Varma publishes first sustainability report showing emissions progress

Written by Callum Conway

27/02/2025

Varma has published its first sustainability report as part of its 2024 annual report.

The report follows Varma's 'key sustainability considerations', which it set out in September to align with the EU Corporate Sustainability Reporting Directive (CSRD).

The most significant sustainability targets were the emission reduction targets under the Science Based Targets Initiative (SBTi), which was approved in 2023.

The SBT target is to reduce Varma's 'scope 1 and 2' greenhouse gas emissions by 60% by 2030 compared to 2021 levels and increase the share of companies committed to the SBT joint initiative in shares, listed fixed-income investments and real estate funds to 51% by 2027 for indirect greenhouse gas emissions (scope 3).

The report showed that Varma achieved its emissions targets for scopes 1 and 2 in 2024, with 68% lower total emissions than in 2021.

The pension insurance company hit these targets by purchasing CO2-free electricity and heat energy for its properties.

"We will continue to strive to reduce emissions annually in line with our target in the coming years. This is possible by continuing our current emission reduction measures," said Varma director of responsibility and communications, Hanna Kaskela.

Varma also achieved a 47.5% share of the Scope 3 target, which means it is on track to hit its 2027 target of 51%.

Varma's sustainability reporting is based on a dual materiality assessment in 2023, which defined the material sustainability topics related to Varma and the related impacts, risks, and opportunities.

"Sustainability topics essential to Varma include mitigating and adapting to climate change, fulfilling customers' rights and securing livelihoods, and ensuring the working conditions and equality of Varma employees," added Kaskela.

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