We are committed to concrete actions to mitigate climate change.

Our Biofore strategy guides us in achieving our responsibility targets for 2030 and in contributing to the Sustainable Development Goals (SDG) of the UN 2030 Sustainability Agenda.  The Group Executive Team, headed by the President and CEO, is in charge of the management of corporate responsibility, determining courses of action and guiding development work. In practice, corporate responsibility efforts take place in businesses and functions. The management of climate change related issues was further strengthened in 2019 with specific topics, such as UPM's resilience in different climate scenarios, reported directly to the executive management.

Regarding climate change, UPM has been committed to the Science Based Targets initiative (SBTi) since 2017. In November 2020 we received the validation for our 2030 responsibility target to decrease our CO2 emissions by 65%. This proves that our target is aligned with the Paris Agreement goal to limit global warming to 1.5 degrees.

We have evaluated the impacts of climate change in many ways. For example, we conducted a study with the Finnish meteorological Institute (FMI) about the physical impacts of climate change in different scenarios. Internal analysis was used to evaluate impacts of transition scenarios and TCFD recommendations were used to report findings (disclosure in Annual Report, pages 137-138). At the end of 2020, we started a study on climate-related substitution and the carbon storage effects of our products with two research insitutes, the German IFEU and the Finnish Environment institute (SYKE).