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)
The fulfilment of the portfolio target for 2023 will be published in our Climate Progress Report in June 2024. In 2022, the six companies included in Kinnevik’s portfolio target calculation (35 percent of portfolio value by 31 December 2022) decreased their emissions intensity by 14 percent year-over-year, thus exceeding our annual target of 7 percent. More information about methodology and included companies is available in our Climate Progress Report 2022.
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 2022
In this report we follow up on the fulfilment of Kinnevik's GHG emissions intensity target for the portfolio.
"Climate change is one of the greatest global environmental and economic challenges of our time. We are in a unique position to invest in the companies and technologies leading the global decarbonisation effort, and to influence our companies to align with a low-carbon future"
Georgi Ganev, Kinnevik's CEO