SEB strengthens its sector policy on fossil fuels
SEB continues to strengthen its guidelines within the climate area and has adopted an updated sector policy for fossil fuels that sharpens its guidelines to include more areas and clearer standpoints.
“Climate change is one of the biggest challenges of our times and as a bank, we have a responsibility for how we conduct our operations,” says Hans Beyer, SEB’s Chief Sustainability Officer. “We now raise our ambition level and take the next step by updating our sector policy on fossil fuels.”
In 2019, SEB signed the UN initiative Principles for Responsible Banking. The signing of the principles means that SEB has committed to continuously adapt its business strategy to align and contribute to the UN Sustainable Development Goals and the Paris Agreement.
SEB has for several years excluded financing of, among other things, new coal-fired power plants. The updated sector policy on fossil fuels has a wider scope and also includes a roadmap for how SEB will phase out its exposure to coal and to unconventional oil. It also strengthens SEB’s guidelines regarding environmentally sensitive areas such as the Arctic. Furthermore, SEB will continue to gradually reduce its credit exposure to fossil fuels within the oil- and gas sector by applying a cap to exploration, production and oilfield services activities. This cap is lowered annually.
SEB is committed to supporting its customers in meeting the Paris Agreement through an orderly transition. The bank will, in dialog with customers, continue to engage for a transition where it sees that one is possible, where customers have a clear plan for transformation, and where the bank can have a positive impact by for example financing renewable energy and new technology.
“Our direction is clear – we shall be part of the transition that has to take place and we shall support our customers to transition according to the UN Development Goals and the Paris Agreement,” says Hans Beyer. “The transition that is necessary will require large investments, and as a bank, we have a responsibility to participate and finance that transition.”
Read the entire sector policy on fossil fuels here
For further information, contact:
Frank Hojem, Head of Corporate Communication
+46 70 763 9947
frank.hojem@seb.se
Press contact:
Niklas Magnusson, Group Press Officer
+46 70 763 8243
niklas.x.magnusson@seb.se
SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 31 December 2020, the Group's total assets amounted to SEK 3,040bn while its assets under management totalled SEK 2,106bn. The Group has around 15,500 employees Read more about SEB at https://www.sebgroup.com