OP Financial Group reached the emissions target for its own operations ahead of time
One of OP Financial Group's climate targets is to reduce emissions from its own operations to zero by 2025. This target was reached one year ahead of time, mainly by improving energy efficiency and increasing the proportion of renewable energy used in facilities.
The emissions included in the reduction target for OP Financial Group's own operations encompass emissions from the energy consumption of facilities that are in OP Financial Group's own use. These emissions are generated by heating oil, oil used in stand-by generators, electricity, district heating and district cooling.
Currently, 99 per cent of the electricity consumed in the facilities used by OP Financial Group is generated by Finnish wind power. Likewise, 99% of district heating is produced using renewable fuels or equivalent energy sources such as waste heat.
As an operator critical to security of supply, OP Financial Group must secure the electricity supply of its facilities. This is a key reason for it being impossible for us to reach full zero in emissions from our own operations. Security of supply is guaranteed by stand-by generators, which run on light fuel oil. We have sought to minimise emissions in this respect as well, and since the beginning of 2024, OP Financial Group has been using Finnish renewable fuel oil, with a carbon footprint around 90% smaller than traditional light fuel oil.
"We consider the target to have been reached, as we have successfully reduced emissions from our own operations very close to zero. As one of Finland's largest companies, it is very important for us to reduce our own emissions, but we still have work to do in terms of the total emissions from our operations. Our position as the country's largest corporate lender and operator in the financial sector means that we play an important role in supporting our customers move towards a carbon neutral economy, as the largest climate and environmental impacts from our operations are associated with our customers. OP Financial Group has set long-term emissions targets for both its loan and investment portfolios," says Elina Erkkila, ESG and Corporate Responsibility Director at OP Financial Group.
OP Financial Group is committed to ensuring that its corporate loan portfolios and the funds it manages are carbon neutral by 2050. In addition, OP Financial Group has set sector-specific emissions reduction targets for three sectors. Measured from the 2022 benchmark level, the goal is to reduce, by 2030, the emissions intensity of energy production by 50%, the absolute emissions associated with the agricultural sector by 30%, and the emissions intensity of home loans by 45%.
“To implement the Group's Sustainability programme and assist our customers on this journey, teams from all Baltic branches have commenced ESG training at Aalto University in Finland. All employees have the opportunity to explore sustainability and climate change issues in greater depth. By studying at a university in Finland – one of the world's sustainability leaders – we are further strengthening our bank's green leadership,” says Sanna Auvinen, Head of ESG for Baltic Banking.