Varma joins global alliance that aims to phase out the use of coal
Varma is the first Finnish company to join the Powering Past Coal Alliance (PPCA), which is working to advance the transition away from coal power generation.
The Alliance includes national governments, sub-national governments, organisations and businesses. The countries and organisations that have committed to the Alliance are working to phase out coal-based electricity and heat generation in the EU and OECD countries by 2030, and worldwide by 2050. This is required to keep global warming below 2 ℃ compared to pre-industrial levels.
“Varma has ambitious climate targets, and as a large investor we believe it is also our duty to promote a reduction in greenhouse gas emissions and a transition to clean energy. This requires collaboration and a just transition,” says Hanna Kaskela, Varma’s Director of Responsible Investment.
Investors who have joined the PPCA commit to no finance for new unabated coal projects. Investments in existing coal-fired power plants are also not possible if the investments would result in their operation beyond the PPCA Timeframes. Investors commit to avoiding exposure to investments and investment products that enable coal combustion beyond the PPCA Timeframes.
“We are delighted to welcome fellow mutual Varma to the Powering Past Coal Alliance. As owners of electrical utilities, investors can help accelerate the move from coal to renewables. Through Climate Action 100+ and The Investor Agenda, local knowledge and global assets combine to move forward coal phaseout policies and practices in our home markets and further afield,” states Helen Wildsmith, Stewardship Director – Climate Change, CCLA.
Varma’s own climate target is to achieve a carbon-neutral investment portfolio by 2035. Varma is committed to exiting from investments in thermal coal in equities and corporate bonds by 2025.
The PPCA, originally launched by Canada and the UK, has 97 members to date, comprising 33 national governments, including Finland, 27 sub-national governments and 37 businesses and organisations. Varma’s membership was announced at a PPCA event in connection with the climate change conference being held in Madrid.
Hanna Kaskela, Director, Responsible Investment, tel. +358 40 548 5045, firstname.lastname@example.org
Marjut Tervola, Communications Manager, Varma, tel. +358 45 673 0120, email@example.com
Varma Mutual Pension Insurance Company is a responsible and solvent investor. The company is responsible for the statutory earnings-related pension cover of 900,000 people in the private sector. Premiums written totalled EUR 5.1 billion in 2018 and pension payments stood at EUR 5.7 billion. Varma’s investment portfolio amounted to EUR 47.4 billion at the end of September 2019.
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