Creating a visionary path with concrete steps towards a circular operating model






Paula Fontell
Anne Raudaskoski
Tuuli Kassi

Varma provides pension insurance for Finnish work and is a pioneer in work ability management. Varma is also a responsible and solvent investor with the investment portfolio of 44billion euros.

Varma wanted to better position itself and increase internal know-how on circular economy as part of their real estate investment strategy. The first step was to conduct the Strategy Audit consisting of 1) a business environment analysis in relation to Varma’s strategy 2) benchmark study 3) stakeholder interviews.

As a result, Varma got a clear understanding of its current state and focus areas for further development with prioritised actions.

Collaboration continued by creating an ambitious vision for the real estate investment strategy: circular economy principles will be embedded in all building projects by 2025. To achieve the vision to guide each stage of the building process, two sets of guidelines were created: 1) Circular Construction Guidelines with goals and measurable targets 2) Circular guidelines for real estate maintenance use and re-use.

Johanna Haikala, Real Estate Investment Manager:

“Ethica has played an instrumental role in developing our work at the strategic and operational level. In our view, the collaboration has been extremely beneficial. Ethica’s team has unique knowledge and skillset which I can sincerly recommend to anyone needing circular expertise.”