions of 340 tonnes CO2e, scope 2 emissions of 1,220 tonnes CO2e, and scope 3 emissions of 9,539 tonnes CO2e. SEB has acquired emission rights to offset its 2021 emissions, and the total offset amounts to 9,648 tonnes CO2e, covering the calculated emissions of 9,492 tonnes CO2e during 2021.

SEB is dedicated to presenting its climate-related efforts in accordance with the recommendations from TCFD, and it integrates climate change and its effects in everything it does as it impacts the environment directly through its own operations and indirectly through business relationships with clients and suppliers.

In Conclusion, SEB aims to decrease its direct emissions and work actively together in all relevant business areas to reduce its impact by evaluating travels, company cars, use of energy, and generation of waste. Addressing climate change is the most urgent societal topic and at the top of SEB's sustainability agenda.

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