Sustainability

Sustainability and Climate Strategy

Sustainability and Climate Strategy

1
Background and Purpose

SpareBank 1 Sør-Norge plays an important societal role in a changing world. Our ambition is: We take responsibility to be a part of the solution and a proactive ally to our clients in the transition to a more sustainable society. 

This means that sustainability will be an integral part of everything we do; how we create valuable customer experiences, how we deliver results, how we operate our business, and how we work together and contribute to the society we are part of. All employees will have a proactive and responsible approach to sustainability. 

By 2025, ESG will be deeply embedded throughout the group, which means that we will incorporate ESG risks and opportunities in all our activities and seize the opportunities that arise as new regulations are introduced. We will have achieved our sustainability goals and have committed the entire organization to them. 

  • Our primary focus is to help our customers in the coming transition by being a discussion partner that understands the scope of opportunities and advice customer on making good choices. We are an ally. 
  • By 2025, our customers will notice our experience in, and committed to, sustainability through our customer relations and services. 
  • We will strengthen the societal perspective in our communications and purpose to stimulate growth and development. 

 

Overreaching Goals:

SpareBank 1 Sør-Norge will use four external rating and indices to measure overall progress and performance that together cover the main aspects of sustainable finance. Read more HERE
 

Goals and KPIs

We have defined four overarching goals (see figure below) that are designed to help SpareBank 1 Sør-Norge achieve its ambition. We have defined relevant ratings and KPIs that we will work toward and report on for the goals. The ratings will help to operationalize the sustainability and climate strategy and emphasize which measures that must be implemented. 

  1. We will be an active contributor towards the low carbon society
  2. We will contribute towards a more sustainable society 
  3. We will create equal opportunities for all
  4. We will combat financial crime and ensure security and transparency throughout our business operations
Sustainability Goals
SpareBank 1 Sør-Norge will strengthen the ability to the group and its customers to adapt to and mitigate the consequences of climate change. 

Global development shows an increasing focus on sustainability and especially climate challenges. SpareBank 1 Sør-Norge will work continuously for the group's activities to contribute to reduction in greenhouse gas emissions (GHG), both nationally and globally. Our goals are that SpareBank 1 Sør-Norge will strengthen the ability of the group and its customers to adapt to and mitigate the consequences of climate change. 

We will continue to facilitate and to demand our corporate customers and suppliers to have a proactive plan for reduction of their greenhouse gas emissions (GHG). The group supports the Paris Climate Agreement and has defined measures that will strengthen the group in its work toward a strategy aligned with the Paris Climate Agreement. These are measures that will reduce our exposure to climate risk and measures that will help us seize the opportunities that arise from the green transition. The group will also define specific measures for reduction of greenhouse gas emissions (GHG) in line with Paris Climate Agreement's commitment to limit global warming to 1.5 C by 2050. 

The group has set the following goals and targets for SDG 13:
  1. SpareBank 1 Sør-Norge will be climate-neutral in our own operations by the end of 2022
  2. Net-Zero emissions in our financing and investment activities by 2050
  3. A corresponding target for reducing emissions in the lending portfolio by 2030 will be finalized by the end of Q1 2022

 

SpareBank 1 Sør-Norge will contribute to the transition by financing sustainable activities and projects. 

The group aims to stimulate growth and development. This includes both economic growth and job creation. Being part of the local community's ecosystem for creating value, jobs, and driving social development in part of SpareBank 1 Sør-Norge's reason for existing. Our primary focus is to help our customers in the coming transition by being a discussion partner that understands the scope of opportunities and advise them to make good choices. 

We are an ally. Concurrently, we will continue to promote a safe and secure working environment and fair working conditions, and work to make banking and financial services available to everyone. 

The group has set the following goals and targets for SDG 8:
  1. Goal for at least NOK 50 billion to sustainable financing and facilitation by 2030
    - Goal of NOK 15 billion in financing green properties by 2025
    - Establishing a corresponding target for renewables/green sectors by the end of Q1 2022
  2. Help customers in the transition through our advisors
  3. Create sustainable growth by facilitating new jobs through entrepreneurship and innovation
  4. Ensure that the group's employees have sufficient and relevant expertise to contribute to the transition 
    - Targets will be set by end of Q1 2022 for advisory services, skills development and entrepreneurship/innovation 
SpareBank 1 Sør-Norge will work to ensure equal opportunities and rights. 

A sustainable society is characterized by equal opportunities for all, through inclusion and diversity. Our goal is to promote diversity, inclusion, and equality throughout the company. SpareBank 1 Sør-Norge recognizes that diversity and equal opportunities are prerequisites to operate a sustainable company. We will make improvements in our organization and, through our product offerings and services, we will promote diversity, inclusion, and equality. 

The group has set the following goals and targets for SDG 5:
  1. Gender balance (40/60) at all management levels and material positions in the company by 2025. 
    - At least 40% of both genders at all levels of management (2, 3 and 4) and in material positions (job category 8 and upwards) by the end of 2025. 
    - Near 50/60 gender balance for internal management candidates, leadership development and talent programs, and mentor programs. 
    - Near 50/50 gender balance for final candidates for advertised positions
  2. Equal pay for genders - equal pay for equal work
  3. We will strengthen financial gender equality through our advisory products, and services. 
Security and trust in everything we do. 

SpareBank 1 Sør-Norge will be the most trusted actor to deliver secure, modern banking services. Our advice and solutions are solidly built on how we operate our company; openly and transparently, with conduct that is honest and trustworthy. Financial crimes such as work-related crimes and money laundering are serious social problems that we actively work to combat. SpareBank 1 Sør-Norge will actively and systematically work to maintain confidence in the financial markets. 

Our employees will be trained to recognize, and report attempted digital and physical financial crimes. Our corporate governance principles are based on three main pillars: openness, predictability, and transparency. 
 

The group has set the following goals and targets for SDG 16:
  1. SpareBank 1 Sør-Norge has a zero-tolerance for money laundering, terror financing, and all forms of financial crimes
  2. SpareBank 1 Sør-Norge will be known for a high ethical standard, openness, and good corporate governance
  3. SpareBank 1 Sør-Norge will deliver safe, secure IT-solutions and use data in a socially useful, trustworthy, and ethical manner (especially artificial intelligence)
  4. SpareBank 1 Sør-Norge will safeguard human rights by contributing to transparency in our own supply chains and guide our customers to do the same

The sustainability and climate strategy proveds guidelines for the group's work on sustainability and should support the staff and managers in making decisions and in their day-to-day work. The sustainability strategy must also clarify to customers and investors how sustainability is integrated into SpareBank 1 Sør-Norge's operations and how it affects its decisions. The sustainability and climate strategy must be viewed in the context of other internal governing documents such as our corporate strategy and associated business plans. The strategy and associated governing documents apply to all of the group's operations, including its subsidiaries, irrespective of customer groups and organizational affiliation.

The 17 UN Sustainable Development Goals (SDG) lays the foundation for the work with sustainability in the group, and the contribution to the green transition. The group supports the 10 principles of the UN Global Compact (human rights, labour, environment, and anti-corruption) and has signed up to the UN Principles for Responsible Banking (UN PRB). 

SpareBank 1 Sør-Norge makes a substantial contribution to society in the form of grants and donations for charitable causes and local community initiatives through the seven foundations that are owners of The Group.