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Corporate responses to climate change: The case of fortum

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Fortum is an integrated energy company, founded in 1998 in the merger of power company IVO Group and oil company Neste Group. Its business covers the entire energy chain, from the exploration of oil and gas, refining of fuels, production of power and heat to energy distribution and marketing, and to energy-related engineering2 and operation and maintenance. The net sales in 2001 were 410.4 billion and operating profit 40.9 billion.3

Fortum has a focused Nordic energy strategy. A key step in the implementation of the strategy was the acquisition of the remaining 50% of Swedish Birka Energi, which was finalised in February 2002. Currently Fortum is the largest company in district heat generation and supply and the second largest company in power generation, distribution and marketing in the Nordic countries measured by net sales. Its generation portfolio consists to a great extent of non-carbon assets. Fortum is also a strong niche player in oil refining and marketing with a high-quality asset base and high-quality and environmentally benign petroleum products. Fortum's stakeholder relationships and environment, health and safety (EHS) activities are described in greater detail in ‘Fortum in Society’ reports.
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Keywords: change; climate; corporate; fortum; responses

Document Type: Research Article

Publication date: 09 March 2005

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