Climate and the environment
As a financial services group, Sparebanken Møre has an active relationship with environmental and climate challenges. The Group’s overarching goal for its sustainability work is to ‘be a driving force behind sustainable development’. The Group is committed to contributing to the restructuring work society needs to do to achieve the climate goals for Norway that are set out in the Paris Agreement. Sparebanken Møre’s goal is to become a climate-compensated for group by the end of 2022, in line with the UN Climate Neutral Now initiative. We will also stipulate requirements for customers, suppliers and partners. This will allow us to help achieve the expressed climate goals, both directly and indirectly.
In order to reduce environmental impact, we both use and invest in technology, including in order to reduce the need for travel. Employees must have the skills necessary to make eco-friendly choices and encourage our stakeholders to do the same.
Measures implemented in 2020
Sparebanken Møre prepares energy and climate accounts based on the international standard ‘A Corporate Accounting and Reporting Standard’ developed by the Greenhouse Gas Protocol Initiative (GHG protocol). The climate accounts show tonnes of CO2 that are direct and indirect emissions related to the Group, and provide information about greenhouse gas emissions from, for example, from travel, waste management and energy consumption.
In 2020, the bank significantly intensified its sustainability work and specific targets were established for cutting greenhouse gas emissions from its own operations. Among other things, electricity agreements with guarantees of origin were signed for a majority of the bank’s branches. More recycling stations were installed in its branches during the year and this work will continue in 2021.
Sparebanken Møre modernised several of its branches in 2020 and the work has been permeated by a conscious attitude towards eco-friendly material choices and the reuse of furniture in line with SDG 12 regarding responsible consumption and production. For example, we reupholstered 36 sofas rather than buy new ones. The work was carried out by a local company (LK Hjelle) and this created ripple effects by inspiring others.
The climate accounts for 2020 show a 38.6 per cent reduction from 2019 to 2020, mainly due to Covid-19 and some minor environmental measures. The Group’s emissions totalled 185.2 tonnes of CO2 equivalents (tCO2e) in 2020. Greenhouse gas emissions were distributed as follows in 2020:
|Distribution of greenhouse gas emissions in 2020|
|Scope 1, direct emissions:||3.5 %|
|Scope 2, indirect emissions:||65.2 %|
|Scope 3, other direct emissions:||31.3 %|
The bank’s climate accounts provide information about the impact of the various sources on the external environment. This provides a good, important starting point for preparing reduction plans. During the course of 2021, we will identify how we can cut our greenhouse gas emissions further and a concrete action plan will be drawn up in line with the requirements of Climate Neutral Now.
In 2021, we will also start conducting ESG assessments of our corporate portfolio. This will be an important tool for identifying and reducing climate risk in the existing portfolio, and for mapping which sectors, and projects contribute to restructuring and new earning opportunities. We will also stipulate clearer ESG requirements for our suppliers. In the longer term we will also comply with the requirements in TCFD.
We have incorporated sustainability principles into all of our sponsorship agreements and one of these is about having a conscious attitude and measures for cutting greenhouse gas emissions from sports clubs’ activities. We will follow this up with measures for improving understanding for clubs/organisations in 2021 and 2022.
When we upgrade further branches, there will be a focus on reuse and eco-friendly material choices in line with SDG 12 regarding responsible consumption and production and SDG 13 regarding climate action.
Accounts Department, Property Management Department, HR Department, and Communications and CSR Department are responsible for the bank’s climate accounts.
The bank’s sustainability committee is responsible for preparing concrete action plans to cut the bank’s CO2 emissions. The various measures must state the responsible department.
Measurement and evaluation
The climate accounts for 2020 were established in line with the Greenhouse Gas Protocol Initiative (GHG Protocol) for Sparebanken Møre. Given that 2020 was heavily impacted by Covid-19, we will look at the basis from 2019 when we assess measures that can help to cut greenhouse gas emissions further.
Key governing documents
- Code of Conduct and CSR Policy
- Overarching sustainability strategy
103-1, 103-2, 103-3, 305-1, 305-2, 305-3, 305-4, 305-5, 307-1