Storebrand: Innovate and Lead Climate Action
Sustainability is of great importance to the Storebrand Group. Storebrand is a leading Nordic asset manager, pension and insurance provider. They build their corporate strategy around a purpose of delivering financial security and wellness to individuals and companies. The Group believes that good climate work helps deliver a good long-term risk adjusted return to customers and owners. This future thinking builds a strong partnership between Storebrand and Klimate.
Employees
around 2,300
Main location
Lysaker, Norway
Industry
Financial Services
climate Strategy
Net Zero by 2050 and supporting a low-carbon economy
Why carbon removal
Climate Efforts Across the Group
Storebrand Group’s climate goals are centred around achieving net zero by 2050, promoting responsible investments, and supporting the transition to a low-carbon economy.
In 2019, Storebrand was one of the founding members of the United Nations-convened Net-Zero Asset Owner Alliance, committing to transition their investment portfolios consistent to net-zero emissions in 2050. As a large investor, Storebrand’s main source of emissions is indirect emissions from investments. But, in their day-to-day operations, the emissions primarily come from business travel.
Carbon removal strategy
Internal Carbon Tax
Storebrand has set targets to reduce emissions in own operations and is working on concrete measures to succeed. An internal carbon tax is charged for the employees’ air travels to compensate, and this tax is used to invest in solutions and technologies that contribute to cutting emissions.
Part of these funds are invested in a diverse portfolio made by Klimate. In addition, the funds are also used to invest in emission reduction initiatives in the company.
“The market for climate credits is complex and requires thorough due diligence processes. We trust that Klimate’s expertise helps us choose projects with high quality and real impact. Partnering with Klimate allows us to support the advancement of effective and transparent carbon removal solutions.”
Margrethe Assev, Chief Sustainability Officer
Moving forward
Investing with Impact
Prior to working with Klimate, Storebrand invested in a few different climate solutions, but looked to take a more holistic portfolio approach offered by a partner that ensures inclusion of effective and reliable projects. They found this in Klimate’s diverse portfolios. This approach aligned with their own goal to invest broadly and over a wide range of projects–enabling them to support more novel solutions while also including nature-based solutions with synergies to other development goals.
A portfolio balancing durable, high climate-impact projects alongside medium-term storage, projects with high co-benefits follows the best practices set by the Oxford Offsetting Principles. Investing in this mix was a key element of the Group’s strategy made possible by Klimate’s procurement of a wide range of high-quality credits.
A portfolio balancing durable, high climate-impact projects alongside medium-term storage, projects with high co-benefits follows the best practices set by the Oxford Offsetting Principles. Investing in this mix was a key element of the Group’s strategy made possible by Klimate’s procurement of a wide range of high-quality credits.
About
Storebrand is a leading Nordic asset manager, pension and insurance provider. They build their corporate strategy around a purpose of delivering financial security and wellness to individuals and companies.
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