We create the technology to connect the world and we aim to do this in a sustainable way. We realize we have the greatest impact on sustainable development when we work with other stakeholders. We believe technology will continue to play a key role in accelerating and achieving all 17 UN Sustainable Development Goals
At the heart of our business is connectivity and the access and services it provides to improve lives in so many ways. Purpose and sustainability are embedded in how we operate and in the solutions we provide. We take responsibility for our actions and impact on the world, minimizing potential negative impacts while maximizing the many potential positive impacts of the technology we create.
From the beginning of 2020, we have refocused our sustainability strategy. To improve people´s lives we will focus on the areas where we believe we can have the greatest impact and drive business benefits. Focus areas are:
- Climate – combatting climate change through mitigation and adaptation solutions will grow in importance
- Integrity – emphasizing the importance of respect for ethical behaviour, security and privacy
- Culture – ensuring our ability to attract the best talent and creating high performance inclusive teams that make things happen
All areas underpin our purpose to improve people’s lives with technology.
We also need to ensure we continuously develop our existing sustainability–related housekeeping procedures and practices to comply with stakeholder requirements and increased demand for efficacy and transparency.
Our strategic approach
Highlights in 2019
Our governance model
Sustainability issues are reviewed regularly at all levels of the company. We have built strong governance structures and processes to manage good ethical business practices and corporate responsibility. Our governance model is summarized in the diagram below. For more information see page 14 of the report.
Awards and recognitions
We are proud to have been recognized for the achievements and actions carried out by our employees to enable a more sustainable business, products and planet. A few recognitions are listed below.
Sustainability: In October 2020 we were awarded a new Platinum EcoVadis Medal. This places our company among the top 1 percent of companies assessed by EcoVadis, with especially high scores for environment and sustainable procurement.
Sustainability: In April 2020, Nokia received an ESG Risk Rating of 13.2 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. Nokia’s ESG Risk Rating places it in the 2nd percentile of the Technology Hardware sub-industry assessed by Sustainalytics.
Sustainability: In October 2020, FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) again confirmed that Nokia has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series
Sustainability: In September 2020, Nokia was rated ‘Prime’ by ISS ESG Corporate Rating.
Carbon disclosure: In January 2020 we were again ranked at leadership level by CDP for our work on and disclosure of climate change data in 2019. The CDP questionnaire is aligned with the recommendations put forth by the Task Force on Climate-related Financial Disclosure (TCFD).
Ethical business: In February 2020 we were named for the third consecutive year (2018-2020), and the fourth time overall as one of the World’s Most Ethical Companies by Ethisphere and one of only six honorees in the telecommunications industry.
World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.
Carbon disclosure in supply chain: We have again been recognized as a global leader for engaging with our suppliers on climate change, being awarded a position on the Supplier Engagement Leaderboard by global environmental impact non-profit CDP.
Sustainability: In 2019, we received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment.
The use by Nokia of any MSCI ESG research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Nokia by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
Gender equality: Bloomberg has given Nokia a strong score in its Gender Equality Index (GEI) for 2020 – the second time in a row that we are included in this index.
Sustainability: In October 2019 we were reconfirmed as a constituent of both the Ethibel Sustainability Indices (ESI) for Excellence Europe and Excellence Global for our corporate sustainability efforts.
Other awards and recognitions
Our liquid-cooled base station won Silver in the international Quality Innovation Award. The Award ceremony took place on 5 February 2020 in Tel Aviv, where the Ambassador of Finland in Israel handed over the certificate to Nokia team.
We were awarded the “Best Places to Work for LGBTQ Equality” by the Human Rights Campaign foundation’s 2019 Corporate Equality Index.
We were proud to be awarded the Human Rights Campaign (HRC) Corporate Equality Index score of 100%. The HRC Corporate Equality Index is a US national benchmarking tool on corporate policies and practices pertinent to LGBTQ employees.
We were also recognized as the inaugural International Winner for the 2019 Employer of Choice Award by the Minority Corporate Counsel Association (MCCA), for our efforts in addressing gender pay gaps and for the launch of our OUT Leader program.
Our priorities and targets
By the end of 2019, of the existing 28 short-term and long-term targets: 6 of the 9 short-term targets were achieved and 3 were not achieved; 11 of the 19 long-term targets were ongoing and on track, 1 was achieved during 2019, and 7 were on-going and not on track. For an overview of all targets and achievements download the executive summary of our report here.
Materiality and value creation. At the end of 2019 we began a major overhaul of our sustainability strategy, revisiting our materiality matrix in order to improve focus on the key topics that support our business, stakeholders and a sustainable future.
The United Nations Sustainable Development Goals and our work. Business with purpose is a key enabler of the UN Sustainable Development Goals. We are at the beginning of what many are calling the ‘decisive decade’. Practical solutions and actions by all to the world’s greatest sustainability challenges are now critical. We are playing our part.