Our sustainability reporting is based on a double materiality assessment conducted in 2023, which identified the key sustainability topics for Varma and their related impacts, risks, and opportunities. The report complies with the EU Corporate Sustainability Reporting Directive (CSRD).
"For Varma, the key sustainability topics highlight mitigating and adapting to climate change, ensuring the rights and livelihood security of our customers, and taking care of the working conditions and equality of Varma employees," says Hanna Kaskela, Vice President, Sustainability.
SBT targets as the most significant sustainability goal
Varma's environmental responsibility is guided by the environmental policy approved in February 2024, which covers all our operations.
The most significant sustainability goals are the emission reduction targets approved in 2023 in accordance with the Science Based Targets initiative (SBTi). The SBT goal is to reduce Varma's scope 1 and 2 greenhouse gas emissions by 60 percent by 2030 compared to the 2021 level. Additionally, the goal is to increase the share of companies committed to the SBT initiative within indirect greenhouse gas emissions (scope 3) in equity and listed fixed-income investments and real estate funds to 51 percent by 2027.
We succeeded in achieving our emission targets for scope 1 and 2 emissions already last year. The total emission outcome was 68 percent lower in 2024 compared to the 2021 outcome.
– We achieved the most significant emission reductions by acquiring CO2-free electricity and heat energy for the properties we own. In the coming years, we aim to reduce emissions annually according to our target. This is possible by continuing our current emission reduction measures, says Hanna Kaskela.
In the scope 3 target, we achieved a share of 47.5 percent. The target has progressed according to the set schedule.
Customer pension security and responsibility towards Varma employees at the core of social responsibility
Paying pensions on time and smooth customer service are central parts of our social responsibility. In 2024, 90 percent of our customers received their new pension in their bank account during the month their pension started. Our customers rated our customer service 3.6 on a scale of 1–4 in 2024.
Responsibility towards Varma employees means taking care of their working capacity, developing a distinctive work culture and cutting-edge competence, encouraging rewarding, and ensuring equal treatment. In 2024, the index for ensuring the working capacity of Varma employees was 81.7 on a scale of 1–100. In 2024, we brought the continuous development of work culture and competence to the core of our renewed strategy.
“The work done for sustainability has recently faced increasing political headwinds around the world. At Varma, we continue our determined sustainability work in various areas according to our strategy”, emphasizes Hanna Kaskela.
We continue our determined sustainability work
We partially utilize transitional rules in our sustainability reporting, which are phased-in disclosure requirements.
For reporting on biodiversity and ecosystems, resource use and circular economy, and communities impacted by our operations, we will use the transitional rule for 2024. We will integrate these areas of sustainability reporting into the development projects of our Sustainability Program, which will be renewed this year. We are also closely monitoring the development of sustainability regulations, such as the European Commission’s Green Omnibus Initiative.
“The work done for sustainability has recently faced increasing political headwinds around the world. At Varma, we continue our determined sustainability work in various areas according to our strategy”, emphasizes Hanna Kaskela.