Our impact

In 2024, we conducted a double materiality assessment in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD) in collaboration with Gaia Consulting Oy. The purpose of the assessment was to identify the sustainability topics on which our operations have the greatest impact and which, at the same time, have the most significant implications for Hoas, its operations, financial performance, and future development. The assessment covered our entire value chain, from construction and property maintenance to housing services, procurement, and collaboration with partners.

A double materiality assessment takes a two-way perspective. We evaluate both how our operations affect people and the environment, and how environmental and societal changes may affect Hoas. The assessment was informed by the expertise of Hoas employees, previous stakeholder engagement work, and studies and analyses related to the operating environment of the construction and real estate sector.

Based on the assessment, the following sustainability topics were identified as material for Hoas: climate change, biodiversity and ecosystems, circular economy, our own workforce, workers in the value chain, consumers and end-users, and business conduct. These topics form the foundation of our sustainability strategy, objectives, and reporting.

The results show that our most significant environmental impacts are related to construction, renovation, energy use, and the procurement of materials and services. At the same time, we have opportunities to advance low-carbon construction, energy efficiency, circular economy practices, and biodiversity through our own operations and together with our partners. From a social responsibility perspective, the most significant topics include services that support students’ wellbeing and safe housing, employee wellbeing, and responsible practices throughout our value chain.

The double materiality assessment helps us focus our sustainability efforts on the areas where we can create the greatest positive impact. It also supports the development of our sustainability targets, governance practices, and reporting in line with current and future CSRD requirements.

Our most significant impacts are found in new and renovated construction. And we’re not alone; according to the Construction Industry Federation, buildings, and construction account for about one-third of Finland’s total emissions.

When we look beyond just our emissions, it’s important to recognize that in this sector, the impacts are diverse and managing the whole picture is challenging, especially due to long subcontracting chains.

We aren’t alone in facing energy-related emissions either. According to the Ministry of the Environment, about 40% of all energy used in Finland is consumed in buildings, and the energy used causes carbon emissions. It’s worth noting that even energy produced from renewable sources generates emissions during energy production and the required infrastructure.

The emissions from purchased products and services are often calculated based on the money spent, not the actual emissions caused. This means that if, for example, a service provider switching to biofuel or an electric car increases the price of the service, the calculated emissions will rise proportionally with the service price – even though the actual emissions decrease.

We are gradually moving toward material-based calculations with service providers, but it’s not easy. Many service providers calculate their overall emissions, but we need to access service-specific emission calculations.