Press release -
Storebrand's climate targets approved by Science Bases Targets initiative
Storebrand's emissions reduction targets are approved by the Science Based Targets initiative as consistent with levels required to meet the goals of the Paris Agreement.
- Storebrand already committed to a significant reduction of emissions from our investment portfolio. To achieve this, we depend on investee companies to cut their emissions. The urgency of setting science-based targets is an important part of the dialogue we have with the companies we are invested in. To get our own targets validated, is an important milestone for us, says Odd Arild Grefstad, CEO in Storebrand.
Storebrand is the first diversified finance company in Norway to get targets validated and has since 2019 been part of the expert group which has been a part of preparing the methodology for the global financial industry to set science-based climate targets.
The validation states that targets covering greenhouse gas emissions from Storebrand’s operations (scopes 1 and 2) are consistent with reductions required to keep warming to 1.5°C, as the latest climate science has told is needed to prevent the most damaging effects of climate change. Our target for the emissions from its value chain (scope 3) meet the SBTi’s criteria for ambitious value chain goals, meaning they are in line with current best practice.
The latest science has made it clear that more needs to be done - and faster - in order to avoid the worst impacts of climate change and secure a thriving, sustainable economy. The next few years are critical, and companies have a vital role to play in helping achieve transformation at the pace and scale that is needed.
Storebrand's commitments are as follows:
- Storebrand ASA commits to reduce absolute Scope 1+2 GHG emissions 52% by 2030 from a 2018 base year. Storebrand ASA commits to continue annually sourcing 100% renewable electricity through 2030.
- Storebrand ASA commits to 42% of its listed equity and corporate bond portfolio by invested value setting SBTi validated targets by 2027.
- Storebrand ASA commits to reduce its real estate portfolio scope 1 and 2 GHG emissions by 64% per square meter for residential buildings and by 71% per square meter for commercial buildings within its management of direct real estate investments by target year 2030 from a 2019 base year.
The Science Based Targets initiative (SBTi) is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practice in science-based target setting and independently assesses companies’ targets.
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Storebrand is a Nordic financial group, delivering increased security and financial wellness for people and companies. We offer sustainable solutions and encourage our customers to make good economic decisions for the future. Our purpose is clear: we create a brighter future.
Storebrand has about 40.000 corporate customers, 2 million individual customers and manages NOK 1 008 billion. The Group has its headquarters at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
Visit us at www.storebrand.no
