VR has set ambitious science-based targets for reducing emissions: net-zero to be reached by 2040

The international Science Based Targets initiative (SBTi) has verified VR’s near-term target and long-term targets for reducing greenhouse gas emissions. The targets are aligned with the level of reduction needed to limit global warming to 1.5°C. VR aims for reducing half of its emissions during the next seven years and reaching net-zero emissions by 2040.

Setting the targets for reducing greenhouse gas emissions is a part of VR’s ongoing sustainability agenda development. The validation from SBTi indicates that VR’s targets are in line with the latest science.”Trains already generate the least emissions when it comes to transport modes in Finland: train traffic causes only one percentage of all traffic emissions. We want to raise the bar even higher and do our part in mitigating global warming. Our new targets also take into account the indirect, scope 3 emissions of our actions,” says Jonna Juslin, VR’s director of public affairs and sustainability.

VR will continue its successful work to improve energy-efficiency in both train and bus traffic and real-estate management. Reaching the targets will require alternative technologies, such as battery-electricity and hydrogen, to become commercially viable. In bus traffic, VR’s Pohjolan Liikenne is already a forerunner with 70% of the traffic being driven by electric buses. VR will also work together with its business partners to bring down the emissions across the value chain.

The science-based targets are the cornerstones of VR’s sustainability agenda.

VR’s science-based targets

• Near-term target: -50,4% by 2032
  • VR Group commits to reduce absolute scope 1 and 2 GHG emissions 50,4% by 2032 from a 2022 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks.
  • VR Group also commits to reduce absolute scope 3 GHG emissions from use of fossil fuel products sold* 50,4% by 2032 from a 2022 base year.
  • VR Group further commits to reduce all remaining absolute scope 3 GHG emissions 50.4% within the same timeframe.
• Long-term target: VR Group commits to reach net-zero greenhouse gas emissions across the value chain by 2040.
  • This includes reducing absolute scope 1 and 2 GHG emissions 90% by 2040 from a 2022 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks.
  • VR Group also commits to reduce absolute scope 3 GHG emissions from use of fossil fuel products sold* 90% within the same timeframe.
  • VR Group further commits to reduce all remaining absolute scope 3 GHG emissions 90% within the same timeframe.
  • The residual emissions (less than 10%) will be neutralized by carbon sequestration in line with SBTi criteria.

*In rail traffic in Finland, VR has a legal requirement to sell fuel on a non-discriminatory basis.

About Science-Based Targets initiative

The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis.

The SBTi develops standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.

The SBTi is incorporated as a charity, with a subsidiary which will host our target validation services. SBTi’s partners are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). More information: www.sciencebasedtargets.org