Climate-related metrics and targets
Sampo Group strives to continuously develop metrics, targets, and reporting related to environment and climate.
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. Sampo Group’s targets were validated by the SBTi in November 2024.
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
Regarding own operations, Sampo Group commits to reduce absolute scope 1 and 2 GHG emissions 42 per cent by 2030 from a 2022 base year.
Sampo Group’s actions for reducing Scope 1 and 2 emissions include purchasing renewable electricity, switching to biogas and district heating, changing to LED lighting, optimising office space, and transitioning its vehicle fleet to electric and hybrid cars.
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.
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 |
|---|---|---|---|
| If | 169.0 | 181.7 | 198.0 |
| Topdanmark | 11.7 | 9.2 | - |
| Hastings | 0.1 | 0.6 | 1.2 |
| Mandatum* | - | 8.4 | 24.5 |
| Sampo plc | 0.4 | 0.2 | 0.6 |
| Sampo Group, total | 181.2 | 200.1 | 224.3 |
* 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. The Group has set science-based targets for investments and will report on progress annually. In addition, Sampo Group measures its 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.
Science-based targets for investments
The SBTi defines which asset classes should be covered by the targets, and which are optional or out of scope. Sampo Group’s portfolio targets cover 58 per cent of its total investment and lending by total assets as of 2022. As of that year, required activities made up 58 per cent of Sampo Group’s total investment and lending by total assets, while optional activities made up 6 per cent and out-of-scope activities made up 36 per cent.
Sampo Group commits to:
- Align its scope 1 + 2 portfolio temperature score by invested value of its listed equity, corporate bond, fund, ETFs, and corporate loan portfolio from 2.78°C in 2022 to 2.09°C by 2029.
- Align its scope 1 + 2 + 3 portfolio temperature score by invested value of its listed equity, corporate bond, fund, ETFs, and corporate loan portfolio from 2.91°C in 2022 to 2.29°C by 2029.
- Reduce its real estate direct investment and corporate loan portfolio GHG emissions 57.7 per square meter by 2029 from a 2022 base year.
Sampo Group’s measures to reach these targets include regular internal monitoring, engagement with investee companies, development of a coal phase-out plan, and normal portfolio turnover.
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.
Suppliers
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 to the SBTi | Current targets |
|---|---|---|
| If | Science-based targets validated and published. | 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 | Science-based targets validated and published. |
Validated science-based target: 20 per cent of suppliers by spend covering purchased goods and services, will have science-based targets by 2028. Other targets:
|
Updated