Second Party Opinion: Skandinaviska Enskilda Banken (SEB) Green Bond Framework

We assess Skandinaviska Enskilda Banken's (SEB's) Green Bond Framework as Medium green. SEB provides corporate, retail, investment, and private banking services, primarily in Sweden, the Baltic states, Norway, Finland, Denmark, Germany, and the U.K. The bank's total assets stood at Swedish krona 3.8 trillion (about €327 billion) as of the end of the fourth quarter of 2024.

...Over the three years following the issuance of the instrument, SEB expects the green asset pool will remain in line with historical levels. In 2023, it allocated 58% of proceeds to renewable energy projects, including wind (45% of total financing), hydropower (6%), bioenergy (6%) and solar (1%). Green buildings represented 24% of the portfolio, clean transportation 9%, sustainable forestry 6%, and other categories 3%. SEB expects 40% of proceeds to be allocated to refinancing projects, while 60% will be directed to financing new projects. Based on the project categories' Shades of Green detailed below, the expected allocation of proceeds, and consideration of environmental ambitions reflected in SEB's Green Bond Framework, we assess the framework Medium green. Renewable energy Solar energy (photovoltaic, concentrated solar power, and solar thermal heating). Wind power (offshore and onshore). Ocean energy. Geothermal energy, where life cycle greenhouse gas emissions are lower than 100 grams...

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