Our new strategy for 2022–2025 will be executed through three strategic priority areas: Focus, Productivity, and ESG (Environmental, Social, Governance).
Our updated ESG strategy will set new standards for the industry. YIT is the first Finnish construction company to commit to reducing emissions from both its own operations and its value chain in accordance with the Science Based Targets Initiative. With this commitment, we strengthen our previous climate work and update our current climate targets to be more comprehensive, which will also reduce our customers' emissions.
YIT has also established a Green Finance Framework to support investments promoting the transition towards a low-carbon circular economy. The Green Finance Framework will enable YIT to issue green bonds and other green financial instruments to finance projects with environmental benefits. The Framework will be one of the tools to support YIT to reach its climate and sustainability targets.
We guide our sustainability in many ways. You can explore the most important topics below.
Targets guide our operations. Each year, we set targets and KPI’s for each of the material sustainability theme and report on their implementation. We will report annually on our progress towards these goals.
In November 2021, we committed to the Science Based Targets initiative (SBTi) to limit global warming to 1.5 degrees in line with the Paris Climate Agreement.
Theme |
Target |
Actions and progress in 2022 |
1. We enable a sustainable
|
We offer sustainable, EU taxonomy-aligned projects with high-level Increase the amount of geothermal heating in residential projects |
1 building completed with LEED Gold certification or better
4 buildings completed with four star RTS environmental rating
177 M€ EU taxonomy aligned revenue
11 residential projects with geothermal heating
started in 2022 |
2. Reducing environmental
|
Update climate targets CO2 emissions from own operations (Scope 1 and 2): net zero by 2030 Sorting rate of construction waste % > 80 |
Updated climate targets and carbon neutrality roadmap published Scope 1 and 2 emissions -9% vs 2021 Emission intensity 13,8 tCO2e / revenue MEUR (13,5) CO2 emissions per sqm of self-developed projects: 8 kgCO2e/m2/a (9) Sorting rate in Finland 75% in 2022 (77%) No mixed waste construction site pilots 12 pcs |
3. Occupational safety |
Managemement walks and talks 12 pcs / director / year Successful COVID-19-Exit Safe working environment, combined lost time accident frequency cLTIF <10,5 |
Management walks and talks > 100% Construction sites operating as usual, smooth transition to hybrid work Combined lost time accident frequency cLTIF 13,3 |
4. Good governance and
|
All YIT employees complete YIT Code of Conduct e-learnin Improving accessibility of YIT Ethics Channel. |
Code of Conduct III training completed by 80 % of personnel YIT Sustainability policy updated 37 reported suspected cases of misconduct, of which 3 led to measures Harmonisation of whistleblowing channel accessibility across all operating countries |
5. Safeguarding biodiversity
|
Safeguarding biodiversity through both project-specific measures and group-wide actions | Safeguarding biodiversity elevated as one of YIT’s material sustainability themes |
6. Promoting competence
|
Leadership competence secured: at least 200 employees in supervisory positions trained Introductory briefings: new employees’ attendance 75% Young people: 600 trainees Working environment: trainee feedback (recommendation index) > 80% |
184 supervisors trained New employees’ attendance in introductory briefings 58% 822 trainees Trainee feedback (recommendation index) 99% |
7. Respecting human rights |
Regular assessment of human rights impacts and development actions based on assessment results Increase awareness to recognise the signs of work-related exploitation and what to do if you suspect you have encountered work-related exploitation
|
Human rights impact assessment and development of due diligence procedures accordingly Information distributed on the signs of work-related exploitation, YIT Ethics Channel and other support services as a poster at construction sites in Finland Survey of foreign workers carried out |
8. Responsible |
Transition to low-carbon construction materials. Scope 3 emissions -30% by 2030 compared to year 2019
Improve transparency in the supply chain
>99% of inspected workers outside EU, EEA or Switzerland have a valid residence
and work permit |
Decision to take low-carbon hollow-core Number of supplier audits 50 Audits related to the contractor’s obligations 749 work permit inspections for non-EU, EEA |
What impact does YIT's business have on people, environment and society? And what do our stakeholders expect from us?
In 2022, we updated our key sustainability themes based on the results of a stakeholder survey conducted in 2021. In selecting the material themes, we focused on the relevance of the theme to our stakeholders and the materiality of the sustainability impacts considering specificities of the construction sector. In August 2022, YIT's Management Team confirmed the sustainability themes that are relevant to YIT's business and guide our sustainability work. We set annual targets and indicators for each theme. Our material sustainability themes are also described in the materiality matrix. The process of defining our sustainability material themes was last carried out in 2018.
The results of the materiality assessment serve as the guideline for our sustainability work.
Our mission, vision and values are the foundation of our operations and ways of working. YIT's Code of Conduct are a concrete expression of what compliance with our values means in our work with different stakeholders. For already years we have also been using a reporting channel maintained by a third party, allowing our employees to report confidentially, and, if necessary, anonymously any suspected misconduct.
In addition we are committed to good corporate governance through compliance with laws and regulations and by implementing best practices. Find more information on YIT's corporate governance here.
Below you can find YIT's policies and principles regarding sustainability, human resources, quality, occupational safety and environment.
The Sustainable Development Goals (SDGs) are part the UN’s Agenda 2030, which is aimed at eliminating poverty and giving equal consideration to the environment, economic prosperity and people. The Goals are universal and concern states, organisations and corporations.
We are committed to supporting the UN Sustainable Development Goals. The most significant of the Sustainable Development Goals with respect to our operations are: 11. Sustainable cities and communities; 12. Responsible consumption and production; 13. Climate action; 16. Peace, justice and strong institutions; and 8. Decent work and economic growth.
We want to do our part to help build a more sustainable and equal future.
We create value for our stakeholders in many ways. The Value Creation Model illustrates how we leverage resources and the impacts our operations have.
Our most important resource is our professional staff in all of our operating countries whose expertise we invest in. With strong financial capital, we are able to carry out diverse projects and services for our customers and society. In addition, the building environment requires a variety of building materials, such as soil, concrete and steel, which we use in our operations. Relationships with our thousands of partners and satisfied customers are essential resources for our excellence. YIT's brand as a leading urban developer, corporate culture and our diverse product and service concepts complement our prerequisites for creating the highest possible value.
We operate in four business areas: housing, business premises, infrastructure and property development.
Our residential construction in Finland and CEE countries mainly focuses on the development and construction of residential and residential development projects. We sell apartments to consumers and investors, rent them and offer and develop a variety of housing concepts and services for our clients.
It covers the construction of business premises and other public facilities, project development and property management. The projects are both self-developed and contracted, and in addition to new construction, the segment is implementing renovation projects. Finland is our main market area, but there are also operations in Estonia, Latvia, Lithuania and Slovakia.
We carry out diverse and demanding infrastructure projects such as roads, bridges, metro stations and water utilities. We also mine tunnels and mines and provide road maintenance services in Finland. Most of our projects are contracted, but we are also developing customised wind turbine foundations and providing related services and maintenance. In addition to Finland, our infrastructure construction operations extend to Sweden and Norway.
Our property development business focuses on property ownership. We gain from the assets we own as rental income and gain in value.
Our business model is based on a continuous stream of development projects, designing, construction, investing and providing services. We have an exceptional ability to develop projects with design responsibilities, and close internal co-operation between our various operations improves the productivity of the implementation phase. Our other sources of growth and profitability are the non-cyclical partnership properties and service business. The income stream from property ownership guarantees us long-term returns, while developing our diverse service offering aims to extend our value chain and return on our products. Our presence in the life cycle of the building guarantees better and more sustainable services to our customers.
Happy employees are one of the cornerstones of our success and we invest in the well-being and competence of our employees. Occupational safety is the starting point for all our activities, and we are constantly striving to improve the safety of our employees and partners. Our business aims to create a safe working and living environment for all parties.
Customers are another stakeholder at the heart of our business. We create value for our customers by implementing different living spaces and areas - creating better living environments. Better living environments include safe and comfortable homes, a variety of office and public spaces, and smooth and low-emission infrastructure such as public transport and renewable energy sources. In addition, by offering a variety of services, we make our customers' lives easier and more sustainable.
We are a reliable customer to our financiers. As a responsible corporate citizen, we pay our income tax in accordance with current tax practices.
Strategic partnerships create added value for us and our partners. They can be used to develop the business of both parties together towards new, innovative solutions.
We have over 40,000 shareholders. We create economic value for our owners by focusing on improving our profitability and maintaining financial stability.
We create value for society by developing sustainable urban environments. Transportation, housing and living in sustainable cities has been done in an environmentally friendly way. They also provide safe and comfortable living and the economic attractiveness of the area due to its compactness and versatility. As a responsible corporate citisen, we also innovate visions of urban and regional development on our own initiative to achieve a better living environment for all of us.
In addition, since 2012, we have been running a 100 Good Deeds responsibility program where we do small good deeds. In the program, our own employees and those who receive sponsorship money do good deeds for third parties in accordance with our values.
The environmental impact of construction and the built environment is notable. However, with our sustainable products and practices, we can significantly influence the environmental load of our customers. Design and construction choices, lifetime services, and efficient construction enable the lifecycle emissions of our products to be minimised.
Therefore, we are aiming to halve the CO2 emissions of both our energy consumption and our own projects by 2030 compared to 2019. In addition, our goal is to enable our customers to have a carbon neutral use of buildings.
Construction also produces waste and momentary impacts such as noise, dust and vibration. We are actively working to mitigate these negative impacts by developing reporting and more efficient practices at our sites.
Our material sustainability themes are part of our value creation, by creating and maintaining our value:
1. Creating sustainable, comfortable and safe urban development by utilising opportunities provided by the circular economy
Value for society, environment and customers:
- business opportunities
- brand value
2. Compliance with good corporate governance and preventing corruption and the grey economy
Value for partners, society and owners:
- risk management
3. Occupational safety
Value for personnel:
- risk management
4. Promoting the personnel’s occupational well-being and competence
development
Value for personnel:
- brand value
- risk management
5. Implementing responsible subcontracting and procurement
Value for partners, society and environment:
- risk management
- brand value
- partnership opportunities
6. Reducing the environmental impact of the YIT’s own operations
Value for environment, customers and society:
- business opportunities
- risk management
- brand value
This is how we meet the expectations of our customers, personnel, shareholders, partners, public administration and civil society, and how we communicate with the shareholders.
Our 100 Good Deeds campaign was a gift to a 100-year-old Finland, however we still continue the good deeds. Through good deeds we share joy around us.
Read more about the 100+ Good Deeds (in Finnish)
We spread common good via our 100 Good Deeds programme. Read more about our sponsoring practices.
In the Finland 100 centenary year, we wanted to bring more life to sustainable cities and make yards an environment where everyone feels more at ease. We examined future of increasingly comfortable and functional yard areas with the help of workshops where experts from different fields will be challenged to come up with new ideas and solutions for yards. The work resulted in the More life in yards -concept, which is also tool for designing yards.
As part of the Finland 100 gift, YIT renovated a park in accordance with the the More life in yards -concept. The site to be renovated was Sähköttäjänpuisto park, and it was selected together with the City of Helsinki.
Non-financial information / Annual Review 2022
Non-financial information / Annual Review 2021
Non-financial information / Annual Review 2020
Non-financial information / Report of the Board of Directors 2019
YIT GRI-Idex and Appendices 2018
Non-financial information / Report of the Board of Directors 2018
Sustainability and GRI-index / Annual report 2017
Corporate responsibility and GRI-index / Annual report 2016
Corporate responsibility and GRI-index / Annual report 2015
GRI-index / Annual report 2014
Corporate responsibility / Annual report 2013
Corporate responsibility and GRI-index / Annual review 2012