Fortum

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

In 2024, 99% of Fortum's power generation came from renewable or nuclear sources, giving it one of the lowest specific CO2 emissions intensities in Europe; remaining Scope 1 emissions (~1.35 Mt CO2e) are largely from Polish coal CHP being actively phased out by 2027, and Scope 3 still includes significant fossil gas sales volume.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

SBTi-validated near- and long-term targets (January 2025) aligned with 1.5°C — 85% Scope 1+2 intensity cut by 2030 and net-zero value-chain by 2040 — with concrete coal exit by 2027 and quantified Scope 3 fossil fuel reduction sub-targets; targets are credible but intensity-based rather than absolute for generation, and full Scope 3 coverage of gas sales remains a residual risk.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Fortum reports under CSRD with Deloitte third-party limited assurance, holds a Fair Tax Mark certification (Finland's first), links executive LTI to SBTi-aligned emission targets, and has published a biodiversity transition plan, but hydropower operations carry persistent aquatic biodiversity impacts that are explicitly excluded from the no-net-loss biodiversity target.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

Fortum achieved CDP 'A' (top score in 12 of 16 categories) in the 2025 assessment — its 20th year of CDP participation — and its 2024 Sustainability Statement is CSRD-compliant with independent limited assurance from Deloitte under ISAE 3000, representing among the strongest disclosure standards in European utilities.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

Integrity is materially impaired by: (1) Fortum's 2020 acquisition of Uniper — which expanded its carbon footprint from ~19 Mt to ~69 Mt CO2e — and the resulting greenwashing accusations from Extinction Rebellion Finland for opening Datteln 4 coal plant and suing the Netherlands over coal bans; (2) a multi-billion euro write-down and loss of Russian assets seized by Putin's decree in 2023; (3) ongoing Russian nuclear fuel dependency at Loviisa; and (4) Rosatom's €2.45 billion lawsuit against Fortum over the cancelled Hanhikivi-1 nuclear project — though Fortum has exited Russia operationally and has initiated arbitration for compensation.