One of Kinnevik’s climate targets is to reduce greenhouse gas emission intensity in our portfolio by 50% in 2030, with 2020 as base year. The target has been integrated into our Sustainability-Linked Financing Framework and translated to an annual reduction target, namely, to achieve a reduction in portfolio emissions intensity of 7% year-over-year until 2030. Today, we publish our Climate Progress Report to follow up on the fulfilment of our climate target for the portfolio and to report on the performance against the Climate Sustainability Performance Target of our outstanding Sustainability-Linked Bonds (ISIN SE0013360534 and ISIN SE0013360542).

In 2022, on a fair value basis, the year-over-year decrease in portfolio emissions intensity was 14%. Since the base year 2020, the average annual decrease in emissions intensity was 12%. Thus, in 2022 we exceeded our target both year-over-year and on average annual basis.

Georgi Ganev, Kinnevik’s CEO, commented: “The urgency of the climate crisis is evident and the expectations on companies from customers, employees, investors and regulators are increasing rapidly. I’m proud of our portfolio companies’ ability to continue scaling and contributing to economic growth, while decreasing their dependency on fossil fuels and aligning their operations with a low-carbon economy.”

The Climate Progress Report also includes an overview of the total estimated emissions from Kinnevik’s portfolio. The overview includes the actual emissions from our emissions-reporting companies (scope 1, 2 and 3) and an estimate of the emissions from our largest non-reporting portfolio companies (scope 1 and 2, consistent with the PCAF Standard). The full report is available on our website www.kinnevik.com.