Fortum and Uniper
Uniper is Fortum’s strategic subsidiary and one of its five business segments. Fortum acquired Uniper to drive the clean energy transition across Europe and deliver sustainable financial performance. Increasing the Group’s CO2-free power generation by 60%, the investment was a step-change making Fortum the third-largest CO2-free power generator in Europe. In 2021, the Fortum Group achieved its most profitable year on record – with Uniper contributing half of the Group’s comparable operating profit.
Joint environmental targets
In alignment with the EU’s ambition and the goals of the Paris Agreement, we target carbon neutrality by 2050 at the latest and in our European fleet already by 2035.
Greenhouse gas emissions need to be reduced in all sectors – not just in energy, but also in heating, cooling, industry, and transportation. With Uniper, we are now a major European clean power and gas company well-positioned to drive the clean energy transition. In addition, we have competences and solutions to help our industrial and infrastructure customers to decarbonise their operations and improve their environmental footprint.
As the use of coal decreases in Europe, our natural gas-fired power plants take care of the security of supply of electricity and the flexibility of the electricity system, in turn enabling the rapid growth of solar and wind power. We supply natural gas also for heating and industrial needs so that homes have hot water and factory processes run reliably every day of the year.
Role of gas
Through Uniper, Fortum is now also a major player in gas with its benchmark gas-fired power generation and gas midstream business, which provides gas for heating and various industrial needs. As Europe transitions away from coal, our gas assets provide the power system with much-needed flexibility, enabling fast growth in solar and wind power.
Our target is to make natural gas significantly cleaner or completely emissions-free. At the moment, gas is used about 70% more than electricity in Europe. One of the guiding principles of Europe's energy transition has been the shift from natural gas to clean gases, such as hydrogen. The hydrogen economy has a big role in our shared strategy.
Climate and environmental targets
- Carbon neutral, in line with the goals of the Paris Agreement, by 2050 at the latest
- Carbon neutral in European generation by 2035 at the latest
- Reduction of CO2 emissions in European generation by at least 50% by 2030 (base year 2019)
- Number of major voluntary measures enhancing biodiversity ≥12 in 2021