Everyone who supplies goods and services to Storebrand must report on their own emissions and the goal is for everyone to be climate neutral within five years. Annual purchases of 260 million EUR are covered by the initiative.
Storebrand wants to contribute to lower emissions in all parts of the company, also for its purchases of a total of 260 million EUR each year. The goal of climate neutrality by 2025 means that cooperation with suppliers begins immediately.
- We now encourage all suppliers to take stock of their own emissions and make a concrete plan to reduce them. We ask for documentation on strategy, climate emissions and diversity, and ask how suppliers use established brand schemes and systems, such as Environmental Beacon certification, says Odd Arild Grefstad, CEO of Storebrand.
Storebrand is Norway's largest private asset manager and through its investments we want to contribute to a positive change in the companies we own or work with. The aim is not to throw companies out, but to get as many as possible to change in order to contribute to a low-carbon society. The same applies to suppliers.
- With the new requirements for procurement, we are strengthening our efforts to take climate action in our own business. We must work with suppliers to contribute to improvements in their merits, says Grefstad.
Through mapping, monitoring and clear climate targets for our suppliers, Storebrand will work actively to ensure a reduction in emissions. There are not many similar strategies for monitoring suppliers' carbon footprint. Storebrand hopes the work done can inspire others.
Storebrand has defined four steps our suppliers should follow:
- Measure emissions of climate gases from the company
- Set concrete targets to reduce climate gas emissions
- Reduce emissions as much as possible through own actions
- Compensate for emissions that cannot be avoided in the short term
Among Storebrand's largest purchases are property and casualty insurers. Polygon Norway is Storebrand's partner in property insurance, and part of a global group.
- The challenge of becoming climate neutral is fully in line with our strategic plans both nationally and at the corporate level. Storebrand's challenge helps us to establish concrete and clear plans. It helps us to accelerate the launch of ambitious goals and measures says Kai Andersen, CEO in Polygon Norge.
Polygon is now working on changes in all parts of the company, from the choice of materials, to the diversion to electric vehicles when available in the market, and the involvement of subcontractors and partners.
- We are currently mapping our total climate footprint in Norway. This will form a basis for the measures that must be launched over the next few years, says Andersen.
If you want to find out more about Storebrand, please refer to https://www.storebrandfunds.lu/ or contact us on
e-mail: michel.ommeganck@skagenfunds.com
Mobile: +4790598412