Swedbank's Board of Directors establishes dedicated sustainability committee
Swedbank's Board of Directors has decided to convert the Remuneration Committee into a committee with responsibility for both sustainability and remuneration. The main task will be to support and strengthen the bank's strategic sustainability efforts relating to operating models and reporting.
"We have put sustainability at the core of our business strategy, making it an integral part of everything we do at Swedbank. We are now clarifying the role of the Board in these matters and highlighting Swedbank's high ambitions," says Göran Persson, Chair of the Board of Directors.Swedbank has well-defined objectives that drive the bank's climate transition in line with the Paris Agreement's 1.5-degree target, providing the prerequisites for clear guidelines, targets and transparent reporting.
- Since 2017, Swedbank has drastically reduced its financing of companies in the oil & gas sector, from SEK 21.4 billion to SEK 3.9 billion.
- In 2021, Swedbank stopped financing prospecting for new oil & gas sources. This also includes unconventional extraction, for example in the Arctic.
- In 2022, Swedbank established climate targets to reduce the bank's financed emissions by up to 50 per cent in the following sectors: mortgages, commercial real estate, oil & gas, power generation and steel. The climate emission reduction is in line with the 1.5-degree global target and is part of Swedbank's commitments within the Net-Zero Banking Alliance.
Read more about Swedbank's climate commitments:
Position Statement Climate Change (https://online.swedbank.se/ConditionsEarchive/download?bankid=1111&id=WEBDOC-PPE1341798)
Climate targets for the lending portfolio (https://www.swedbank.com/sustainability/environment/environmental-targets/climate-targets.html)
Sustainable Funding Framework (https://www.swedbank.com/sustainability/strategy-and-framework/swedbanks-sustainable-funding-framework.html)
Unni Jerndal, Senior Advisor, telephone +46 73 092 11 80