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Sampo Group’s near-term science-based targets approved by the SBTi

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The Science Based Targets initiative (SBTi) provides guidance and tools for companies across industries to reduce greenhouse gas (GHG) emissions in line with limiting global warming to 1.5°C. Sampo Group joined the initiative in October 2023 to ensure that the Group’s targets are aligned with climate science. Sampo Group’s targets were validated by the SBTi in November 2024.

Sampo Group has set near-term targets for its own operations (Scope 1 and 2) and investments (Scope 3, category 15), as required by the SBTi’s methodology for financial institutions. The SBTi defines which asset classes should be covered by the targets and which are optional or out of scope. Sampo Group’s portfolio targets cover 58 per cent of its total investment and lending by total assets as of 2022. As of that year, required activities made up 58 per cent of Sampo Group’s total investment and lending by total assets, while optional activities made up 6 per cent and out-of-scope activities made up 36 per cent.

Sampo Group commits to:

Own operations

  • Reduce absolute scope 1 and 2 GHG emissions 42 per cent by 2030 from a 2022 base year.

Investments

  • Align its scope 1 + 2 portfolio temperature score by invested value of its listed equity, corporate bond, fund, ETFs, and corporate loan portfolio from 2.78°C in 2022 to 2.09°C by 2029.

  • Align its scope 1 + 2 + 3 portfolio temperature score by invested value of its listed equity, corporate bond, fund, ETFs, and corporate loan portfolio from 2.91°C in 2022 to 2.29°C by 2029.

  • Reduce its real estate direct investment and corporate loan portfolio GHG emissions 57.7 per square meter by 2029 from a 2022 base year.

Sampo Group’s actions for reducing Scope 1 and 2 emissions include purchasing renewable electricity, switching to biogas and district heating, changing to LED lighting, optimising office space, and transitioning its vehicle fleet to electric and hybrid cars. Measures related to investments include regular internal monitoring, engagement with investee companies, development of a coal phase-out plan, and normal portfolio turnover. Progress against targets will be reported annually.

The Sampo Group companies If and Topdanmark have also set near-term science-based climate targets which have been validated by the SBTi. In addition to the mandatory targets for own operations and investments, the companies have also set targets for suppliers. Hastings has submitted its targets for validation in August 2024.

The SBTi is a collaboration between CDP, the UN Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). The initiative’s goal is to drive ambitious climate action in the private sector by enabling companies to set science-based emissions reduction targets. To date, over 5,000 companies have set emission reduction targets through the SBTi.

Further information about the SBTi is available on the Science Based Targets initiative’s website.