Our Climate Impact
We have ambitious targets to reduce emissions in line with the 1.5°C trajectory, both for ourselves and for our portfolio. This involves supporting our companies to set emission reduction targets in line with science and to define clear pathways to reach those targets. In addition, investing to combat climate change is a significant opportunity for Kinnevik.
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 2023, the seven companies included in Kinnevik’s portfolio target calculation (39 percent of portfolio value by 31 December 2023) increased their emissions intensity by 8 percent year-over-year on a fair value basis, thus not reaching our annual target of a 7 percent decrease. More information about methodology and included companies is available in our Climate Progress Report 2023.
Greenhouse gas emissions in our own operations
(scope 1-3 excluding category 15 Investments)
Kinnevik’s emissions during 2020 and 2021 were materially lower than other years due to a sharp decrease in business travel as a result of the Covid-19 pandemic. In 2023, we increased the scope of reporting for the category Purchased goods and services and Business travel to include, for example, IT equipment and more types of food and travel. In 2024, we increased the scope further and restated the data for said categories also for 2020-2023 to provide complete reporting across all categories included in 2024. We aim to continue developing our reporting going forward.
| Kinnevik’s GHG emissions (tonnes CO2e) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Scope 1 - Total | 11.7 | 5.3 | 7.7 | 4.4 | 7.1 |
| Company-operated vehicles | 11.7 | 5.3 | 7.7 | 4.4 | 7.1 |
| Scope 2 - Total | 4.8 | 5.5 | 3.2 | 4.8 | 0.1 |
| Energy | 4.8 | 5.5 | 3.2 | 4.8 | 0.1 |
| Scope 3 - Total | 78.2 | 109.4 | 386.1 | 353.5 | 410.7 |
| Company-operated vehicles | 2.7 | 2.0 | 2.4 | 1.3 | 1.7 |
| Energy | 1.4 | 1.3 | 0.8 | 4.2 | 6.7 |
| Purchased goods and services | 4.4 | 23.2 | 53.7 | 71.9 | 119.9 |
| Business travel | 69.7 | 82.9 | 318.6 | 270.7 | 280.0 |
| Employee commuting | 0.0 | 0.0 | 4.0 | 4.6 | 2.4 |
| Upstream leased assets | 0.0 | 0.0 | 0.2 | 0.1 | 0.0 |
| Downstream leased assets | 0.0 | 0.0 | 6.5 | 0.7 | 0.0 |
| Total | 94.7 | 120.2 | 397.0 | 362.7 | 417.9 |
| Per FTE | 2.4 | 3.0 | 8.8 | 7.9 | 8.9 |
| Per square metre office space | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 |
Climate Progress Report
In this report we follow up on the fulfilment of Kinnevik's GHG emissions intensity target for the portfolio.
Climate-related Financial Disclosures
Adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) enables us to identify, assess, and manage our most significant climate-related risks and opportunities. Discover how Kinnevik and our portfolio may be impacted under different future climate scenarios in our latest TCFD report.
