Based on our analysis, the key trends impacting our sustainability approach remained the same: the human potential of technology, the increased importance of privacy and data security, the demand for high ethics and transparency, climate change and sustainable use of natural resources, and the importance of attracting and retaining talent.
The human potential of technology
With our technology expertise, and by connecting things as well as people, we are well positioned to support efforts to address many of the global challenges listed on the UN Sustainable Development agenda. Our radio networks customers serve over five billion subscriptions worldwide. This provides tremendous opportunities because connectivity increases both productivity and economic growth. It also plays a key part in reducing carbon emissions.
The Programmable World will bring further benefits, including better use of scarce resources, greater human wellbeing, improved health and wellness, reduced environmental damage, and greater efficiency. Both the benefits and risks related to new technology have increasingly gained attention.
Increased importance of privacy and data security
While increased connectivity improves people’s lives in many ways, privacy concerns are also increasing with the rapid growth in sensitive, private data being transmitted across telecommunications networks. As a company that provides technologies and services that fuel our information society, getting privacy right is critical for Nokia.
Demand for high ethics and transparency
Unethical business practices like corruption and lack of respect for human rights and labor conditions are major obstacles to development in many countries. Related regulation and pressure for transparency and integrity is increasing. We believe Nokia can be part of the solution by upholding high standards of ethics and human rights in our own activities and throughout our value chain. Neglecting these issues would present a major risk for our reputation and our business. Information and communications technology has a major role also in increasing the transparency and efficiency of institutions.
Climate change and sustainable use of natural resources
Climate change is one of the biggest global challenges of our time and the debate regarding decoupling economic growth from global emissions is increasing. Climate change and sustainable management of resources have a medium and long-term impact on our business as their effects are wide-ranging, from inhibiting global economic development and increasing the risk of natural disasters, to contributing to rising energy prices and leading to changes in regulations. Although these effects may have a long-term impact on our business, they also create a business opportunity for us. We cannot focus solely on minimizing negative environmental impact and improving resource efficiency in our own operations; we must also help our operator customers meet the growing demand for communication in a sustainable way. We can do this by making our products energy efficient and encouraging the use of renewable energy, and by helping our customers support the circular economy.
Attracting and retaining talent
The companies that are able to attract, keep, and motivate the best talent are usually the most successful ones. Skillful and engaged employees have a direct impact on our business success, which is why we want to create a great place to work for all our employees.