Read more in our latest Sustainability Report:
Greenhouse Gas Emissions Estimate
Kinnevik conducts a yearly greenhouse gas (“GHG”) emissions estimate which quantifi es the total direct and indirect greenhouse gas emissions produced by our operations. The estimate provides us with a tool to monitor and reduce our climate impact. The assessment has been carried out in accordance with the GHG Protocol Corporate Accounting and Reporting Standard.
Result for 2020
Greenhouse gas emissions from Kinnevik’s own operations and business travel decreased by 82 percent in 2020 to 91 (511) tonnes CO2e in total, the result of significantly reduced air travel due to the Coronavirus. This corresponds to 2.3 (16.6) tonnes of CO2e per full time equivalent employee.
Business travel, which consists almost entirely of air travel accounted for 76 percent of Kinnevik’s total 2020 emissions excluding emissions from the portfolio.
As the full amount of emissions from Kinnevik's own operations including business travel was offset in 2020, we achieved our net-zero target.
In 2020, we have also included the emissions from Kinnevik’s portfolio companies in our Scope 3. We hade included the companies’ emissions in Scope 1,2 and 3, and adjusted for our share of ownership in each company. With a portfolio consisting mostly of early growth companies, many of our companies have not yet measured their emissions. The five portfolio companies included in our 2020 GHG disclosure, using 2019 data as a proxy, together represents 74 percent of portfolio value by year-end 2020.
Including the portfolio, which accounted for close to 100 percent of total emissions, Kinnevik generated 1 386 784 tonnes of CO2e in total across Scope 1,2 and 3 during 2020.
In May 2020, Kinnevik set climate targets as part of our strategy for sustainable business development.
Overview of Kinnevik's GHG emissions excluding the portfolio
|Per square metre office space||0.766||0.780||0.835||0.662||0.118|
Compensating Our Carbon Emissions
In order to take responsibility for our carbon footprint, and to reach our net-zero target, we compensate by offsetting our emissions in full. For its 2020 emissions in Scope 1, 2 and from business travel in Scope 3, Kinnevik has ordered and paid to have it permanently removed through Climework’s direct air capture technology that permanently removed carbon dioxide from the air and stores it underground. The carbon dioxide is mixed with water and pumped deep underground where it turns to stone within a few years. Leading scientists believe direct air capture will play a vital role in achieving the goals of the Paris Agreement.
Task Force on Climate-related Financial Disclosures (TCFD)
The effects of climate change are clearly visible and will have an increasingly tangible impact on Kinnevik and our portfolio. Implementing the recommendations of the TCFD enables us to identify, assess and manage our most material climaterelated risks and opportunities. Read more in Kinnevik’s TCFD report for 2020 >