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.

Further information:

Hanna Kaskela, Director, Responsible Investment, tel. +358 40 548 5045,

Marjut Tervola, Communications Manager, Varma, tel. +358 45 673 0120,



About Varma

Salmisaarenranta 11
00180 Helsinki

010 2440

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.

Subscribe to releases from Varma

Subscribe to all the latest releases from Varma by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Varma

Drawing inspiration from the forest, Spring wins architectural competition for Katajanokan Laituri24.6.2020 14:02:01 EESTPress release

Proposal Spring by Anttinen Oiva Arkkitehdit Oy has won the architectural competition for timber office premises planned in Katajanokka. The carbon neutral building, named Katajanokan Laituri and owned by Varma, will house Stora Enso’s head office, a hotel and other business facilities. In its selection of the winner, the jury emphasised, among other things, the versatile uses offered to citizens in the building.

Metsästä innoitusta ammentava Spring voitti Katajanokan Laiturin arkkitehtuurikilpailun24.6.2020 14:00:08 EESTTiedote

Katajanokalle suunnitteilla olevasta puisesta toimitilasta järjestetyn arkkitehtuurikilpailun on voittanut Anttinen Oiva Arkkitehdit Oy:n työ Spring. Katajanokan Laituriksi nimettyyn ja Varman omistamaan hiilineutraaliin rakennukseen tulee Stora Enson pääkonttori, hotelli sekä muita toimitiloja. Voittajan valinnassa painotetiin muun muassa rakennuksen kaupunkilaisille tarjoamia hyviä käyttömahdollisuuksia.

Työn murros edellyttää uudenlaisia keinoja työkyvyttömyysriskin hallintaan22.6.2020 07:36:27 EESTTiedote

Työelämässä on tapahtunut paljon myönteistä kehitystä, mutta samalla tutkimukset antavat huolestuttavia signaaleja työkyvyn haasteista. Sairauspoissaolot ovat lisääntyneet, mielenterveyden ongelmat kasvaneet ja työkyvyttömyyseläkkeiden määrä on kääntynyt kasvuun. Varman Tietoa työkyvystä -raporttisarjan ensimmäinen osa Työn murros ja työkyky – näkökulmia ja välineitä työkykyjohtamisen tueksi kokoaa yhteen työkykyyn ja työkyvyttömyy­teen liittyvää tutkimustietoa sekä tarjoaa myös uusia käytännön työvälineitä työkyvyn edistämisen asiantuntijoille.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom