Sustainable business growth is a competitive advantage

This year Nokia formalized the vital role sustainability plays in our business, across all ESG (environmental, social, governance) domains, by including it as one of the six pillars of our refreshed strategy.

This is an unequivocal statement about the importance we attach to sustainability. We believe there is space in our industry for us to become the trusted and responsible provider of choice – and by doing so we believe we will create value for us, our investors, our communities and our planet.

Nokia’s People and Planet report 2023 published today charts a year of achievements and challenges on our journey to net zero with significant progress in five areas where we believe we can have an outsized impact.

Here are some highlights from the report:

Environment: We want to be the leader in energy efficiency and circular practices.

• We set a new target to reach net-zero greenhouse gas (GHG) emissions across our value chain 1 – including manufacturers making our products and customers using them – by 2040.

• We aim to accelerate our existing target to reduce GHG emissions across our own operations2. Previously we targeted a 50% reduction by 2030 – now we target a 83% reduction in the same timescale.

• We ensured 75% of our purchased electricity came from renewable sources.

• We delivered some of the most energy-efficient hardware in our history. Our Habrok massive MIMO radios use 30% less energy than previous models, and Nokia’s AirScale 5G base station average power consumption has been reduced by 50% compared to 2019.

• Our sixth-generation photonic service engine, PSE-6s, uses the latest silicon integrated circuits to increase network scale and performance, while reducing total network power consumption by up to 60% in some settings.

Industrial digitalization: We want our solutions to make physical industries safer, more productive, more efficient and more sustainable.

• Nokia cemented its position as the leader in the private wireless market. We now have over 710 customers globally, helping industrials accelerate their digital transformation. This compares to 560 at the end of 2022.

• Nokia Bell Labs and Aramco announced an R&D collaboration that is expected to develop advanced Industry 4.0/4IR digital use cases and validate proof of concept solutions for sectors including, but not limited to, energy.

Security and privacy: We want security and privacy to be the cornerstones of our product proposition.

• We have set up Service Security as a separate domain to cover the full-service lifecycle with a properly defined Service Security framework, and we remain focused on the continuous certification of services teams in the ISO 27001 standard.

Bridging the digital divide: We want our solutions to improve access to healthcare, education and employment.

• We were the first telecommunications equipment vendor to announce fiber-optic broadband network electronic products and optical modules in the US for use in the Broadband Equity, Access and Deployment (BEAD) program, which dedicates more than $42 billion to expanding broadband access across the US.

• Over 130 000 people benefited from our social digitalization projects in 2023, which include initiatives to build digital skills, connect the unconnected and improve inclusion, equity and diversity. That means almost 700 000 people have benefited over the course of these projects.

Responsible business: We want to be a trusted, ethical company.

 • We announced our Sustainable Finance Framework. This framework reinforces Nokia’s commitment to sustainable growth by ensuring our financing strategy supports the company’s ESG strategy.

• We completed 141 supplier audits in 2023, compared to 63 completed in 2022.

 • We were included in Sustainalytics’ 2024 ESG TopRated Companies list, and MSCI ESG Ratings gave us an AAA rating (on a scale of AAA–CCC). Both ratings provide information for investors assessing financially material ESG issues that affect the long-term performance of their investments.

• We were again recognized as a supplier engagement leader by CDP’s Supplier Engagement Rating program.

I would like to thank everyone at Nokia for contributing to the progress we made on our ESG strategy last year - and for their ongoing commitment to ensure we continue delivering for people and planet.

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