Our Climate Impact
Investing to combat climate change is a significant opportunity for Kinnevik. We are working closely with our climate tech companies to define and articulate the significant positive impact they can make on the planet by reducing, removing and generating avoided emissions at scale.
We have also set ambitious targets to reduce our emissions in line with the 1.5°C trajectory. This involves measuring the climate impact from Kinnevik’s own operations and portfolio, as well as help our companies to set targets in line with science and to define 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 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.
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 other years due to significantly less 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 to include, for example, IT equipment and more types of food. This increased our 2023 emissions compared to 2022 by 70 tonnes CO2e like-for-like. We aim to continue developing our reporting going forward.
| Kinnevik’s GHG emissions (tonnes CO2e) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Scope 1 - Total | 17.5 | 11.7 | 5.3 | 7.7 | 4.4 |
| Company-operated vehicles | 17.5 | 11.7 | 5.3 | 7.7 | 4.4 |
| Scope 2 - Total | 6.9 | 4.8 | 5.5 | 3.2 | 4.8 |
| Energy | 6.9 | 4.8 | 5.5 | 3.2 | 4.8 |
| Scope 3 - Total | 485.9 | 73.1 | 79.6 | 315.5 | 340 |
| Company-operated vehicles | 4 | 2.7 | 2 | 2.4 | 1.3 |
| Energy | 1.3 | 1.4 | 1.3 | 0.8 | 4.2 |
| Purchased goods and services | 1.4 | 0.5 | 0.6 | 1.1 | 71.2 |
| Waste | Not meaningful | Not meaningful | Not meaningful | Not meaningful | 0.2 |
| Business travel | 479.2 | 68.5 | 75.7 | 300.5 | 257.8 |
| Employee commuting | Not measured | Not measured | Not measured | 4 | 4.6 |
| Upstream leased assets | Not measured | Not measured | Not measured | 0.2 | 0.1 |
| Downstream leased assets | Not measured | Not measured | Not measured | 6.5 | 0.7 |
| Total | 510.3 | 89.6 | 90.4 | 326.4 | 349.3 |
| Per FTE | 12.9 | 2.2 | 2.3 | 7.3 | 7.6 |
| Per square metre office space | 0.66 | 0.12 | 0.12 | 0.27 | 0.29 |
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
By adopting the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, we identify, assess, and manage our most significant climate-related risks and opportunities in a tangible way. Discover how TCFD is incorporated into our Annual & Sustainability Report and its impact on our Business, Strategy, and Financial Planning.
