Finnish pension insurance company, Varma, has published its second sustainability report, outlining its progress on science-based targets (SBT).
Its primary sustainability goals were emission reduction targets under the SBT Initiative, aiming to reduce its scope 1 and 2 greenhouse gas emissions by 60% by 2030 compared to 2021 levels.
Additionally, the pension company is aiming to increase the share of companies committed to the SBT joint initiative in equities, listed fixed income investments, and real estate funds for indirect greenhouse gas emissions (scope 3) to 51% by 2027.
Varma was on target for its scope 1 and 2 emissions in 2024 and emissions continued to decrease in 2025, with total emissions being 81% lower than in 2021.
The pension company was also on track to meet its scope 3 target, which was 56% in 2025.
Varma director of responsibility, Hanna Kaskela, commented: “The reporting year was marked by the polarisation of responsibility themes, deregulation, the need to adapt to climate change, and the growing demands for artificial intelligence and supply chain responsibility.”
In December, the European Parliament, the European Commission and the EU member states reached an agreement in the Omnibus I negotiations on corporate responsibility regulation.
The agreement limits the reporting obligation to companies with more than 1,000 employees and a turnover of €450m.
Therefore, the reporting obligation will not apply to Varma in the future.
“At Varma, we will make a decision on the continuation of sustainability reporting this spring,” Kaskela said.
Varma’s new responsibility programme will guide its work between 2026 and 2030.
In the programme, the pension company has committed to ensuring its customers' earnings-related pension security, investing responsibly, and promoting sustainable work ability.
“In Varma's strategy, we have outlined that we will focus on meaningful responsibility actions and continue high-quality work in responsibility,” Kaskela stated.
