If’s near-term science-based climate targets validated by the SBTi

If’s science-based climate targets were validated by the Science Based Targets initiative (SBTi) in December 2023. In addition to climate targets for own operations and investments, If has set a voluntary target for claims operations.

If commits to: 

• Reduce its direct Scope 1 GHG emissions by 48 per cent by 2030, i.e. from 132 tCO2e in base year 2020 to 69 tCO2e by 2030.
• Reduce its indirect Scope 2 emissions by 42 per cent by 2030 through reducing electricity, heating, and cooling in the company’s offices from 1,488 tCO2e in base year 2020 to 863 tCO2e by 2030.
• Align its Scope 1 + 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.
• Engage with its suppliers so that 30 per cent of its suppliers by spend covering purchased goods and services will have science-based targets by 2028.

If is the largest P&C insurance company in the Nordics and part of Sampo Group. Sampo plc, the parent company of Sampo Group, joined the SBTi in October 2023. The group-level targets will be developed during 2024 and submitted to the SBTi for validation in October 2025 at the latest.

Further information about If’s climate targets is available on If's website.

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