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Our Climate Impact

The effects of climate change are causing acute harm to societies and economies globally, and expectations on businesses from the investor community and consumers are rapidly increasing. Being leaders in combating climate change is a significant opportunity for Kinnevik and our portfolio, which involves measuring our full climate impact, setting targets in line with science and defining clear pathways to reach those targets

Fulfilment of Kinnevik’s Climate Targets

Kinnevik has two climate targets to reduce greenhouse gas (”GHG”) emissions and to align our portfolio and organisation with a low-carbon economy:

  • Reduce greenhouse gas emission intensity in Kinnevik’s portfolio by 50% in 2030, with 2020 as base year (scope 3 category 15 Investments)
  • Reduce greenhouse gas emissions from Kinnevik’s operations by 50% in 2030 and by 90% in 2050, with 2019 as base year (scope 1-3 excluding category 15 Investments)

In 2022, the six companies included in Kinnevik’s portfolio target calculation (35% of portfolio value by 31 December 2022) decreased their emissions intensity by 14% year-over-year, thus exceeding our annual target of 7%. More information about methodology and included companies is available in our Climate Progress Report.

Overview of Kinnevik's own emissions

(scope 1-3 excluding category 15 Investments)

Kinnevik’s emissions during 2020 and 2021 were materially lower compared to 2019 and 2022, which is the result of significantly less business travel due to the spread of the Coronavirus. In 2022, three new categories were added in scope 3; employee commuting, upstream leased assets and downstream leased assets. This increased our 2022 emissions compared to 2021 by 11 tonnes CO2e like-for-like. We aim to continue developing our reporting going forward. 

To reach our target for our own operations by 2030, we updated our travel policy with more restrictions related to air travel. In addition, at the start of 2023, we analysed Kinnevik’s emissions from air travel to facilitate better internal travel planning from an emissions efficiency perspective. The analysis was done for both the management team and the different investment teams.

Kinnevik's GHG emissions(tonnes CO2e) 2019202020212022
Scope 26.94.85.53.2
Scope 3485.973.179.6315.4
Total510.389.690.4326.3
Per full time equivalent employee12.92.22.37.3
Per square metre office space0.660.120.120.27

Climate Progress Report 2022

In this report we follow up on the fulfilment of Kinnevik's GHG emissions intensity target for the portfolio.

To report

"Climate change is one of the greatest global environmental and economic challenges of our time and we have a unique position to influence our companies to become sustainability leaders and to align with a low-carbon future. I am proud of the progress made in our portfolio companies and impressed by their ability to scale rapidly while decreasing greenhouse gas emission intensity. With this report we also want to increase transparency towards Kinnevik’s stakeholders and drive the development in our sector with regards to emission disclosure and target follow-up"

Georgi Ganev, Kinnevik's CEO