Responsibility and energy savings
Varma exerts major social influence and is the largest real estate investor in Finland. We are committed to the UN Principles for Responsible Investment (PRI) and to improving the energy efficiency of business premises. In 2011 , Varma was among the first to join the Finnish Energy Efficiency Agreement Scheme and committed to reducing the energy consumption of its properties by six per cent by 2016. This target has achieved already, and measures for increasing savings continue to be developed. We target annual energy savings of at least 1 per cent also for residential properties.
Energy accounted for 36 per cent of the maintenance costs of Varma's real estate in 2014, which represents around EUR 29 million in the real estate portfolio for the year. A one per cent reduction in energy consumption translates to annual savings of some EUR 0.3 million. Buildings account for nearly 40 per cent of national greenhouse gas emissions, so a reduction in energy consumption brings almost immediate results.
Through energy-saving measures carried out in 2011–2014, the carbon footprint of Varma-owned properties has been reduced by 2,400 tonnes of carbon dioxide. The measures focus on controlling lighting, ventilation and heating, among other things. More than 400 individual energy-saving measures have been implemented in around 70 properties owned by Varma, generating annual savings of approximately EUR 0.7 million. This is equal to the annual energy consumption of nearly 600 detached houses heated with electricity.
Varma is committed to taking responsibility into account in its investment operations. This contributes to Varma's objective of having first-rate investment competence and to the company’s position as a long-term pension investor.