Sparebanken Vest

Sparebanken Vest's reported carbon emissions

Sparebanken Vest, an insurance and pension funding services provider based in Norway, has demonstrated a commitment to reducing its environmental impact. For the most recent reporting year of 2024, Sparebanken Vest reported a total of approximately 179,300 kg CO2e. This figure is comprised of approximately 10,500 kg CO2e in Scope 1 emissions and about 125,400 kg CO2e in Scope 2 emissions. Scope 3 emissions for 2024 were approximately 108,000 kg CO2e. In 2023, the bank's total emissions were approximately 43,620,000 kg CO2e, with Scope 1 emissions at approximately 853,000 kg CO2e, Scope 2 at approximately 5,368,000 kg CO2e (with a market-based figure of about 165,000 kg CO2e), and Scope 3 at approximately 4,362,000 kg CO2e. Looking at 2022, total emissions amounted to approximately 52,170,000 kg CO2e, with Scope 1 emissions at approximately 1,374,000 kg CO2e, Scope 2 at approximately 632,000 kg CO2e (market-based figure of about 158,000 kg CO2e), and Scope 3 at approximately 5,217,000 kg CO2e. Sparebanken Vest has established several climate targets. The bank previously set a goal to reduce its own climate footprint by 50% by 2025, a target that was achieved in 2020. More recently, the bank aims to reduce its Scope 1 and 2 emissions by 10% by 2030, aligned with the Science Based Targets initiative (SBTi) decarbonisation trajectory. Furthermore, there is a target for a 55% reduction in its own climate emissions from 2017 to 2030. A long-term ambition includes achieving net-zero emissions by 2050. Additionally, Sparebanken Vest is working towards reducing the carbon intensity in its portfolio, with a target to decrease it by 42% per tonne of fish by 2030. The bank has committed to SBTi's net-zero standard, indicating a strategic direction towards net-zero climate emissions by 2040.