SEB Takes Lead With Net-Zero 2030 Shipping Target

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SEB sets a net-zero aligned 2030 target for the shipping sector, aiming to reduce emission intensity by 41% compared to 2022.The target covers collateral for the lending, which makes it possible to follow the emission development at the ship level. The financed vessels and the credit exposure covered are the same as those covered by reporting under the Poseidon Principles, the global framework for responsible shipping that SEB signed in 2020.

Methodology & Target

Based on annual CO2 emissions per freight capacity and distance travelled, including all GHG emissions “from well to wake.” i.e. all emissions associated with the extraction and transport of fuel up to and including combustion in the ships’ engines.SEB undertakes to reduce this credit portfolio’s average GHG emission intensity by 41 per cent compared to the base year 2022.

Customer Collaboration

“The shipping sector faces a major challenge in transitioning to a low-carbon future. This target shows that we and our customers are ready to contribute to the transition. To reach this target, it is necessary that we continuously review our credit portfolio, but above all, that our customers optimise their fleets with new energy-efficient ships, investments in energy-saving devices and technologies, and adoption of low and zero-carbon fuels when available”, says Hans Christian Kjelsrud, Head of Shipping at SEB.

Integration & Future Outlook

SEB extends its commitment to the Net-Zero Banking Alliance (NZBA).The 2030 sector targets cover the oil & gas, power generation, steel, car manufacturing, Swedish household mortgage and heavy vehicle manufacturing sectors.

“The sector targets are important in achieving a credit portfolio with net zero emissions by 2050 or earlier. We have now set clear goals for the sectors where we can achieve the greatest positive impact. As for the other sectors, we will evaluate the need for additional targets”, says Hans Beyer, Chief Sustainability Officer at SEB.

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Source: Seb Group