Climate lobbying under scrutiny – Fortum’s approach

At Fortum, we strive to be a forerunner in driving greater corporate transparency and accountability, particularly in climate change advocacy. However, corporate transparency is not only about our own ambitions; external stakeholders such as institutional investors and non-governmental organisations also demand it. Furthermore, EU regulations and Finnish transparency legislation, alongside international standards, are shaping modern lobbying practices.

Fortum’s approach

We are committed to the continuous development of our lobbying skills and practices, aiming to become a benchmark company in our sector. Recent concrete steps include:

• Launching our Public Affairs Operating Mode and Governance
• Conducting a strategic review of our memberships in industry associations
• Introducing the Transparency Register Tool
• Publishing the Climate Lobbying Review

The Climate Lobbying Review

Our latest effort, the 2025 edition of our Climate Lobbying Review, published in late April, examines how well the advocacy work of our key energy-related industry associations aligns with the goals of the Paris agreement and our climate advocacy principles. Fortum supports policies in line with the Paris Agreement, both directly and indirectly through our industry associations. Therefore, the work of these associations is of paramount importance to us.

Investors are increasingly demanding companies address climate misalignments in their industry associations’ lobbying efforts. I am proud to conclude that Fortum stands among the forerunners: our latest climate lobbying review did not identify any cases of misalignment. Since we began our lobbying reviews in 2021, we have noted improvements in associations’ advocacy and their commitment to retaining a high level of ambitious climate lobbying. I am confident that this type of dialogue and collaborative development is a win-win for both us and the associations.

Global benchmarks and external recognition

How do we know if we really make an impact? InfluenceMap maintains the world's leading database of corporate and industry association lobbying of climate policy around the globe. In their assessment of the 2024 climate policy engagement and reporting of 165 companies worldwide, Fortum was not at the top, but achieved a respectable average in our sector.

Our efforts have been recognised externally, notably by the Climate Action 100+ investor group. According to their statement, the detailed disclosure of our climate-related lobbying activities and commitment to align these with the Paris Agreement highlight our dedication to addressing the global climate crisis, which they believe represents a financially material and systemic long-term risk to their clients’ portfolios.

We believe that lobbying transparency is crucial. In line with our value “Aim high”, we will continue our efforts to enhance the transparency and accountability of our lobbying activities.