Wednesday October 05, 2022

60% Finnish companies take energy saving measures: Survey

Published : 22 Sep 2022, 02:40

  DF Report

DF File Photo.

Around 62 per cent of Finnish companies that responded to a survey commissioned by OP are taking energy saving measures, said OP in a press release on Wednesday.

Large companies in particular are trying to save energy due to price rises. They have also stepped up investments in green energy.

The survey reveals that companies are reacting in a number of ways to the rise in costs caused by the energy crisis. A total of 62 per cent are using energy saving measures to reduce consumption.

Finnish companies with net sales of over 20 million euros are paying particular attention to energy consumption – three quarters aim to reduce consumption. Around 45 per cent of Finnish SMEs with net sales of 2–10 million euros are doing the same.

”Large corporations have more resources for reviewing their energy consumption. This at least partly explains the difference. Investment in saving energy is also worthwhile for smaller companies, since the last few years’ explosive growth in energy prices is already impacting on the bottom line,” said Katja Keitaanniemi, President and CEO of OP Corporate Bank.

In addition, 40 per cent of respondents state that rises in fuel costs have had a direct impact on companies’ logistics.

OP Financial Group is encouraging Finnish society to save energy: as its contribution, OP has lowered the temperature of its premises by at least a degree.

”Our energy saving actions have been well received. It’s about taking small actions with a big cumulative impact, if we want to ensure sufficient electricity at a tolerable price. Reducing the temperature by one degree typically reduces consumption by five per cent,” said Keitaanniemi.

Energy prices have risen exceptionally fast because of Russia’s attack on Ukraine. Saving energy by measures such as lowering the temperature can temporarily ease the situation.

”Rapid measures taken now save energy through changes in our surrounding conditions. Far-reaching reforms such as investments in energy efficiency and green energy are a more rational solution in the long term,” said Keitaanniemi.

The current situation seems to be accelerating longer-term changes in energy production and consumption.

Of the Finnish companies responding to the survey, 38 per cent say that economic uncertainty has led them to increase their investments in green energy, by as much as 60 per cent in the case of large companies. For Finnish companies with net sales of less than 10 million euros, the equivalent figure is only 20 per cent.

”Many companies are progressing towards carbon neutrality. Current events show that this is in companies’ interests in terms of their own finances as well as meeting the expectations of society,” said Keitaanniemi.

A total of 100 Finnish companies with net sales of at least 2 million euros responded to the survey, which was commissioned by OP and implemented by Taloustutkimus Oy. The survey was conducted by phone in September 2022.