Environmental impacts

Climate change has extensive effects and it causes notable uncertainty for society. Together with our customers, we will build sustainable economy and support mitigating climate change and adapting to it. We will develop products and services which will encourage our customers to act in a responsible and environment-friendly manner and take into account the effects of our operations on the diversity of nature. We will reduce our climatic stress and help our customers carry out actions to support the environment. We wish to reduce the risk caused by climate change to our customers. We will provide information on climate change and offer solutions to its negative effects.

We take environmental and climatic effects into account in our operations. We promote a circular economy as well as resource and energy efficiency in our business. We develop low-emission premises, generate and utilise renewable energy and promote low-emission mobility. We take environmental aspects into account when making purchases. OP's own operations result in greenhouse gas emissions.

OP also has indirect impacts through its operating environment, causing greenhouse gas emissions. OP provides investors with a carbon risk indicator to support them in selecting a mutual fund by publishing the carbon intensity figures of OP equity funds. Furthermore, OP equity funds publish quarterly fund-specific ESG analyses that cover areas such as the fund’s positive environmental impact. OP Wealth Management provides three environmentally themed mutual funds: OP-Low-carbon World, OP-Clean Water and OP-Climate.

With respect to waste, OP’s primary objectives are to prevent waste creation, recycle waste, convert waste into energy by burning it, and only if no other alternative is available, take waste to a landfill site.


The mitigation of climate change requires personal commitment and actions from each and every one of us. We will reduce our climatic stress and help our customers carry out actions to support the environment. We wish to reduce the risk caused by climate change to our customers. We will provide information on climate change and offer solutions to its negative effects.

We take environmental and climatic effects into account in our operations. Our aim is to make the central cooperative carbon positive by 2025.

Policies and commitments

The Code of Business Ethics defines OP’s key environmental commitments. OP reports on its greenhouse gas emissions as CO2 equivalents in accordance with the Greenhouse Gas Protocol (GHG). OP's operations are not involved in emissions trading. OP Wealth Management is committed to the Montreal Pledge.

Management approach

OP has in place the WWF's Green Office system. Green Office is applied at the Vallila campus and three banks. Our target is to expand Green Office into more banks. Green Office is one way of increasing our employees’ environmental consciousness. As practical tools, our operating premises are also equipped with energy monitoring system, waste reporting, and environmental certification for buildings (LEED). OP has carried out an energy audit, recommended for large enterprises, in accordance with the Energy Efficiency Directive.

Programmes, projects and initiatives

The UN Global Compact, the Montreal Pledge, the Climate Action 100+ engagement programme.

Appeal systems

We welcome feedback through our customer service channels.

302 Energy

302-1 Energy consumption within the organisation and 302-3 Energy intensity

The total energy consumption covers OP Financial Group's heat, electricity and fuel consumption in all countries where the Group operates. In 2017, the total energy consumption was 142 585 (138,230) MWh, up by 3.1 % from the previous year. Consumption on sites not covered by consumption monitoring has been calculated on the basis of specific consumption by type of real property. These sites account for approximately half of the consumption. The electrical energy for the Vallila campus and the data centres is generated entirely through wind power.

In 2017, the energy intensity, or total energy consumption per employee, of OP Financial Group offices increased to 11.6 (11.3) MWh/year/person.

Energy consumption

  2014 2015 2016 2017
District heating 77,716   73,400 72,050 70,635
District cooling 2,868 2,670 5,360 5,140
Fuels (Heating and reserve power) 6,946 7,060 3,780 4,700
Electricity 80,311 59,230 57,040 62,110
Total (MWh) 167,841 142,360 138,230 142,585

In 2017, renewable electricity consumption accounted for 18,800 MWh, or 13%, of all energy consumption. Fuel conversion is based on the Ecoinvent 3.3 multipliers.

305 Emissions

305-1 Direct (Scope 1) GHG emissions, 305-2 Energy indirect (Scope 2) GHG emissions and 305-4 GHG emissions intensity

Direct (scope 1) greenhouse gas emissions are created by fuel consumed by standby generators for OP’s own premises. Energy indirect (scope 2) greenhouse gas emissions are the result of electricity and heating energy consumption in the premises. In 2017, electricity for the Vallila campus was generated entirely by renewable energy forms.

The energy emission factors used in emission calculations are based on the 2016 Electricity generation statistics by Statistics Finland, the 2016 District Heating Statistics, the IEA district heating and electricity data for 2015 (excluding Finland), the Ecoinvent 3.3 database and, with respect to green electricity, data provided by the Finnish Green Building Council (FIGBC).

Scope 1 and 2 emissions (tonnes CO2e)
  2014 2015 2016 2017
Scope 1 1,800 5 3 48
Scope 2, market-based 37,114 23,446 18,556 20,918
Scope 2, location-based - 27,178 26,088 25,259
Intensity, CO₂e-tonnes/person 3 1.93 1.52 1.70
Intensity = Scope 1 + Scope 2 (market-based) / OP Financial Group employees.

305-3 Other indirect (Scope 3) GHG emissions

Scope 3 emissions (tonnes CO2e)
  2014 2015 2016 2017
Purchased products and services 2,266 2,508 2,612 2,034
Waste from operations 598 609 129 298
Business travel 2,408 2,622 3,841 3,712
Employee commuting     951 1,142

Purchased products and services include emissions generated by office stationery, mail transport services, external data centres and customer magazines.

With respect to indirect emissions, we also calculate emissions generated by equity funds. Read more.

305-5 Reduction of GHG emissions

According to OP’s Corporate Social Responsibility Programme, our aim is to become carbon positive by 2025. The direct greenhouse gas emissions from OP’s own operations (Scopes 1 + 2) totalled 20,964 CO2e-tonnes (18,559), or 1.7 tonnes (1.52) per person. These emissions (Scopes 1 + 2) have decreased by approximately 40 % from 2011 (comparative 2011: 34,847 tonnes of CO2e). The main reason for this was the removal to new, energy-efficient offices and the increase in the use of renewable energy. In 2017, the electricity consumed by the Vallila premises was generated entirely by wind power.

The CO2 emission limit for the OP central cooperative's company cars is 120 g/km. At the end of 2017, the average CO2 emissions of company cars equalled 122 g/km (125). Business travel in 2017 resulted in 3,712 tons of CO2 emissions (3,841). OP uses video and online conferencing technology to reduce business travel. Its travel guidelines state that trains or buses must be favoured for travel within Finland. OP Cooperative employees have access to travel cards to encourage the use of public transport for commuting.

OP is an indirect opinion leader in encouraging customers to take environmental impacts into account when making financing, insurance and investment decisions, and in recommending the use of e-services and electronic documents.

306 Effluents and waste

306-2 Waste by type and disposal method

In 2017, the OP offices managed by OP-Services in the Helsinki Metropolitan Area generated a total of 713 tonnes waste (289).

With respect to non-hazardous waste (708 tn), 94 tons was reused as raw material, 575 tons was recycled and 39 tons was converted into energy by burning it. The amount of hazardous waste was 4.3 tons, 3.2 tons of which was recycled and the remaining 1.1 tons was disposed in accordance with the requirements concerning hazardous waste.