Sparebanken Vest

Sparebanken Vest's Climate Commitments and Emissions Reductions

Sparebanken Vest, a Norwegian financial institution in the Insurance and pension funding services sector, is actively addressing its climate impact and has set several ambitious reduction targets.

For 2024, Sparebanken Vest reported total emissions of approximately 343,400 kg CO2e. This includes Scope 1 emissions of 10,500 kg CO2e, Scope 2 emissions (location-based) of 125,400 kg CO2e, and Scope 3 emissions of 108,000 kg CO2e.

Looking back, in 2023, the bank's Scope 1 emissions were 853,000 kg CO2e, Scope 2 emissions (market-based) were 165,000 kg CO2e, and Scope 3 emissions were 4,362,000 kg CO2e. In 2022, Scope 1 emissions were 1,374,000 kg CO2e, Scope 2 emissions (market-based) were 158,000 kg CO2e, and Scope 3 emissions were 5,217,000 kg CO2e. In 2020, the bank reported 80,200 kg CO2e for location-based Scope 1 and 2 emissions.

Sparebanken Vest has demonstrated significant progress in its climate commitments. In 2018, the bank set a target to reduce its own climate footprint (Scope 1 and 2 emissions) by 50% by 2025, a goal that was already achieved in 2020. The bank is also working towards a 55% reduction in its own climate emissions (Scope 1 and 2) by 2030, using a 2017 baseline.

Furthermore, Sparebanken Vest has committed to reducing its Scope 1 and 2 emissions according to the Science Based Targets initiative's (SBTi) decarbonisation trajectory, aiming for a 10% reduction between 2022 and 2030. The bank has also set an intensity reduction target for its portfolio, aiming to reduce carbon intensity in its portfolio (tCO2e/tonne fish) by 42% between 2022 and 2030.

Longer-term, Sparebanken Vest has a target of net-zero emissions by 2050. The bank's SBTi commitments indicate a "Commitment removed" status for its near-term and net-zero targets as of May 2025, but previous records from March 2025 and February 2023 show the bank as "Committed" to near-term and net-zero targets. The SBTi states that the bank is a BA1.5 member, and its Financial Institutions Net-Zero Commitment has a 24-month deadline from the standard's launch.

Additionally, a related entity, Sparebanken Norge, has an ambition for net-zero emissions by 2040, which includes reducing greenhouse gas emissions in its own operations and loan portfolio to a minimum.