Carbon intensity of Mandatum’s investments has nearly decreased by half since 2017


The average carbon intensity of Mandatum’s investments in 2021 was 202 tCO2e/MEUR. The result is significantly below (-42%) the average level in the markets.

The comparable carbon intensity of Mandatum’s unit-linked insurance client assets has decreased by roughly 47 percent since 2017. The reduction in emissions can largely be explained by active portfolio management measures.

Results in brief:
  • The average carbon intensity* of investments was 202 tCO2e/MEUR, which is 42 per cent less than the market indices.
  • Intensity for equity investments was -35% (101 tCO2e/MEUR) and for fixed income investments -27% (262 tCO2e/MEUR) in relation to the market indices.
  • The comparable change in the carbon intensity of the assets managed by Mandatum Asset Management compared to 2020 was 3 per cent.
  • The investments’ total emissions** were 1,427,592 tCO2 The total emissions are not comparable with the figure reported for 2020, as the 2021 figure includes new assets due to the formation of Mandatum Asset Management.


Taking climate change into account and reducing the carbon footprint of investments are focal points of Mandatum’s investment operations, with the carbon footprint of investments being a key indicator of responsible investment.

“Climate change affects the operations of all companies in one way or another. Likewise, companies have an impact on climate change through their operations. That is why we measure both the financial impacts of climate risks on investee companies and the carbon footprint of the investment portfolio in order to get a comprehensive understanding of the risks we are taking, as well as the impact we are having on climate,” explains Senior Portfolio Manager Topias Kukkasniemi of Mandatum Asset Management.

“We are very pleased that we have succeeded in cutting the carbon intensity of our investments nearly in half since 2017. We will continue our long-term work to manage the climate risks of investments and reduce the impacts of climate change,” he adds.

As a member of the Portfolio Decarbonization Coalition investor network, Mandatum’s objective is to minimise investments’ emissions by actively managing the climate risks of investment activities and offering opportunities to invest in companies with a smaller carbon footprint. As a signatory of the UN’s Montréal Pledge, Mandatum annually publishes the carbon footprint of its investments.

How the measurement was carried out:
  • The carbon footprint of investments was calculated in co-operation with ISS ESG.
  • The calculation covered the assets managed by Mandatum Asset Management with respect to its own investment baskets, own funds, full-mandate client portfolios and allocation solutions as per the situation on 31 December 2021.
  • The carbon footprint of the investees is based on the Carbon Disclosure Project’s (CDP) database on the emissions of the companies. Where no data is available, the emissions have been estimated using ISS ESG’s sector-specific models.


*Average carbon intensity expresses emissions in relation to the company’s revenue. The reported figure is a weighted average of the investments’ carbon intensity. The emissions include scope 1 and scope 2 emissions, i.e. emissions from the company’s operations and purchased energy.

**An investment portfolio’s total emissions are calculated by allocating companies’ emissions to the investment portfolio based on the share of ownership in equity investments and the share of owned debt or the enterprise value in fixed-income investments. The emissions include scope 1 and scope 2 emissions, i.e. emissions from the company’s operations and purchased energy.


Additional information:

Topias Kukkasniemi, Senior Portfolio Manager:, tel. +358 50 426 5439

Niina Riihelä, Vice President, Marketing and Communications:, tel. +358 40 728 1548


Correction 7 June 2023: the carbon intensity figures have been updated because incorrect data was detected in the calculations. The reported carbon intensity of the investments was presented as too low for the 2016–2021 period. The error has no significant effect on the development trend of the carbon intensity of the investments over the 5-year period. The originally reported numbers on 13 September 2022 can be found here.