Storebrand Asset Management
Storebrand Asset Management is a Nordic-based investment management firm headquartered in Norway with offices across Northern Europe. It joined the Net Zero Asset Managers Initiative on 29 March 2021 and its initial target disclosure was published on 1 November 2021.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
100% of total AUM (USD $120 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
Carbon footprint from equity investments in tonnes of CO2e per NOK 1 million in sales income (against index):
2018: 22 (32)
Carbon footprint from corporate bonds at baseline year (2018): 4.86 tCO2e/1mnsales
Portfolio coverage baseline
Investments in solutions (solutions companies, green bonds and property with environmental certification) in NOK billion / share of total assets:
2018: 38.8 / 5.5 %
Target(s):
Portfolio decarbonisation reference target
32% reduction in emissions for equity, corporate bonds and real estate
Portfolio coverage target
15% of total investment in solution companies
Work systematically with 20 top emitters
GHG scopes included:
Scope 1 & 2
Methodology:
Net Zero Asset Owner Alliance Target Setting Protocol
Scenario(s):
IPCC’s 1.5°C scenarios with no or limited overshoot
Additional information
Proportion of AUM committed:
Storebrand divested from coal in 2020. Storebrand will no longer invest in companies that derive more than 5 % of their revenues from coal. https://www.storebrand.no/en/asset-management/ sustainable-investments/our-climate-strategy
Policy on coal and other fossil fuel investments:
Storebrand divested from coal in 2020. Storebrand will no longer invest in companies that derive more than 5 % of their revenues from coal. https://www.storebrand.no/en/asset-management/ sustainable-investments/our-climate-strategy
Further information:
Target setting: The -32% is based on the Intergovernmental Panel on Climate Change’s (IPCC’s) 1.5°C scenarios with no or limited overshoot and added adequate reductions (5%-points) for using end of 2018 as baseline instead of end of 2019. If you take the median of the 35 IPCC scenarios with no or low overshoot, and that have actual 2015 data and limited emission reductions between 2015-2020 (only up to 2% emission reductions between 2015-2020), the median is 27.2%. The 5 percentage points per year added is to ensure adequate reductions to accommodate to earlier base years due to large changes in our funds from 2018- 2019. These are also derived from the IPCC scenarios but it’s more a rule of thumb approach.