Folksam Sustainability Profile
Folksam, officially known as Folksam Group, is a prominent insurance and financial services provider headquartered in Stockholm, Sweden. Established in 1908, the company has evolved into a leading player in the Nordic insurance market, with a strong presence across Sweden and Finland. Specialising in life insurance, property insurance, and pension savings, Folksam is renowned for its commitment to sustainability and customer-centric solutions. The company’s unique approach combines comprehensive coverage with a focus on ethical investments, setting it apart in a competitive landscape. With a robust market position, Folksam has achieved significant milestones, including being one of the largest mutual insurance companies in Sweden. Its dedication to social responsibility and innovation continues to drive its success in the insurance industry.
DitchCarbon Score
How does Folksam's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Insurance Services industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Folksam's score of 35 is higher than 53% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Folksam's reported carbon emissions
In 2023, Folksam reported total carbon emissions of approximately 233,000 kg CO2e for Scope 1, 249,000 kg CO2e for Scope 2, and a significant 745,734,000 kg CO2e for Scope 3 emissions. Notably, Scope 3 emissions primarily stem from business travel (about 327,620 kg CO2e) and purchased goods and services (approximately 3,000 kg CO2e). Comparatively, in 2022, Folksam's emissions were slightly lower, with Scope 1 at 230,000 kg CO2e, Scope 2 at 232,000 kg CO2e, and Scope 3 at 727,937,000 kg CO2e. This indicates a marginal increase in emissions across all scopes in 2023. Despite these figures, Folksam has not set specific reduction targets or initiatives as part of their climate commitments, nor do they have any SBTi (Science Based Targets initiative) reduction targets. The absence of documented reduction initiatives suggests a need for enhanced strategies to address their carbon footprint effectively. Overall, while Folksam has made strides in reporting their emissions transparently, the lack of defined reduction targets highlights an area for potential improvement in their climate strategy.
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| 2015 | 2016 | 2017 | 2018 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|
| Scope 1 | 654,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| Scope 2 | 671,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| Scope 3 | 4,575,000 | 0,000,000 | 0,000,000 | 000,000,000 | 000,000,000 | 000,000,000 | 000,000,000 | 000,000,000 |
How Carbon Intensive is Folksam's Industry?
How Carbon Intensive is Folksam's Location?
Folksam's Scope 3 Categories Breakdown
Folksam's Scope 3 emissions, which increased by 2% last year and increased significantly since 2015, demonstrating supply chain emissions tracking. Nearly all of their carbon footprint comes from suppliers and value chain emissions, representing nearly all emissions under the GHG Protocol, with detailed category breakdown helping identify key emission sources across their value chain.
Top Scope 3 Categories
Folksam's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Folksam has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
