Nokia is launching a sustainable finance framework that aims to place sustainability as central to its business outcomes.

The new framework is designed to support Nokia’s Environmental & Social Governance (ESG) strategy, with one of its key objectives being to focus on a commitment to reduce its greenhouse gas emissions by 50 per cent between 2019 and 2030 across its value chain.

Nicole Robertson, vice president of ESG at Nokia, said: “The line between purpose and profit is dissolving and companies are looking to identify the best ESG strategies to deliver measurable impact to societal challenges and drive value creation.”

The telecoms giant believes that linking the ESG strategy to the Sustainable Finance Framework will enable it to embed sustainability throughout the organisation while creating long-term value for stakeholders.

Marco Wirén, chief financial officer at Nokia, describes the framework as the next “logical step” in its aims to complement the connection between its ESG and financing strategies.

“We linked the margin of our €1.5 billion revolving credit facility to our sustainability targets already in 2019 and signed our first sustainability-linked guarantee facility in 2022,” Wirén explained.

He added: “As we accelerate our growth, we remain deeply committed to be part of the solution to the world's biggest challenges.”

The finance framework follows new that Nokia's profits jumped by six per cent in the fourth quarter of 2022.

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