Swedbank Sets 2030 Climate Targets For Lending Portfolio
29 November 2022 - 10:29AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedbank AB said Tuesday that it has adopted 2030
decarbonization targets for its lending portfolio to further combat
climate change.
The bank said the targets are in line with the United Nations'
aim of limiting global temperature increases to 1.5 degrees Celsius
from preindustrial levels and have been set for the mortgages,
commercial real estate, oil and gas, power generation and steel
sectors.
For mortgages, Swedbank's 2030 target is to reduce the financed
emission intensity--measured as kilograms of carbon dioxide
equivalent per square meter--by 39% from a 2019 baseline.
The 2030 target for commercial real estate is to reduce the
financed emission intensity--measured as kilograms of carbon
dioxide equivalent per square meter--by 43% from a 2019
baseline.
For oil and gas exploration, production and refining, the 2030
target is to reduce the absolute financed emissions--measured as
metric tons of carbon dioxide equivalent--by 50% from a 2019
baseline.
The 2030 target for power generation is to reduce the financed
emission intensity--measured as tons of carbon dioxide equivalent
per megawatt hour of energy produced--by 59% from a 2019
baseline.
For steel, the 2030 target is to reduce the financed emission
intensity--measured as tons of carbon dioxide equivalent per ton of
steel produced--by 29% from a 2019 baseline.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 29, 2022 04:14 ET (09:14 GMT)
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