Swedbank Robur Fonder AB
Swedbank Robur Fonder AB is a Swedish-based asset manager headquartered in Stockholm serving clients across the Nordic region. It joined the Net Zero Asset Managers Initiative on 11 December 2020 and its initial target disclosure was published on 1 November 2021.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
67% of total AUM (USD $146 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
Portfolio decarbonisation reference baseline
1. Weighted average Scope 1 & 2 carbon intensity = 54.2 t CO2/mUSD
Portfolio coverage baseline
2. % AUM invested in assets in material sectors that are i) achieving net zero or meeting the criteria to be considered ii) ‘aligned’ or iii) ‘aligning’ to net zero = 13%
Engagement threshold baseline
3. % owned (financed) carbon emissions in material sectors not aligned to NZ we commit to engage with = 70% (2021)
Allocation to climate solutions baseline
4. % revenues from AUM allocated to renewable energy = 0.44%
Target(s):
Portfolio decarbonisation reference target
The following targets are set for AUM in scope of target setting:
1. Weighted average Scope 1 & 2 carbon intensity = 27.1 t CO2/mUSD
Portfolio coverage target
2. % AUM invested in assets in material sectors that are i) achieving net zero or meeting the criteria to be considered ii) ‘aligned’ or iii) ‘aligning’ to net zero = 60%
Engagement threshold target
3. % owned (financed) carbon emissions in material sectors not aligned to NZ we commit to engage with = 100%
Allocation to climate solutions target
4. % revenues from AUM allocated to renewable energy = 1.39%
GHG scopes included:
Weighted average carbon intensity (WACI) target is based on Scope 1 & 2 emissions of the invested companies. Aggregated equities and bonds data coverage is approximately 90%.
Methodology:
Net Zero Investment Framework
Scenario(s):
IEA NZE 2050
Additional information
Proportion of AUM committed:
The initial targets disclosed include corporate bond and equity holdings for funds managed by Swedbank Robur. These assets are those for which we have robust methodologies. The targets do not yet cover discretionary mandates, rate funds and alternative investments, but our intention is to do this as soon as methodologies are developed. This will be achieved by continued engagement with discretionary mandate customers, and developing tools and capacity to handle rate funds and alternative investments.
Policy on coal and other fossil fuel investments:
Commencing in 2021 Swedbank Robur adopted an aggressive exclusion policy on fossil hydrocarbonbased extraction (exclude companies with > 5% revenue from coal, oil and gas) and power generation (exclude companies with > 5% revenue from coal and oil, and > 50% from gas). Whilst the effect of this policy and other actions have not been SBT verified, it has resulted in an approximate 50% decrease in the carbon intensity of our aggregated investments in the last 3 years, and lead to Swedbank Robur being one of the top 5 large asset managers globally according to CDP/Climetrics ratings.
Policy for Responsible Investments
Include, Exclude and Engage Strategies
AUM scope = 67%
Further information:
Target setting: Swedbank Robur’s net zero timeline is an aggressive one, being set at 2040. We applied the IEA’s NZ2050 scenario adjusted for 2040 to generate our decarbonisation and solutions curves. From an already low baseline (compared to benchmarks) we set a 50% decarbonisation by 2030 intensity-based target. We are also tracking absolute carbon emissions to ensure that these are close to zero by 2040.
Swedbank Robur’s net zero methodology document – available upon request. Paris Aligned funds, TCFD report 2020