HELSINKI, Jan. 22, 2019 /PRNewswire/ --
STORA ENSO OYJ INVESTOR NEWS 22 January 2019 at 9.00 EET
Stora Enso has been top-rated in combatting global warming by the international non-profit organisation CDP, which works to build a sustainable global economy. CDP has included Stora Enso on its new 2018 Climate A List, which identifies the global companies that are taking leadership in climate action.
"We are proud of this recognition of our long-term work to reduce our emissions," says Noel Morrin, EVP Sustainability at Stora Enso. "For over a decade we have been actively reducing the energy intensity of our operations and our dependence on fossil fuels. In December 2017, Stora Enso became the first forest products company to set ambitious science-based targets for reducing greenhouse gas emissions throughout our value chain."
Stora Enso has also signed a Revolving Credit Facility (RCF) loan where part of the pricing is based on the group's performance in reducing greenhouse gas emissions. This progress is reported in Stora Enso's annual and interim reports. In addition, Stora Enso has published a Green Bond Framework and asks suppliers about their carbon dioxide emissions in all tenders.
"Ultimately, it is our renewable materials that make a difference," Morrin says. "They are a key solution to combatting global warming as they store carbon and replace fossil-based materials."
Paul Simpson, CEO of CDP says: "Congratulations to all companies that made it onto CDP's A List this year. We need to urgently scale up environmental action at all levels in order to meet the goals of the Paris Agreement and the Sustainable Development Goals. It's clear that the business world is an essential player in this transition and the A List companies are set to make a substantial contribution to those goals."
Thousands of companies annually submit climate disclosures to CDP. In 2018, disclosures were requested by 650 investors representing over USD 87 trillion in assets, and over 7 000 companies submitted their climate data.
In addition to the CDP rating, Stora Enso has been top-ranked in both the quality of greenhouse gas management and carbon performance by the Transition Pathway Initiative (TPI). TPI is a global initiative led by asset owners and supported by asset managers and looks into how companies' carbon performance now and in the future might compare to the international targets and national pledges made as part of the Paris Agreement.
CDP is an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. Voted number one climate research provider by investors and working with institutional investors with assets of US$87 trillion, we leverage investor and buyer power to motivate companies to disclose and manage their environmental impacts. Over 7,000 companies with over 50% of global market capitalization disclosed environmental data through CDP in 2018. This is in addition to the over 750 cities, states and regions who disclosed, making CDP's platform one of the richest sources of information globally on how companies and governments are driving environmental change. CDP, formerly Carbon Disclosure Project, is a founding member of the We Mean Business Coalition. cdp.net
Part of the bioeconomy, Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has some 26 000 employees in over 30 countries. Our sales in 2017 were EUR 10 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com
For further information, please contact:
Head of Sustainability Communications,
SVP, Investor Relations,
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SOURCE Stora Enso Oyj