Our sustainability reporting is based on the double materiality assessment carried out in 2023 and updated in 2025. The sustainability topics material for Varma emphasise climate change mitigation and adaptation, the realisation of our customers’ rights and securing their livelihoods, as well as ensuring the working conditions and equality of Varma employees. Our report is aligned with the EU’s Corporate Sustainability Reporting Directive (CSRD).
"The reporting year was characterised by the polarisation of sustainability themes, deregulation, the need for climate change adaptation, and the growing demands for the responsibility of artificial intelligence and supply chains," summarises Hanna Kaskela, Senior Vice President, Sustainability & Communications.
First science-based SBTs at target level
Varma’s most significant sustainability targets are the emission reduction targets in accordance with the Science Based Targets initiative (SBTi) approved in 2023. We were the third pension company in the world to receive official approval for our SBT targets in 2023.
The SBT target is to reduce Varma’s Scope 1 and 2 GHG emissions by 60 per cent by 2030 compared to the level of 2021. In addition, the aim is to increase the share of companies committed to the SBT joint initiative in terms of indirect GHG emissions (Scope 3) in equities, listed fixed income investments and real estate funds to 51 per cent by 2027.
We were at the target level for Scope 1 and 2 emissions already in 2024, and emissions decreased further in 2025. Total emissions were 81 per cent lower than in 2021. We are also on target with regard to the Scope 3 target, with a share of 56 per cent in 2025.
Decision on continuing sustainability reporting in the spring
In December, the European Parliament, Commission and the EU Member States reached a negotiation result in the Omnibus I negotiations on sustainability regulation. The negotiation result limits the reporting obligation to undertakings with more than 1,000 employees and turnover of EUR 450 million. The reporting obligation would therefore not apply to Varma in the future.
“At Varma, we will make a decision on continuing sustainability reporting this spring,” says Hanna Kaskela.
New sustainability programme guides our work
A new sustainability programme will guide our work in 2026-2030. In the programme, we commit to ensuring our customers’ earnings-related pension security, investing responsibly, promoting sustainable work ability and being a good workplace for Varma employees. The sustainability programme is based on the environmental and social impacts identified as material together with our stakeholders, as well as risks and opportunities in the value chain of Varma’s operations.
“In Varma’s strategy, we have outlined how we will focus on meaningful sustainability actions and continue our high-quality work in sustainability,” Hanna Kaskela says.
Read more:
Sustainability Statement 2025
Information about Varma's sustainability
Sustainability Programme
Hanna Kaskela
Hanna Leskelä
Corporate governance, pensions, work ability, sustainability