The spring of the current year marked a significant moment in climate action, as it was the first time that information on climate emissions published by companies was widely available. A report by Biocode revealed that some of Finland’s most emission-intensive large companies in relation to turnover include Finnair, UPM, and Fortum. On the other hand, Valmet, Nokian Renkaat, and Neste were identified as the biggest emitters of greenhouse gases in the entire value chain.
Emissions reporting is crucial for attracting investors, as it provides transparency and accountability in businesses’ environmental impact. The discrepancies in reported emissions among companies were significant, with some showing emissions intensity that was thousands of times higher than others. This highlights the need for standardized reporting practices in order to facilitate comparisons and assessments.
The report by Biocode analyzed the greenhouse emissions of 39 Finnish listed and large companies based on sustainability reports published last year. The comparison was based on emission intensity relative to turnover, as this provides a more accurate representation of a company’s impact. Additionally, emissions were also compared by industry, revealing insights into which sectors are more emissions-intensive.
As companies continue to adapt to regulatory requirements such as the EU’s CSRD sustainability reporting directive, the quality and transparency of emissions reporting are expected to improve. Harmonizing reporting practices and criteria will be essential in ensuring the reliability and comparability of emissions data. With the growing emphasis on responsible investing, emissions reporting is becoming a key factor for companies seeking financial support and sustainability-focused partnerships.
