Greenpeace welcomes Varma’s new climate policy for investments, which accelerates the decommissioning of coal-fired power plants and excludes oil exploration with clear timelines. Overall Varma Mutual Pension Insurance Company, one of Finland’s largest investors, aims to have a carbon-neutral investment portfolio by 2035.

 “What Varma is doing here, is really setting the bar for sustainable investments. Nordic investors have been in the forefront in this field for a long time, and Varma is now firmly placing themselves among the very best,” says Martin Norman, Greenpeace Nordic’s expert on sustainable finance.

The decision sends a clear message to the companies in Varma’s investment portfolio, one of them being the Finnish energy giant Fortum. Varma is the third biggest owner of the state majority-owned energy company Fortum, who owns several coal plants in Europe directly and through Uniper. Varma now expects the companies they engage with to decommission their coal plants by 2030.

“This is a decision that must be followed by other Finnish investors, including the Finnish state who is in the middle of renewing its state ownership steering policy. It’s a strong message especially to Fortum who will need to close down all their coal power stations by 2030, including those owned in Germany through Uniper, if they wish to remain in Varma’s portfolio,” says Olli Tiainen, Greenpeace Nordic’s expert on climate and energy.

Varma’s renewed climate targets cover all asset classes. In equity investments, oil exploration will be excluded by 2030. By 2025 one fifth of the investment portfolio will consist of investees that either directly or indirectly mitigate the advancement of climate change.

For more information:

Olli Tiainen, Climate and Energy Campaigner
+35840 164 8606
olli.tiainen@greenpeace.org

Martin Norman, Sustainable Finance Campaigner
+47 958 04950
martin.norman@greenpeace.org

Mari Vaara, Communications Officer
+35841 460 9873
mari.vaara@greenpeace.org