SEB adds shipping to 2030 net zero target

Swedish bank SEB has set a net zero-aligned 2030 target for the shipping sector in line with its commitment to the Net Zero Banking Alliance.

The Net Zero Banking Alliance is a group of global banks committed to financing climate action to transition the real economy to net zero greenhouse gas emissions by 2050 and represents over 40% of global banking assets committed to that target.

The SEB’s new 2030 target for shipping means the emission intensity in the bank’s shipping portfolio must be reduced by 41% by 2030 compared to the base year 2022. The financed emissions covered by the 2030 target for the shipping sector account for 11% of the bank’s financed emissions in 2022.

The target covers all lending where ships are used as collateral for the lending, which makes it possible to follow the emission development at the ship level.

The sector target is based on the ships’ annual carbon dioxide emissions per freight capacity and distance travelled. This includes all GHG emissions on a well-to-wake principle.

SEB has previously set net zero-aligned targets for six other sectors in its portfolio. The 2030 sector targets cover oil and gas, power generation, steel, car manufacturing, Swedish household mortgage, and heavy vehicle manufacturing sectors.