Nokia announces the launch of its finance framework

Friday 10 February 2023 12:12 CET | News

Finnish telco, IT, and consumer electronics corporation Nokia has announced the launch of its sustainable finance framework that focuses on future stakeholder value and is central to its business outcomes.

Following this launch, the framework will reinforce Nokia’s commitment to sustainable growth by securing its financing solution that supports the company’s recently enhanced ESG strategy. 

The ESG strategy focused on purpose and profit, and it was built around five pillars where the company can have a material impact. By linking the ESG strategy to the sustainable finance framework, the company will allow the strategy to embed maintenance throughout the organisation. This will create long-term value for stakeholders as well, both on the internal and external levels. 

From their operations to supply chain and customers, Nokia takes responsibility to decouple the continuous growth in the data traffic area, from the equivalent growth of energy consumption. 

Furthermore, Nokia focuses on reducing greenhouse gas (GHG) emissions across the value chain as well. This aim is part of a project made by the company between 2019 and 2030, where Nokia’s central ESG objective is the reduction of its GHG emissions by 50%. This plan was accepted by the Science Based Targets initiative (SBTi) and is currently selected for the Sustainability Performance Target in the company’s finance framework. Customers will have the possibility to issue sustainability-linked financing instruments while Nokia intends to track its GHG emissions reduction across Scope 1, 2, and 3 emissions. 

Nokia has announced the launch of its sustainable finance framework that focuses on future stakeholder value and is central to its business outcomes.

Nokia’s development strategy

Finnish multinational telecommunication, information technology, and client electronics corporation, Nokia provides its customers with multiple services and products.  

For businesses, the company offers networks and industry solutions (such as CNS, Industry 4.9, a digital suite of technologies that allow industries to include Ready 4.0. programme into their operations while improving the resilience of each of them, as well as IP networks, that can power the virtual worlds of the metaverse and innovate the areas), partners, and ecosystems, as well as licensing opportunities. 

Other services include Nokia’s inventors’ platform (where clients can benefit from flexible inventor partnerships, personal recognition services, tailored feedback, financial rewards, knowledge sharing and solutions, brand recognition, technology expertise, and secure and straightforward processes), the Nokia Bell Labs (which offer information on renowned industrial research arm of the company), the NGP Capital, and the standardisation and industry ecosystem (a solution that aims to lead and drive the development of global standards while using invertor-friendly policies that will enable value for the industry as a whole and sustainable growth of the company). 

Sustainability is something the company focuses on, as digitalisation and connectivity services and solutions are critical in solving numerous problems and issues that happen around the world. The products provided by the company focus on reducing waste while limiting the use of natural resources and involving the reuse of certain materials to combat climate change. 

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Keywords: product launch, online payments, digital banking, online banking, ecommerce
Categories: Banking & Fintech
Companies: Nokia
Countries: World
This article is part of category

Banking & Fintech


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