Finnish pensions giant Ilmarinen has become the latest pension fund to seek validation for its climate targets from the Science Based Targets initiative (SBTi), saying this morning that the move bolstered its work to rein in emissions harmful to the planet.
The €67.5bn Helsinki-based mutual pension insurance company said in a statement that it “strengthens its climate work and commits to setting science-based near-term climate targets in accordance with the Science Based Targets initiative (SBTi)”.
Karoliina Lindroos, Ilmarinen’s head of responsible investment, said: “By committing to science-based targets, we are moving forward with our climate plan for 2026-30. Our work is in line with the goals of the Paris Climate Agreement.”
Ilmarinen said science-based targets guided its investment activities towards emission reduction paths in line with climate science, and that the aim was to achieve “clear emission reductions by 2030”.
“We monitor the progress of the targets and report them in accordance with internationally comparable principles,” Lindroos said.
SBTi-based emission reduction targets
The move brings Ilmarinen into line with its peer Varma, which received official validation for SBTi-based emission reduction targets in 2023; elsewhere in the Nordics, AkademikerPension and PensionDanmark have also had SBTi approval.
In its 2026-30 climate plan, Ilmarinen said it was attempting to reduce the carbon footprint of its investments by reducing carbon intensity and financed emissions – particularly by those generated by companies in which it invests.
“In addition, Ilmarinen is increasingly directing capital towards companies that have science-based climate targets and offer climate solutions,” it said.
Ilmarinen said it would submit near-term climate targets for evaluation to SBTi – an international joint initiative of organisations guiding companies in setting climate targets in line with climate science – which SBTi would then evaluate and confirm based on its criteria.
Ilmarinen said its long-term goal was to continue to be part of the Paris Aligned Asset Owners commitment, which aimed to coordinate investment portfolios with the Paris Climate Agreement.
Last summer, SBTi launched a standard for investors wanting to state that their climate ambitions were credible.
