Fortum Commits to Ambitious Emissions Reduction Targets in Line with Climate Science

Fortum Commits to Ambitious Emissions Reduction Targets in Line with Climate Science

(IN BRIEF) Fortum, a leading clean energy provider, has completed the due diligence process after submitting an official commitment letter for the Science Based Targets initiative (SBTi). With a goal to align its emissions reduction targets with climate science, Fortum aims to contribute to the global effort of limiting global warming to 1.5°C. Markus Rauramo, Fortum’s President and CEO, emphasizes the crucial role of the power sector in decarbonizing the economy and meeting the goals of the Paris Agreement. Fortum’s commitment to SBTi signifies a significant milestone in its sustainability journey, aligning with the company’s strategy to drive the clean energy transition and reduce greenhouse gas emissions across its operations and value chain. This commitment involves developing a transition plan, setting near- and long-term emissions reduction targets, and aligning with the SBTi Net-Zero Standard. Through initiatives like SBTi, Fortum aims to accelerate the transition to a low-carbon economy while delivering reliable clean energy and driving decarbonization efforts in Nordic industries.

(PRESS RELEASE) ESPOO, 5-Apr-2024 — /EuropaWire/ — Fortum has gone through the due diligence process after submitting the official commitment letter for the Science Based Targets initiative (SBTi). Fortum is committed to setting near- and long-term company-wide emissions reduction targets in line with climate science with the SBTi.

Global GHG emissions need to be reduced by half by 2030 and net-zero should be achieved by 2050 to limit global warming to 1.5°C. As nearly three-quarters of today’s global emissions are energy-related, decarbonisation of the power sector is key in the climate change mitigation.

“The power sector plays a key role in decarbonising the global economy and meeting the goals of the Paris Agreement. As one of the cleanest power generators in Europe and with a unique ability to deliver clean energy at a large scale, we at Fortum want to drive the clean energy transition by setting ambitious climate targets in line with SBTi Net-Zero Standard,” says Markus Rauramo, Fortum’s President and CEO.

Fortum’s commitment to SBTi is a significant milestone on Fortum’s sustainability journey and a vital part of the company’s strategy execution. With this commitment, Fortum demonstrates the company’s ambition to reduce greenhouse gas emissions in its own operations and in the value chain, enabling the transition to a low-carbon economy. Fortum’s focus is on delivering reliable clean energy and driving decarbonisation in Nordic industries.

Already in its strategy, launched in March 2023, Fortum stated that it will commit to SBTi. Fortum will now continue the work by further developing its transition plan and defining near- and long-term company-wide emissions reduction path and targets in line with and validated by the SBTi. Fortum’s environmental targets will be revisited and aligned to correspond to the SBTi Net-Zero Standard during the target setting process. Fortum’s transition will include exit from coal and emission reduction in the company’s own operations as well as its electricity sales footprint.

The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.

To find out more about Fortum’s sustainability efforts and initial transition plan, please see our latest Sustainability Report and visit our website.

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe and inspiring workplace. Fortum’s share is listed on Nasdaq Helsinki. fortum.com

Media Contact:

Tomas Qvickström
Vice President Corporate Sustainability
Tel: +358 50 453 6298
tomas.qvickstrom@fortum.com

Fortum NewsDesk:
Tel: +358 40 198 2843
Mon–Fri: 9:00–17:00 (GMT +3)
newsdesk@fortum.com

SOURCE: Fortum Corporation