Ambitions Index 2023 – 75 per cent of Swedish large-cap companies now have climate goals in line with the 1.5-degree target
For the fourth consecutive year, the Haga Initiative has surveyed the number of large-cap companies on the Swedish stock market with climate goals to halve their greenhouse gas emissions by 2032, aligned with the 1.5-degree target. The survey is summarized and presented in the report “Ambitions Index 2023”. Ambitions Index 2023 shows that 75 per cent of Swedish large-cap companies now have goals to halve their scope 1 and 2 emissions by 2032. 75 per cent is a significant increase from 20 per cent in 2020, 39 per cent in 2021, and 66 per cent in 2022. The Ambitions Index 2023 also shows that 56 per cent of Swedish large-cap companies have goals to halve scope 3 emissions by 2032. This is also a clear increase from 34 per cent in 2021 and 38 per cent in 2022.
“It's encouraging to see a rising number of companies adopting ambitious climate objectives, showcasing the business sector's significant contribution to combating climate change,” says Nina Ekelund, Executive Director at the Haga Initiative.“The determination and influence of the business sector demonstrate that achieving the 1.5-degree target is possible, especially if supported by ambitious, long-term, and predictable policies from the political sector,” says Nina Ekelund.
According to the GHG Protocol, scope 1 encompasses direct emissions of greenhouse gases from operations. Scope 2 includes emissions from purchased electricity and heat. Scope 3 summarises indirect emissions from a company’s entire value chain. In the Ambitions Index, scopes 1 and 2 are reported separately from scope 3.
The survey was conducted from June to November 2023. All companies that were not deemed to achieve the halving were contacted in November 2023. The report was completed in December 2023.
Co-benefits of Circular Economy in the Nordics - a great opportunity to gear up sustainable business models
Moving towards a circular economy is an essential part of the sustainable transition, and businesses are at the heart of this, driving innovation and developing new business models. However, the circular transition faces many barriers and progress has so far been very limited.
In this report, we argue that by making visible the many co-benefits of circularity, policy makers and businesses are more likely to advance their efforts and accelerate the transition towards a more circular economy. We will also present four recommendations to Nordic policymakers:
- Support Nordic businesses to identify co-benefits of increasing circularity in their decision-making by creating a Nordic circular economy database.
- Incentivize sharing knowledge and data between stake-holders around identified co-benefits of circular economy in the Nordics and methods for quantifying them.
- Develop a practice of benchmarking public procurement processes against circular alternatives by considering co-benefits.
- Designate a permanent coordinator to strengthen circular business solutions and promoting their co-benefits in the Nordic countries.
Accelerated efforts required in order to secure business competitiveness in the green transition
The companies in the Haga Initiative work on a daily basis to transform our businesses and invest to speed up the climate transition. The government also needs to do their part to support and enable transformative efforts in the private sector. Therefore, the Haga Initiative is presenting its expectations for the government's upcoming climate action plan with nine business-critical proposals together with 42 suggested measures for a competitive and green private sector.
The report's nine business-critical proposals:
- Show political leadership – persistent, clear and foreseeable – to enable a competitive business sector and secure the 1.5 degree target
- Invest more in renewable energy near-term and more efficient energy consumption for the business sector’s climate transition
- Invest in the bioeconomy sector and strengthened food security as a strong business opportunity for Swedish industry and rural communities
- Make Sweden a front-runner in circular economy to secure value chains and economic growth
- Streamline permit processes for a rapid expansion of the green industries
- Formulate green industry policies that strengthen Swedish business competitiveness through beneficial framework conditions
- Invest in technical negative emissions with permanent storage as a new Swedish export industry
- Strengthen Swedish competence to implement the green transition
- Mobilize broad societal support for the climate transition – it will benefit businesses
Circular Business Models – Nordic opportunities and challenges in the new geopolitical landscape
The Nordic countries have a long history of being leaders in environmental and climate policy. However, many challenges remain as environmental destruction and climate emissions continue to occur on a large scale. The main reason is the current linear economic model. For a development in line with the Paris Agreement's 1.5 degree target, a transition to a circular economy is required.
The report identifies opportunities for the Nordic region to take global leadership in the transition to circular economy. The report highlights that leadership requires a joint strategy and increased cooperation within the Nordic region.
The report describes three areas where circular business models have a great potential and can provide multiple benefits for many sectors of society: 1) food production, 2) rare earths, metals and raw materials and 3) heat and renewable energy. The report highlights four opportunities where Nordic cooperation can play an important role:
- a common Nordic circular economy strategy focusing on high potential solutions and critical value chains,
- exchange experiences on circular economy tax reform,
- exchange experiences and harmonize standards, definitions and access to data,
- knowledge transfer and learning from the frontrunners.
The report has been produced within the project of the Climate Neutral Nordics, financed by the Nordic Council of Ministers.
Time to step up - Aligning EU policy with Paris Agreement
The European Green Deal, and the Paris Agreement’s 1.5-degree target, will have a significant influence on EU policy. Both will predominantly have impacts on the Green Deal regulations. Regarding this revision of policies, the Haga Initiative want to ensure that they align with the 1.5-degree ambition. This report covers the sectors of transport, trade, energy, food and forestry as well as the overall climate targets of the Union.
Climate Action Profitable: executive summary
Climate Action Profitable is a report from the Haga Initiative. It is based on a survey where approximately 300 Swedish companies shared their views on climate action and profitability. We asked how each company's profitability was affected by the company's climate change agenda.