Sustainability at Wärtsilä
Our commitment to sustainability and responsible business is based on our purpose and strategy, which along with our sustainable development objectives create the framework for developing the company's activities and products. Wärtsilä’s strategy is based on three key areas, energy efficient solutions, lifecycle optimisation, and innovative solutions, all of which contribute to a more sustainable future in both the energy and the marine industry.
Our strength is our technological leadership and therefore technology plays a central role in our sustainability work. Wärtsilä Energy Business and Marine Business focus on developing and providing sustainable solutions and services for the industries in which they operate. The utilisation of lifecycle data analytics will enhance our efforts on enabling sustainable societies with smart technology. The role of technology and R&D in our sustainability work is described in the Innovating for sustainability section.
Wärtsilä's governance and risk management principles are described in the Governance section. Wärtsilä identifies and assesses its sustainability risks on an annual basis. Based on the current assessment, the sustainability risks are considered to be at a moderate level, and sustainability forms an opportunity for Wärtsilä.
The overall management approach of sustainability is presented in the picture Wärtsilä’s sustainability approach. Wärtsilä’s strategy for environmental and social responsibility is presented in the Strategy section. Wärtsilä sets corporate level sustainability targets for the core areas.
The key elements of Wärtsilä's sustainability management are described in the table below. The guiding principles lay the foundations for uniform management practices. The management approach covers procedures, processes, and systems to manage and monitor material topics.
Code of Conduct
Policy of human rights, equal opportunities and fair employment practices
Training and education
Occupational health and safety
The following voluntary commitments also guide Wärtsilä’s sustainability work. Wärtsilä has signed the United Nations Global Compact initiative and supports its ten principles with respect to human rights, labour, the environment, and anti-corruption. We are committed to align our strategy, culture, and day-to-day operations with these principles, and to engage in collaborative projects that advance sustainable development. Our Code of Conduct and sustainability approach provide the main framework for promoting the principles within our sphere of influence.
In 2019, Wärtsilä joined the ResponSea initiative alongside other Finnish Marine Industry (FMI) members to drive sustainable development across the sector as part of Finland’s Society’s Commitment to Sustainable Development. We have also signed an Energy Efficiency Agreement whereby Finnish industry voluntarily endeavours to use energy more efficiently for the period 2017-2025. Wärtsilä North America Inc. has signed the Customs Trade Partnership Against Terrorism (C-TPAT) agreement.
In 2019, Wärtsilä also joined the Getting to Zero Coalition, which is committed to getting commercially viable deep sea zero emission vessels powered by zero emission fuels into operation by 2030. More information about our new partnerships announced during the year can be found in the Innovating for Sustainability section.