Swedbank Sets 2030 Climate Targets For Lending Portfolio

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 [e-mail]

(END) Dow Jones Newswires

11-29-22 0414ET