Skip to main contentSkip to navigationSkip to search

Following up on our emissions intensity target for the portfolio

In our Climate Progress Report we follow-up on the fulfilment of Kinnevik's greenhouse gas emissions intensity target for the portfolio. In 2023, the portfolio emissions intensity increased by 8% year-over-year, thus not achieving the annual target of 7%.

Climate progress report 2023

Following Up on Our Target

One of Kinnevik’s climate targets is to reduce greenhouse gas emission intensity in our portfolio by 50% in 2030, with 2020 as base year. The target has been integrated into our Sustainability-Linked Financing Framework and translated to an annual reduction target, namely, to achieve a reduction in portfolio emissions intensity of 7% year-over-year until 2030. We publish our Climate Progress Report to follow up on the fulfilment of our climate target for the portfolio and to report on the performance against the Climate Sustainability Performance Target of our outstanding Sustainability-Linked Bonds (ISIN SE0013360534 and ISIN SE0013360542).

Target Fulfilment in 2023

In 2023, on a fair value basis, the portfolio emissions intensity increased by 8% year-over-year. Since the base year 2020, the average annual decrease in emissions intensity was 6%. Thus, in 2023 we did not achieve our target on either year-over-year or on average annual basis.

Overview of Total Portfolio Emissions

The Climate Progress Report also includes an overview of the total estimated emissions from Kinnevik’s portfolio. The overview includes the actual emissions from our emissions-reporting companies (scope 1, 2 and 3) and an estimate of the emissions from our largest non-reporting portfolio companies (scope 1 and 2, consistent with the PCAF Standard).

"The urgency of the climate crisis is evident and the expectations on companies from customers, employees, investors and regulators are increasing rapidly. I’m proud of our portfolio companies’ ability to continue scaling and contributing to economic growth, while decreasing their dependency on fossil fuels and aligning their operations with a low-carbon economy."

Georgi Ganev, CEO Kinnevik