Finnish Companies Advance Biodiversity

Stockholm (NordSIP) – In a significant stride towards environmental responsibility, companies have shown notable progress in integrating biodiversity initiatives into their operational frameworks, according to a survey conducted by Finnish pension company Varma. In the third iteration of the survey, Varma considered the preparedness of investee companies to mitigate biodiversity loss, highlighting a trend towards more common and comprehensive policies concerning sustainable water resource management.

Varma’s survey reviewed 204 companies and focused on listed equity investments and those in exchange-traded funds, each with a market valuation exceeding €1 million. The material was collected from publicly available sources, including companies’ annual and sustainability reports, websites and the biodiversity policies drawn up by the companies for their operations.

The survey categorised corporate biodiversity policies into four distinct categories: (0) no mention of the topic, (1) statement of intent to take action, (2) commitment and detailed targets for taking biodiversity into account and (3) a detailed implementation plan to fulfil the commitment.

Approximately every sixth company (16.6%) now maintains an action plan specifically aimed at mitigating biodiversity loss, marking an increase from previous years. Furthermore, 32% of these companies have set biodiversity-related targets, albeit without fully formulated plans to meet them.

“Responsible use of water resources is closely linked to the protection of ecosystems. Drying rivers don’t just mean less water – they also signify a loss of life, including the animal species, insects and organisms vital to the ecosystem. The importance of managing water resources is growing, with Europe suffering from drought and heat in the summer,” says Hanna Kaskela, Senior Vice President, Sustainability & Communications at Varma.

The data indicates substantial advancements, with 45% of companies making strides over the past three years in accounting for biodiversity. Notably, oil and gas sectors have shown commitment by establishing specific biodiversity targets. However, not all companies have caught up, as 12% have yet to integrate biodiversity issues into their public policies.

Stockholm (NordSIP) – In a significant stride towards environmental responsibility, companies have shown notable progress in integrating biodiversity initiatives into their operational frameworks, according to a survey conducted by Finnish pension company Varma. In the third iteration of the survey, Varma considered the preparedness of investee companies to mitigate biodiversity loss, highlighting a trend towards more common and comprehensive policies concerning sustainable water resource management.

Varma’s survey reviewed 204 companies and focused on listed equity investments and those in exchange-traded funds, each with a market valuation exceeding €1 million. The material was collected from publicly available sources, including companies’ annual and sustainability reports, websites and the biodiversity policies drawn up by the companies for their operations.

The survey categorised corporate biodiversity policies into four distinct categories: (0) no mention of the topic, (1) statement of intent to take action, (2) commitment and detailed targets for taking biodiversity into account and (3) a detailed implementation plan to fulfil the commitment.

Approximately every sixth company (16.6%) now maintains an action plan specifically aimed at mitigating biodiversity loss, marking an increase from previous years. Furthermore, 32% of these companies have set biodiversity-related targets, albeit without fully formulated plans to meet them.

“Responsible use of water resources is closely linked to the protection of ecosystems. Drying rivers don’t just mean less water – they also signify a loss of life, including the animal species, insects and organisms vital to the ecosystem. The importance of managing water resources is growing, with Europe suffering from drought and heat in the summer,” says Hanna Kaskela, Senior Vice President, Sustainability & Communications at Varma.

The data indicates substantial advancements, with 45% of companies making strides over the past three years in accounting for biodiversity. Notably, oil and gas sectors have shown commitment by establishing specific biodiversity targets. However, not all companies have caught up, as 12% have yet to integrate biodiversity issues into their public policies.