Fortum

Nasdaq Helsinki: FORTUM78Credible Contributor· Provisional

0 followersIntegrated utility·Espoo, Finland·Founded 1998

www.fortum.com

Finnish state-majority utility with ~47 TWh low-carbon annual portfolio from hydro (4,653 MW across 33 plants) and nuclear (Loviisa plant, licensed to 2050), with a growing wind pipeline in the Nordics.

78/100

Credible Contributor· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: high

Why it's on ClimateTicker

Fortum is a credibly low-carbon Nordic utility — 99% of power generation is fossil-free (hydro, nuclear, growing wind) — making its core business a genuine emissions mitigation asset. SBTi-validated targets (net-zero by 2040, 85% Scope 1+2 intensity cut by 2030) and a CDP 'A' score add institutional credibility, though residual coal in Poland, continued Russian nuclear fuel dependency, and a legacy of reputationally damaging fossil entanglements via Uniper require scrutiny. Post-Uniper divestment, Fortum is structurally cleaner, and the gap between marketing and verified impact is now small enough to consider genuine rather than greenwashed.

mitigationFortum generates revenue by selling electricity and district heat produced primarily from hydro, nuclear, and growing wind assets in the Nordic market and Poland, and by providing retail energy supply and optimisation services to over 2 million customers.

Commitments & Certifications

CDP: A (2025 assessment, based on 2024 data) ↗other: Certified ↗other: Compliant ↗SBTi: Targets validated — net-zero by 2040, 85% Scope 1+2 intensity reduction by 2030 (1.5°C-aligned) ↗

Controversy & Greenwashing Watch

highRussian Asset Seizure & ~€2 Billion Write-Down

Russia seized Fortum's Russian subsidiary (PAO Fortum) via Presidential Decree in April 2023, triggering a full write-down of several billion euros in assets; Fortum has since exited Russia and is pursuing international arbitration for compensation.source ↗

lowAquatic Biodiversity Exclusion from No-Net-Loss Target

Fortum's no-net-loss biodiversity target explicitly excludes aquatic impacts, which is a material omission given its 150+ hydropower plants in Finland and Sweden that affect river ecosystems.source ↗

mediumRosatom €2.45 Billion Lawsuit over Hanhikivi-1 Cancellation

Russian state company Rosatom filed a lawsuit in Moscow Arbitration Court against Fortum and Outokumpu for approximately €2.45 billion in damages following the cancellation of the Hanhikivi-1 nuclear power plant project in Finland.source ↗

mediumContinued Russian Nuclear Fuel Dependency at Loviisa

Despite exiting Russia operationally, Fortum's Loviisa nuclear plant still operates on a Russian TVEL/Rosatom fuel supply agreement; Fortum has agreed with Westinghouse for an alternative fuel type but the transition is a multi-year process requiring regulatory approval.source ↗

highUniper Acquisition & Fossil Expansion (Datteln 4 / Netherlands ECT Suit)

Fortum's 2020 acquisition of Uniper more than tripled its carbon footprint and led to Extinction Rebellion Finland accusing it of greenwashing, specifically for opening the Datteln 4 coal plant in Germany and suing the Netherlands via the Energy Charter Treaty to block a coal ban; Fortum divested Uniper in 2022 following the energy crisis.source ↗

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