Climate-related metrics and targets

Sampo Group strives to continuously develop metrics, targets, and reporting related to environment and climate. Detailed information on current metrics and targets and the related results is available in the annually published sustainability reports.

Sampo Group is committed to the Science Based Targets initiative (SBTi) which drives ambitious climate action in the private sector by enabling companies to set science-based climate targets (SBTs) for the reduction of GHG emissions. Following the commitment, companies will develop targets and submit them for validation within 24 months. After the validation, the targets will be communicated externally. 

Sampo Group is a financial institution, and therefore follows the SBTi’s sector-specific guidelines for the financial sector. This means that it is mandatory to set SBTs for the GHG emissions arising from the company’s own operations (Scope 1 and Scope 2), as well as for GHG emissions arising from the company’s investments (Scope 3). In addition, it is possible to set voluntary targets, for example for claims operations, as claims represent a substantial proportion of an insurance company’s total emissions.

Own operations

Sampo Group is committed to reducing the environmental and climate impacts of its own operations. Sampo Group measures the impact by calculating GHG emissions.

Climate targets for own operations
Sampo Group

Company Commitment Current targets
If To reduce Scope 1 and Scope 2 GHG emissions in accordance with validated science-based climate targets. Science-based climate target validated by the SBTi:

Reduce absolute Scope 1 and Scope 2 GHG emissions 42.5 per cent by 2030 from a 2020 base year.

Other targets:

To reduce business travel (the number of flights) by 50 per cent in 2024 (baseline 2019). 
Topdanmark To set science-based climate targets for own operations according to the SBTi’s criteria. The targets have been submitted to the SBTi for validation in April 2024. To become carbon neutral in 2030 (including the operations of the company locations (Scope 1 and Scope 2), company driving in privately owned cars, air travel, water, and waste (Scope 3).
Hastings To set science-based climate targets for own operations according to the SBTi's criteria. The targets will be submitted to the SBTi for validation no later than September 2024.
  • To reduce overall GHG emissions by 10 per cent year on year from its 2022 baseline.
  • To be a net-zero organisation by 2050 at the latest.
Sampo plc To set group-level science-based climate targets for own operations according to the SBTi’s criteria. The targets will be submitted to the SBTi for validation no later than October 2025.  -

 

GHG emissions by scope
Sampo Group

tCO2e 2023 2022* 2021*
Scope 1: Direct GHG emissions 1,059.8 1,297.9 1,867.9
Scope 2: Indirect GHG emissions 3,585.3 4,663.5 2,458.5
Scope 3: Other indirect GHG emissions 18,766.3 15,581.2 6,314.9
Scope 1-3 GHG emissions, total 23,411.3 21,542.6 10,641.3
GHG emissions per employee 1.8 1.6 0.9

* Data includes Mandatum, which was part of Sampo Group until and including 30 September 2023.


GHG emissions by company
Sampo Group

tCO2e 2023 2022 2021
If 10,856.4 11,151.2 3,638.0
Topdanmark 7,807.6 7,612.7 5,471.5
Hastings 4,472.1 1,762.0 943.8
Mandatum* - 848.7 508.7
Sampo plc 275.2 168.1 79.2
Sampo Group, total 23,411.3 21,542.6 10,641.3

* Mandatum was part of Sampo Group until and including 30 September 2023.

Source of GHG emissions
Sampo Group

% 2023 2022* 2021*
Business travel 26.9 27.6 25.8
Employee commuting and remote working 29.2 25.6 -
Electricity 14.3 17.4 18.8
Capital goods 9.6 1.2 -
Purchased goods and services 7.1 9.8 22.1
Stationary and mobile combustion 4.5 8.3 17.5
Fuel and energy related activities 5.5 6.9 10.6
Heating and cooling 1.0 4.3 4.4
Other 1.9 2.6 0.8

* Data includes Mandatum, which was part of Sampo Group until and including 30 September 2023.


Energy consumption
Sampo Group

2023      
MWh Renewable energy Non-renewable energy Total
Fuels 481,6 5,157.5 5,639.1
Electricity 14,724.6 6,603.0* 21,327.6
Heating and cooling 8,222.7      3,385.5 11,608.1
Self-generated renewable energy 1,340.6 - 1,340.6
Sampo Group, total 24,769.4 15,146.0 39,915.4

* Includes electricity from nuclear sources.

2022*      
MWh Renewable energy Non-renewable energy Total
Fuels 419.5 5,934.1 6,353.6
Electricity 14,434.0 5,888.1 20,322.1
Heating and cooling -    13,752.2 13,752.2
Self-generated renewable energy 1,510.0 - 1,510.0
Sampo Group, total 16,363.5 25,574.4 41,937.8

* Data includes Mandatum, which was part of Sampo Group until and including 30 September 2023.


Paper consumption
Sampo Group

tonnes 2023 2022 2021 2020
If 169.0 181.7 198.0 208.0
Topdanmark 11.7 9.2 - -
Hastings 0.1 0.6 1.2 -
Mandatum* - 8.4 24.5 45.8
Sampo plc 0.4 0.2 0.6 0.3
Sampo Group, total 181.2 200.1 224.3 254.1

* Mandatum was part of Sampo Group until and including 30 September 2023.

Investments

Sampo Group is committed to reducing the environmental and climate impacts of its investments. Sampo Group measures the impact, for example, by conducting the carbon footprint analysis and climate impact assessment (including climate scenario analysis and climate target analysis) of its direct equity and fixed income investments annually.

Climate targets for investments
Sampo Group

Company Commitment Current targets
If To reduce portfolio emissions in accordance with validated science-based climate target. Align Scope 1 and Scope 2 portfolio temperature score by invested value of its listed equity, corporate bond, fund, and ETF portfolio from 2.52°C in 2020 to 2.04°C by 2027.
Topdanmark To set science-based climate targets for investments according to the SBTi’s criteria. The targets have been submitted to the SBTi for validation in April 2024. -
Hastings To set science-based climate targets for investments according to the SBTi's criteria. The targets will be submitted to the SBTi for validation no later than September 2024.
  • To reduce carbon intensity in the core investment portfolio by 50 per cent by 2030. 
  • To be a net-zero organisation by 2050 at the latest. 
Sampo plc To set group-level science-based climate targets for investments according to the SBTi’s criteria. The targets will be submitted to the SBTi for validation no later than October 2025. -

 

Carbon footprint of investments

An external service provider calculates the carbon footprint of Sampo Group’s direct equity and direct fixed income investments annually. The calculation method differs from year to year due to continuously improved data availability and the development of the service provider’s methodology. In addition, the changes in the Group structure have impacted the results.

Carbon footprint of direct equity and direct fixed income investments
Sampo Group

  31 Dec. 2023 31 Dec. 2022* 31 Dec. 2021*
Financed Scope 1 and 2 emissions (tCO₂e) 300,199 470,899 601,270
Financed emissions incl. Scope 3 (tCO₂e) 6,513,044 7,024,855 6,289,198
Relative carbon footprint (tCO₂e/invested)  28.27 39.29 40.11
Carbon intensity (tCO₂e/ EURm revenue) 87.26 127.56 151.53
Weighted average carbon intensity (tCO₂e/ EURm revenue) 29.01 55.75 63.31

* Data includes Mandatum, which was part of Sampo Group until and including 30 September 2023.

Climate impact assessment

Sampo Group measures the climate impact of its direct equity and direct fixed income investments annually. This is done using an external service provider. 

Part of the climate impact assessment is an analysis of whether Sampo Group’s direct equity and fixed income investments are aligned with the International Energy Agency’s (IEA) scenarios. The scenario alignment analysis compares current and future portfolio GHG emissions with the carbon budgets for the IEA’s Sustainable Development Scenario (SDS), Stated Policies Scenario (STEPS), and Current Policies Scenario (CPS). According to the 2023 analysis, the investment portfolio exceeds its SDS budget in 2043, and it is associated with a potential temperature increase of 1.8°C by 2050.  

In order to transition to a low carbon world, investee companies need to commit to alignment with international climate goals and demonstrate future progress. According to a climate targets analysis conducted as a part of the climate impact assessment, 73 per cent of Sampo Group’s direct equity and fixed income investment value as at December 31, 2023, was committed to such a goal. This includes ambitious targets set by the investee companies, as well as committed and approved science-based targets (SBTs). There is a clear improvement of the results, compared to a similar analysis completed in 2021. 

The climate impact assessment also measures the exposure of Sampo Group’s investments to physical risks and transition risks. Sampo Group’s direct equity and fixed income investments are not exposed to a high level of acute or chronic physical risk, as most of the investments are in geographical regions and in sectors, where physical risks are considered low. Sampo Group also has limited exposure the sectors such as utilities, which are particularly affected by the shift to a low carbon economy, which reduces the exposure to transition risks.

Claims operations

Sampo Group is major procurer of goods and services, especially within claims operations. The group companies work with their suppliers on topics related to climate change and circular economy.

Supplier engagement offers a way to influence decarbonisation efforts within the supply chain when granular emissions data is challenging to track or unavailable. Supplier engagement targets focus on engaging a defined set of suppliers in the near-term to set their own science-based targets on all applicable scopes and categories.

Company Commitment Target
If To engage with suppliers to set science-based climate targets. Validated science-based target:
 
30 per cent of suppliers by spend covering purchased goods and services for claims operations will have science-based targets by 2028.
Topdanmark To set a voluntary science-based climate target for the supply chain based on the SBTi’s criteria. The target has been submitted to the SBTi for validation in April 2024. Other targets:
  • Increase the percentage of bumper repairs
  • Increase the percentage of windscreen repairs to 45 per cent
  • Increase the percentage of used spare parts to 4 per cent
  • Maintain the percentage of repairs of phones, computers, and tablets at 72 per cent

 

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