The green transition as a driver of long-term value creation

At the same time, our climate efforts and methodology were recognised in 2026 with a joint third place in Økonomisk Ugebrev’s climate ranking for the Danish pension sector – and the highest ranking among commercial pension providers.

Velliv’s ranking reflects the responsibility we carry as a pension provider: to contribute to a sustainable development of society and create financial security for our customers – both now and in the future. 

A year marked by geopolitical uncertainty and extreme climate events

As our Chief Investment Officer, Lea Vaisalo, explains, 2025 was characterised by geopolitical instability, rising political polarisation and resistance to climate initiatives, which pushed the climate debate into the background. At the same time, 2025 was recorded as the third warmest year on record. Severe climate events such as wildfires in California and flooding in South and Southeast Asia clearly demonstrate that climate change represents a global risk that cannot be ignored.

Improved monitoring, assessment and management

Our Climate and biodiversity report shows how, in 2025, we strengthened our processes for monitoring, assessing and managing climate-related risks (see page 17). The findings indicate that, over the long term, Velliv’s investment portfolio performs best financially in a scenario with an ambitious green transition, compared with a world without further action, where the risk of significant temperature increases is high. This supports our conviction that actively working with the green transition creates value for long-term investors. 

We also see positive progress towards our short-term investment targets, including those approved by the Science Based Targets initiative (SBTi), described from page 10.   

30% of investments depend on biodiversity

From page 32, we present our analysis of the potential dependency and impact of listed equities and corporate bonds on biodiversity. The analysis highlights the importance of protecting nature: more than 30% of investments show a potentially high or very high dependency on biodiversity, while more than half are associated with a potentially high or very high negative impact.   

Progress on SBTi targets

We have seen progress in our SBTi-approved climate targets since 2019. SBTi is a globally recognised standard that ensures scientific validation of CO2e reduction targets against the goals of the Paris Agreement. Velliv’s CO2e footprint per DKK 1 million invested has been reduced by 46% from 2019 to 2025, and we assess that we remain on track to reduce emissions by 60% by 2030.