As part of OP Financial Group's sustainability programme, we have set targets to reduce the emissions of our loan and investment portfolios. In the financial sector, emissions are generally the result of customers' business operations. For this reason, it is especially important that OP Financial Group focuses its efforts on sectors with the largest emissions. Energy production, agriculture and home loans account for more than 90% of the emissions of OP Financial Group's loan portfolio. Because of this, we have set our emissions reduction targets to these sectors.
The emissions targets aim to nudge society towards more sustainable and lower-emission operations. In practice, this means committing to development and building competence.
Sector-specific emissions reduction targets
The emissions reduction targets were set based either on emissions intensity (emissions per economic activity) or absolute emissions.
- In energy production, emissions per production unit will be reduced by 50% from 2022 levels by 2030.
- In agriculture, absolute emissions will be reduced by 30% from 2022 levels by 2030.
- In home loans, emissions per production unit will be reduced by 45% from 2022 levels by 2030.
Reaching the targets together with customers
We will work towards achieving the emissions reduction targets together with our customers. We offer sustainable finance products as the first option whenever possible and identify customers planning green investments to whom we are able to offer financing. Above all, we will engage in dialogue with our corporate customers and gather data on emissions reduction targets. We always agree on the solutions individually with each customer.
We have been offering sustainable finance to large companies for some time and last spring, we introduced sustainable finance solutions also for SMEs and housing companies.