Science based targets: Setting targets in line with climate science 

If has worked to reduce climate emissions since 2008, and we have achieved a reduction in CO2 emissions from our own operations of 59 % in this period. We expect that our ambitious climate goals will create an increased effect throughout the company’s approximately 3,000 partners in the automotive and car-workshop industry and more than 1,200 suppliers in the recovery and reconstruction business.  

– We want our reduction to have the greatest possible impact in terms of limiting global temperature increase. We believe that the most ambitious way to ensure this is to join the SBTi, whereby we set climate targets that are based on the latest climate research, says CEO Morten Thorsrud. 

We must all contribute

In 2020, If handled damage repairs and reconstructions for more than SEK 16 billion, divided between more than 560,000 instances of vehicle-related damage and almost 455.,000 instances of damage related to homes and properties.  

– Our partners reuse and repair spare parts whenever possible. Last year, If reused almost 3,400 tonnes of metal and plastic instead of using new parts. But we believe we can do more. That is why we have committed to the SBT initiative – we must all contribute to fulfilling the Paris Agreement., says Morten Thorsrud.  

The SBTi guidelines for the financial sector require that financial institutions such as If include investments in their setting of targets.  

– If’s investment portfolio of around SEK 120 billion, of which more than SEK 6 billion is invested in green bonds, represents a majority of If’s total greenhouse gas emissions. We will now set targets to align the investment activities with the Paris Agreement. An initial analysis of the investment portfolio shows that If has a good starting position – more than half of the portfolio can currently be categorised as being in alignment with the Paris Agreement, says If’s CFO Måns Edsman.  

The ambitious new targets must be set and approved within 24 months after making the commitment. If has begun work on clarifying future investments and goals and setting milestones for the achievement of If’s climate ambitions.