Companies within the Nordic stock exchange were scored on their climate change disclosure practices, with focus on greenhouse gas emissions and emissions reduction targets.

The index also looked at how companies manage the risks and opportunities that are associated with climate change.

UPM has achieved major fossil CO2 emission reduction after investing in renewable energy production, resulting in a 40% reduction of fossil CO2 emissions from paper manufacturing since 1990.

John Sanderson, director, global market support, environmental affairs at UPM, said the company’s UK production units have "continually sought to improve their energy efficiency and seek alternative sources of energy to replace that derived from fossil fuels".

He added: "What is important to UPM is not just the source of energy we use, but how efficiently it is generated and used."

He added that the company’s two biomass CHP plants commissioned at its UK paper mills are worth a total investment of more than £110m, and "demonstrate that this sort of technology when linked to the perfect partner, a paper mill, not only deliver low carbon energy, but deliver it at a very high generation efficiency".

"Combined with significant reduction in mill energy consumption, our UK mills make a significant contribution to UPMs overall front runner performance on Climate Change," Sanderson said.