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Organisation Score
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Espoo, Finland
Official Web Site:

Climate Lobbying Overview: Fortum is actively lobbying EU energy and climate policy, with mixed and potentially inconsistent positions. Fortum appears to consistently support strong EU GHG emissions targets and reforms to strengthen the EU Emissions Trading System (EU ETS), but has lobbied against EU regulations to promote renewable energy, including binding targets. Furthermore, Fortum appears to have expressed increasingly supportive positions on a prolonged role of coal in the EU’s energy mix.

Top-line Messaging on Climate Policy: Fortum’s top-line messaging on climate policy is broadly positive. The company supported the UN Paris Agreement in its 2020 Sustainability Report, published in April 2021, stating that it is a core principle of the company’s climate advocacy. Fortum supported reducing GHG emissions to limit global temperature rise to well below 2°C above pre-industrial levels and to pursue efforts to limit it to 1.5°C in its Climate Lobbying Review 2021, published in December 2021. The company is supportive of the EU Climate Law, which sets a carbon neutral by 2050 target, but stated in a July 2021 position statement on the Fit for 55 climate package, that the approach should remain cost-efficient and technology-neutral. The company welcomed new emission reduction targets from India, Australia and Russia in a November 2021 blog. CEO Markus Rauramo advocated for market-based, technology-neutral and flexible carbon pricing mechanism in the company’s December 2021 Climate Lobbying Review. However, the company’s position on other forms of government regulation is unclear.

Engagement with Climate-Related Regulations: Fortum appears to have mixed engagement on specific climate regulations. In its 2020 Sustainability Report, published in April 2021, the company stated support for increasing the EU’s 2030 GHG emissions target to at least 55% and advocated to raise the ambition of the Effort Sharing Regulation to align with the EU’s climate objectives. In a July 2021 Fit for 55 position statement, Fortum strongly supported reforms to the EU ETS, including increasing the Linear Reduction Factor, rebasing the emissions cap and strengthening the Market Stability Reserve. Fortum also appeared to support new emissions trading systems for the transport and buildings sectors, and to eventually integrate them into the EU ETS. Fortum appears to take mixed positions on the introduction of the EU Carbon Border Adjustment Mechanism (CBAM). In a March 2020 EU public consultation response, the company appeared to prefer global carbon pricing over the CBAM, stating the challenges to apply the policy in the industrial sector. However, a July 2021 statement on the Fit for 55 package suggested support for the CBAM, but did not specify a position on removal of existing carbon leakage protection for exposed sectors under the EU ETS.

However, Fortum’s support for the EU ETS has come at the expense of other EU climate regulations. In a May 2020 EU consultation response, Fortum argued that the “EU’s current three target approach (GHG, renewables, energy efficiency) needs to be carefully reconsidered” to prioritize carbon pricing as the “leading instrument.” In a 2020 presentation, Fortum stated that “renewable energy is already mainstream and should be fully market-driven” and that “subsidies for mature RES should be phased out.” The company also signed a December 2021 joint letter to EU policymakers, supporting a weakening of the EU Commission’s proposal on the Renewable Energy Directive by advocating for the inclusion of non-renewable, low-carbon hydrogen. However, its position on EU energy efficiency legislation appears to have improved, with the company supporting increased ambition through binding targets in the EU’s Energy Efficiency Directive, in a February 2021 EU public consultation response.

Positioning on Energy Transition: Fortum appears to take mixed positions on the energy transition. The company has been supportive of the low-carbon energy transition, however since 2020, Fortum has communicated positions increasingly supportive of new thermal coal capacity on its corporate website accessed in 2020, and coal’s continued use in Europe in SP Global in February 2020. Despite communicating general support for “phasing out coal in energy production”, without specifying clear IPCC-aligned deadlines, in a May 2020 blog on its website, it also vocally defended the opening of a new German coal plant by its new subsidiary, Uniper in February 2020 in Reuters. Furthermore, in Climate Home News in May 2020 Fortum has publicly endorsed its subsidiary Uniper following legal action against a 2030 Netherlands coal phase-out date. In a December 2021 Climate Lobbying Review, Fortum supported the expansion of renewable electrification and the decarbonization of the economy, but maintained that this should be technology-neutral across all renewable energy sources. In a June 2021 blog, the company also appeared to show support for expanding the role of green hydrogen in the energy mix, while maintaining some role for blue hydrogen.

Industry Association Governance: Fortum published a review of alignment with its industry associations on climate lobbying for this first time in December 2021, and identified eight cases of partial misalignment with its industry associations. However, the review excluded Hydrogen Europe. Fortum is also a member of Eurelectric, which is actively lobbying EU climate policy with increasingly positive engagement.

A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub here.

Additional Note: Fortum is a listed company with more than 50% of its shares owned by the government of Finland. State-owned enterprises likely retain channels of direct and private engagement with government officials that InfluenceMap is unable to assess, and therefore are not represented in Fortum's engagement intensity metric.

Strength of Relationship

How to Read our Relationship Score Map

In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.