Sparebanken Vest

Sparebanken Vest, a Norwegian financial institution providing insurance and pension funding services, has reported its carbon emissions for recent years.

In 2024, the bank's total emissions were approximately 179,300 kg CO2e. This comprised about 10,500 kg CO2e from Scope 1 emissions and approximately 125,400 kg CO2e from Scope 2 emissions. Scope 3 emissions for 2024 were reported at around 108,000 kg CO2e, although a specific data point for purchased goods and services was missing.

For 2023, Sparebanken Vest's Scope 1 emissions amounted to approximately 853,000 kg CO2e, with Scope 2 emissions at about 5,368,000 kg CO2e (market-based) and Scope 3 emissions at roughly 4,362,000 kg CO2e. In 2022, Scope 1 emissions were approximately 1,374,000 kg CO2e, Scope 2 emissions were around 632,000 kg CO2e (market-based), and Scope 3 emissions totalled approximately 5,217,000 kg CO2e. Earlier data from 2020 indicated combined Scope 1 and 2 emissions of about 80,200 kg CO2e based on a location-based approach.

Sparebanken Vest has established several climate commitments. The bank previously set a target to reduce its own climate footprint by 50% by 2025, a goal that was already achieved in 2020. More recently, in line with SBTi's decarbonisation trajectory, the bank aims to reduce its Scope 1 and 2 emissions by 10% by 2030, based on 2022 levels. Furthermore, it has a target to reduce its own climate emissions by 55% between 2017 and 2030. The bank has also set a net-zero emissions target by 2050.

In its portfolio, Sparebanken Vest has committed to reducing carbon intensity in its lending portfolio. Specifically, for the fishing industry, it aims for a 42% reduction in carbon intensity (tCO2e/tonne of fish) by 2030. A broader net-zero ambition by 2040 has been set by Sparebanken Norge, which will guide the merged entity's climate strategy. This ambition includes reducing emissions in its own operations and loan portfolio to a minimum, aligning with the Science Based Targets initiative's methodology for residual emissions.