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Finnair – Double materiality assessment

The first steps towards the strategic sustainability of the future – Double materiality assessment and ESRS gap analysis for Finnair

Many companies across Europe are getting ready for CSRD sustainability reporting, Finnair included. The 100-year-old Finnish aviation company collaborated with Miltton to carry out a double materiality assessment and ESRS gap analysis, thus strengthening their strategic sustainability work. 

Business transformation & transactions

Client: Finnair

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Executive summary

The upcoming CSRD regulation requires certain companies to assess their double materiality, and it is also an important tool for leadership to assess sustainability on a strategic level. It entails impacts, risks and opportunities and is directly linked to value creation. Miltton conducted Finnair’s first double materiality analysis (DMA) in accordance with the European Sustainability Reporting Standards (ESRS) in close collaboration with Finnair’s core project team. 

Output

Miltton performed a contextual analysis, including broad stakeholder engagement through surveys and interviews, and conducted an identification and assessment of sustainability impacts, risks, and opportunities. The process and results were validated by Finnair’s Board of Directors and externally assured by a third party. Finnair received clearly defined material topics through a process that was carried out according to the CSRD and ESRS requirements. Gaps and development needs within Finnair’s own sustainability reporting were also identified in an extensive analysis of Finnair’s current reporting materials and reporting preparedness.  

Insight highlights

  1. Groundwork for developing Finnair’s sustainability reporting to meet the requirements of upcoming EU regulations. 

  2. Identification of development needs in sustainability reporting as well as in stakeholder communications. 

  3. Assessment of the prioritized sustainability topics from a financial perspective to guide Finnair’s strategy work in the future. 

“The project helped us deal with complex issues in an understandable way, and Miltton’s experts knew how to summarize the most important issues for our project team and our Executive Board. We were very pleased with the well-run project and Miltton’s flexibility throughout the process. The whole double materiality assessment was facilitated in a well-structured and clear manner.”

Tarja Koski

Senior sustainability manager, Finnair

Results

The outcome of the project was a clear list of material topics aligned with the ESRS categories, including thorough documentation of the process. In addition, Finnair received an analysis of necessary future development for ESRS data points. 

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