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ESG key figures

PensionDanmark has decided to publish a list of ESG key figures (Environment, Social and Governance), calculated according to the guidelines published by FSR – Danish Auditors, Nasdaq and the Danish Finance Society in June 2019. In order to give credence to these ESG key figures, we have also included them in our independent auditor’s report as the first pension provider in Denmark.

Environmental data

  Unit 2025 2024 2023 2022 2021
CO2e emissions from company            
CO2, scope 11 Tonnes 47 53 65 74 45
CO2e, scope 2 (market-based) Tonnes 33 31 38 33 67
CO2e, scope 2 (location-based) Tonnes 73 73 102 174 212
Energy consumption (scope 1 + scope 2)1 GJ 6,745 7,122 7,307 7,930 9,154
             
Renewable energy share (scope 2)1 % 84 83.6 81.4 81 82.2
             
CO2e, scope 3 estimated            
C1: Purchased goods and services Tonnes 5,719 5,941 7,550 6,103 6,674
C2: Capital goods, Tonnes

722

736

1,329

 1,145 2,524
C5: Waste Tonnes 1 1 1.4 1.2 1.2
C6: Business travel1 Tonnes 225.3 245.9 123.5 93.3

15.4
C7: Employee commuting Tonnes 185.5 185.7 164 126.8 122.5
C15: Investments2 Tonnes of CO2e 1,742,037 1,664,497 1,816,446 1,499,314 1,681,892
CO2e, scope 3, total Tonnes 1,748,890 1,671,607 1,825,614 1,506,783 1,691,229
             
Other company-related environmental data:            
Water consumption m3 3,012 2,960 3,004 2,809 2,769
  1. Energy consumption and renewable energy share are calculated based on scope 2 location-based.
  2. Excl. government bonds. The emissions are not consolidated due to double counting with other asset classes.

Environmental data - Investments

  Unit Target 2030 Target 2025 2025 2024 2023 2022 2021
CO2 emissions from listed equity portfolio:                
Total emissions Tonnes of CO2e     594,304 472,056 539,696 528,084 727,640
CO2 footprint Tonnes/DKKm < 4.4 < 6.3 4.2 4.0 6.0 6.2 6.9
                 
CO2 emissions from corporate bond portfolio:                
Total emissions Tonnes of CO2e     430,659 491,896 564,709 527,770 551,281
CO2 footprint Tonnes/DKKm < 14.5 < 20.7 14.3 16.2 18.7 22.8 22.6
CO2 footprint, excl. green bonds  Tonnes/DKKm < 12.6 < 18.0  11.9 13.9 16.3 19.6 20.9
                 
CO2 emissions from private equity portfolio:                
Total emissions Tonnes of CO2e     92,378 94,279 75,398 74,969 57,096
CO2 footprint Tonnes/DKKm  < 2.9  < 4.1 3.2 3.2 3.2 3.3 3.7
                 
CO2 emissions from private debt portfolio:                
Total emissions Tonnes of CO2e     43,045 45,338 58,103 77,542 92,263
CO2 footprint Tonnes/DKKm  < 5.5  < 6.4 2.8 2.8 3.8 5.5 7.3
                 
CO2 emissions from infrastructure portfolio1:                
Total emissions Tonnes of CO2e     521,481 476,900 469,582 177,485 121,968
CO2 footprint Tonnes/DKKm 17.23 <18.73 18.4 17.8 19.6 10.3 10.5
                 
Danish mortgage bond portfolio1:                
Total emissions Tonnes of CO2e     56,283 80,173 103,811 107,104 123,724
CO2 footprint Tonnes/DKKm < 1.8 < 2.3 1.2 1.6 2.1 2.6 2.7
                 
CO2 emissions from real estate portfolio:                
Total emissions Tonnes of CO2e     3,876 3,855 5,147 6,360 7,920
CO2 footprint Tonnes/DKKm  < 0.3  < 0.35 0.1 0.2 0.2 0.3 0.3
CO2 intensity kg/sqm  < 6.9  < 8.0 4.1 4.3 5.8 7.7 8.9
                 
CO2 emissions from sovereign bonds1,2:                
Total emissions Tonnes of CO2e     432,000 432,582 431,415 369,019 -
CO2 footprint: Tonnes/DKKm     27.7 27.9

29.8

 29.3 -
                 
Total CO2 footprint of equities and corporate bonds  Tonnes/DKKm < 6.4 < 9.13 6.0 6.5 9.2 9.8 9.8
Total CO2 footprint of equities and corporate bonds, excl. emissions from green bonds Tonnes/DKKm < 6.2 < 8.93 5.6 6.0 8.6 9.1 9.5
                 
Total CO2 footprint of investment portfolio4 Tonnes/DKKm     5.5 5.7 7.1 6.6 6.9
                 
Ownership of green infrastructure, capacity5 MW   1,300 1,259 996 1,087 952 893
Avoided CO2 emissions from ownership of green infrastructure, estimated5 Tonnes of CO2   >2,000,000 1,285,102 1,214,993 1,244,357 1,309,478 1,511,358
Cumulative renewable energy capacity expansion since 20216 MW 1,000   481 403 274 179 -

1 Data not available for computation in 2021.
2 The emissions and CO₂ footprint for government bonds are calculated using data from Climate Watch, including LUCF. Excluding LUCF, the figures for 2025 are 378,369 tons and 24.3 tons/million DKK, respectively.
3 Net‑Zero Asset Owner Alliance targets applicable to 2025.
4 Excl. government bonds. The emissions are not consolidated due to double counting with other asset classes.
5 PensionDanmark has not set targets for this after 2025. Instead, targets have been set for the development of new capacity within renewable energy. 
6 PensionDanmark has raised its 2030 target for new green capacity to 1 GW (1,000 MW); in this connection, the calculation method has been updated and the historical figures have been adjusted.

Social data

Social data Unit 2025 2024 2023 2022 2021
Full-time staff FTE 408 382 363 336 321
Gender diversity % 41.8 41.7 42.8 43.3 43.8
Gender diversity for managers with personnel responsibility % 32.4 37.6 39.9 43.5 43.9
Gender diversity, other management tiers % 28.6 28.6 36.4 39,4 33,3
Gender pay gap Times 1.2 1.2 1.3 1.2 1.3
Staff turnover % 12.5 7.3 12.1  18.7 18.1
Sickness absence Days/FTE 6.4 6.1 7.1 7.1 6.8
Taxes paid DKKm 4,448 932 67 5,829 2,362

Governance data

Governance data Unit 2025 2024 2023 2022 2021
Gender diversity, Board of Directors % 16.7 12.5 22.2 22.2 27.8
Members of the Board No. 18 16 18 18 18
Board meeting attendance % 84.3 90.9 92.3 91.0 95.0
Salary gap between CEO and employees Times 8.4 7.6 7.7 8.9 8.9