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United Bankers publishes climate roadmap and commits to setting climate targets under the SBTi

Press ReleasesUnited Bankers publishes climate roadmap and commits to setting climate targets under the SBTi

United Bankers pursues climate-resilient growth. The company aims to implement its growth strategy while simultaneously aligning with international long-term climate targets. In recent years, United Bankers has significantly focused on advancing its sustainability agenda. As part of this effort, the company is now publishing its climate roadmap, within which it commits to setting climate targets in accordance with the Science Based Targets initiative (SBTi). Additionally, United Bankers has set a goal for itself where the carbon sequestration of its investment portfolios must exceed the greenhouse gas emissions of investments by 2030. The company’s climate roadmap has been devised for the years 2023–2050, with the objective of achieving climate-resilient growth and net zero emissions by no later than the end of 2050.

The recently published climate roadmap is part of the ongoing climate actions by United Bankers. The company’s carbon footprint was first calculated in 2022, based on data from 2021. The calculation adhered to the international GHG Protocol standard and the methodologies developed by the Partnership for Carbon Accounting Financials (PCAF) for the financial sector.

“In the heart of our climate roadmap lie the short- and long-term climate objectives in line with the Science Based Targets initiative (SBTi). We commit to setting these targets, becoming one of the pioneers in the Finnish financial sector. In the coming years, our focus will be on establishing SBTi targets and creating asset-specific action plans. Subsequently, we will develop our company’s operations in accordance with the interim objectives set. In addition to greenhouse gas emissions, we aim to consider carbon sequestration in our climate goals, particularly in our forest funds. Therefore, we have set an additional goal, complementing our SBTi-aligned climate objectives, that our investments’ carbon sequestration will exceed their greenhouse gas emissions by 2030. In the long term, we aim to achieve the SBTi’s Net Zero climate targets,” says Seela Sinisalo, Head of ESG at United Bankers.

The climate actions included also prominently encompass, among other things, the integration of climate work into the organisation’s remuneration models, further development of climate risk analysis and management, and the enhancement of internal training related to climate change.

“Based on the results of carbon footprint calculations, United Bankers’ carbon footprint at the end of 2021 was 377 ktCO2e, of which the portion corresponding to United Bankers’ own operations accounted for 0.3 per cent. The remaining 99.7 per cent corresponded to the carbon footprint of investments. Therefore, United Bankers’ climate efforts will focus specifically on the climate impact of investments. The substantial role of forest funds in our company’s business makes our position unique compared to many other financial sector players. Our investment activities do not only generate greenhouse gas emissions but also sequester carbon. This is of great significance when the aim is to achieve a carbon net-negative portfolio, where the amount of carbon sequestration exceeds the amount of emissions,” says Seela Sinisalo.

“United Bankers’ mission is to build wealth responsibly. Our strong commitment to climate action, both within our own operations and especially within our investment activities, supports and ensures long-term and sustainable value creation. As a company, we aim to drive real emissions reductions by offering our clients products and services that enable investments in carbon sequestration while simultaneously supporting the transition towards a low-carbon, climate-resilient economy at the same time,” says Patrick Anderson, CEO of United Bankers.

Climate action and achieving our goals require the strong commitment throughout the organisation. United Bankers’ Sustainability Steering Group, along with the Board of Directors of United Bankers at the highest level, oversee the implementation of the climate roadmap. Progress will be reported in the company’s annual report and sustainability report, which include information on climate risk assessment and management in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD) reporting framework.

For further information, please contact:

Seela Sinisalo (picture), Head of ESG, United Bankers Plc
Tel. +358 40 595 5924

Patrick Anderson, CEO, United Bankers Plc
Tel. +358 400 244 544, +358 9 25 380 236

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