SBAB joins Net-Zero Banking Alliance

With over 130 members from more than 40 countries, the Alliance demonstrates banks’ recognition of the vital role they can play in supporting the global transition of the real economy to net zero and the growing importance of climate-related risks and opportunities to their clients and investors.

The adopted targets focus on indirect emissions from banks' customers, as these emissions are the most extensive from the financial sector's perspective.

– We are proud to join this group of banks to have a clear commitment to and accelerate the transition of the global economy to net zero emissions. In the past year, we have seen a worrying development with banks leaving climate alliances and it is therefore more important than ever to drive and demonstrate an active agenda, says Karin Stenmar, Head of Sustainability at SBAB.

SBAB wants to contribute to sustainable and fair social development by creating opportunities and solving challenges linked to housing and the housing economy. The bank offers green mortgages to private individuals, green property and investment loans to property companies and tenant-owner associations, and sustainability-linked loans to property companies.

– Our business has a significant impact on the housing market and with that comes a great responsibility to contribute to long-term stability. We look forward to working with our customers to support them in their energy efficiency and assist with measures to ensure the green transition, says Karin Stenmar.

Alliance members commit to individually and independently:

• Set and publicly disclose sectoral targets for 2030 or sooner for using credible science-based scenarios that align with a net-zero-by-2050 goal
• Prioritise target setting in areas of most significant impact, i.e. the most greenhouse gas-intensive and emitting sectors in their portfolios
• Establish emissions baselines and annually measure and report their financed emissions in terms of absolute emissions and emissions intensities
• Regularly review targets to ensure consistency with current climate science
• Set their first target(s) within 18 months of signing and report annually thereafter
• Disclose progress against a board-level reviewed transition strategy

About SBAB's sustainability work

https://www.sbab.se/hallbarhet

About the Net-Zero Banking Alliance

Net-Zero Banking Alliance brings together a leading group of global banks that have voluntarily committed to independently aligning their financing activities with pathways to achieving net-zero emissions by 2050 and limiting global warming to 1.5°C. The Alliance supports banks to set targets and implement decarbonisation strategies, providing an internationally recognised framework and guidelines in which to operate.Learn more here: https://www.unepfi.org/net-zero-banking/