REVITALIZING INDUSTRIAL HERITAGE: ESG-DRIVEN TRANSFORMATION OF TEHDASSAARI ISLAND’S NOKIA FACTORY / TEOLLISEN PERINNÖN ELVYTTÄMINEN: ESG-VETOINEN MUUTOS TEHDASSAAREN NOKIAN TEHTAALLA

Penulis

  • Bernard Kusi Sustainability & Circular Economy Specialist/ Based in Finland Chapter Member, African Circular Economy Network (ACEN), Finland
  • Terence Yuh Yong Faculty of Educational Sciences, Department of Education, University of Helsinki, Finland

DOI:

https://doi.org/10.46827/ejsss.v10i5.1906

Kata Kunci:

circular economy, environmental performance, social development, corporate governance, stakeholder engagement, business sustainability, business strategy, architectural heritage, industrial heritage / kiertotalouden, ympäristösuorituskyky, sosiaalinen kes

Abstrak

This study investigates the Environmental, Social, and Governance (ESG) practices of Cireco Finland Oy in transforming the old Nokia Factory on Tehdassaari Island into Circular Economy, Art, and Culture Hub. Utilizing a comprehensive methodological approach, including surveys, interviews, observations, and document analysis, this research uncovers critical insights into the project's sustainability strategies, stakeholder engagement, and governance frameworks. The findings reveal significant advancements in environmental performance, such as reduced greenhouse gas emissions and enhanced waste management practices. Socially, the project demonstrates robust community engagement and job creation, contributing to local economic revitalization. Governance improvements include increased transparency and adherence to ethical standards. The study fills a crucial gap in the existing literature on ESG integration in industrial heritage projects, offering a scalable model for similar initiatives globally. The implications are far-reaching, suggesting that incorporating ESG principles can lead to the successful and sustainable redevelopment of heritage sites, balancing economic growth with environmental stewardship and social responsibility. The research contributes to the broader discourse on circular economy practices and sustainable urban development, providing actionable recommendations for policymakers, practitioners, and future researchers.

Tämä tutkimus analysoi Cireco Finland Oy:n ympäristö-, sosiaali- ja hallintokäytäntöjä (ESG) vanhan Nokian tehtaan muuntamisessa Tehdassaaren saarella kiertotalouden, taiteen ja kulttuurin keskukseksi. Tutkimuksessa sovelletaan monimenetelmällistä lähestymistapaa, johon kuuluvat kyselyt, haastattelut, havainnointi ja asiakirja-analyysi, ja sen tavoitteena on tarjota syvällinen ymmärrys hankkeen kestävän kehityksen strategioista, sidosryhmäyhteistyöstä ja hallintorakenteista. Tulokset osoittavat merkittäviä parannuksia ympäristösuorituskyvyssä, kuten kasvihuonekaasupäästöjen vähentämisessä ja jätehuollon tehostamisessa. Sosiaalisesta näkökulmasta hanke edistää yhteisön aktiivista osallistumista ja uusien työpaikkojen luomista, mikä tukee paikallistalouden elpymistä. Hallintokäytäntöjen osalta on havaittavissa lisääntynyt läpinäkyvyys sekä vahvempi sitoutuminen eettisiin toimintaperiaatteisiin. Tutkimus paikkaa merkittävää aukkoa ESG:n integrointia teollisiin perintöhankkeisiin käsittelevässä kirjallisuudessa ja tarjoaa skaalautuvan mallin vastaaville hankkeille globaalisti. Vaikutukset ovat kauaskantoisia, mikä viittaa siihen, että ESG-periaatteiden systemaattinen soveltaminen voi johtaa kulttuuriperintökohteiden onnistuneeseen ja kestävään kehittämiseen tasapainottamalla talouskasvu ympäristönsuojelun ja sosiaalisen vastuun kanssa. Tutkimus tuo arvokasta lisäpanosta kiertotalouden ja kestävän kaupunkikehityksen tutkimukseen sekä tarjoaa konkreettisia suosituksia päättäjille, käytännön toimijoille ja tuleville tutkijoille.

 

Article visualizations:

Hit counter

Biografi Penulis

  • Bernard Kusi, Sustainability & Circular Economy Specialist/ Based in Finland Chapter Member, African Circular Economy Network (ACEN), Finland

    Mr. Bernard Kusi is a Sustainability and Circular Economy Specialist with expertise in environmental policy development, sustainable business strategies, and ESG integration across diverse industries. He holds a Master of Business Administration (MBA) in Risk Management & Circular Economy, as well as a Postgraduate Diploma in International Business & Logistics at Tampere University of Applied Sciences. He is a member of African Circular Economy Network(ACEN). His research interest includes organizations design and implement sustainability frameworks, optimize resources, and develop climate resilience initiatives that drive long-term value, efficiency, and compliance.

    Skilled in stakeholder engagement, sustainability reporting, and impact-driven policymaking, he collaborates with businesses, academic institutions, and public organizations to develop circular economy models, carbon reduction strategies, and responsible supply chain practices. With extensive experience in workshop facilitation, strategic risk management, and research-driven decision-making, he translates sustainability principles into practical solutions, fostering resilient, innovative, and socially responsible organizations prepared for the future.

    ORCID: https://orcid.org/0009-0008-4037-2147

  • Terence Yuh Yong, Faculty of Educational Sciences, Department of Education, University of Helsinki, Finland

    Dr. Yuh Terence Yong is a Postdoctoral Researcher in the Department of Educational Sciences at the University of Helsinki. His current research focuses on Technical and Vocational Education and Training (TVET) within the Digital Academies in Africa (DAIA) project. Dr. Yuh holds a Doctorate in Administrative Sciences (D.Sc. Admin.), with a specialization in Higher Education Management and Policy. His research interests encompass both theoretical and applied empirical studies at the intersection of higher education management and policy. This includes areas such as internationalization in higher education, educational institution-industry relations, global education policies, policy lending and borrowing, the entrepreneurial university, and the knowledge economy and universities.

    ORCID: https://orcid.org/0000-0001-6321-9817  

Referensi

Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258

Allegro, I., & Lupu, A. (2018). Models of Public Private Partnership and financial tools for the cultural heritage valorisation. Urbanistica Informazioni-INU, 1-6. Retrieved from https://www.docenti.unina.it/webdocenti-be/allegati/materiale-didattico/34486242

AL-shimmery, B. M., & Al-Ali, S. S. (2022). Potentials of Built Heritage as Opportunities for Sustainable Investments. ISVS e-journal, 9(4), 202-219.

Atkins, B. (2020). Demystifying ESG: Its history & current status. Forbes. New York, Abril. Available at: https://www.forbes.com/sites/betsyatkins/2020/06/08/demystifying-esgits-history--current-status/?sh=1cc02c72cdd3

Babkin, A., Shkarupeta, E., Tashenova, L., Malevskaia-Malevich, E., & Shchegoleva, T. (2023). Framework for assessing the sustainability of ESG performance in industrial cluster ecosystems in a circular economy. Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100071. https://doi.org/10.3390/joitmc9020071

Bohne, R. A., Klakegg, O. J., & Lædre, O. (2015). Evaluating sustainability of building projects in urban planning. Procedia Economics and Finance, 21, 306–312. https://doi.org/10.1016/S2212-5671(15)00185-4

Bosun-Fakunle, Y., Mary, J., & Gbenga, E. (2023). Effect of corporate governance on environmental performance: Empirical evidence from Zimbabwe. American Journal of Industrial and Business Management, 13, 163–181. https://doi.org/10.4236/ajibm.2023.133012

Bowitz, E., & Ibenholt, K. (2009). Economic impacts of cultural heritage—Research and perspectives. Journal of Cultural Heritage, 10(1), 1–8. https://doi.org/10.1016/j.culher.2008.09.002

Bradburn, N. M., Sudman, S., & Wansink, B. (2004). Asking Questions: The Definitive Guide to Questionnaire Design. Jossey-Bass. Retrieved from https://www.wiley.com/en-us/Asking+Questions%3A+The+Definitive+Guide+to+Questionnaire+Design+--+For+Market+Research%2C+Political+Polls%2C+and+Social+and+Health+Questionnaires%2C+2nd%2C+Revised+Edition-p-9780787970888

Bryman, A. (2016). Social Research Methods (5th ed.). Oxford University Press. Retrieved from https://ktpu.kpi.ua/wp-content/uploads/2014/02/social-research-methods-alan-bryman.pdf

Burnham, B. (2019). A cultural heritage investment fund as a strategy for conserving our cultural and natural legacies [Report]. National Trust for Historic Preservation. https://openarchive.icomos.org/id/eprint/2314/

Cantino, V., Devalle, A., & Fiandrino, S. (2017). ESG sustainability and financial capital structure: Where they stand nowadays. International Journal of Business and Social Science, 8(5), 116–126. Retrieved from https://www.researchgate.net/publication/320805495_ESG_Sustainability_and_Financial_Capital_Structure_Where_they_Stand_Nowadays

Chang, A. S., & Tsai, C. Y. (2015). Sustainable design indicators: Roadway project as an example. Ecological Indicators, 53, 137–143. https://doi.org/10.1016/j.ecolind.2015.01.035

Couper, M. P. (2008). Designing Effective Web Surveys. Cambridge University Press. Retrieved from https://www.cambridge.org/core/books/designing-effective-web-surveys/C709B3E307CF5F462F8267078C3A0E02

Creswell, J. W., & Plano Clark, V. L. (2018). Designing and Conducting Mixed Methods Research (3rd ed.). SAGE Publications. Retrieved from https://collegepublishing.sagepub.com/products/designing-and-conducting-mixed-methods-research-3-241842

Creswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry and Research Design: Choosing Among Five Approaches (4th ed.). SAGE Publications. Retrieved from https://revistapsicologia.org/public/formato/cuali2.pdf

De Silva Lokuwaduge, C. S., & De Silva, K. M. (2022). ESG risk disclosure and the risk of greenwashing. Australasian Accounting, Business and Finance Journal, 16(1), 146–159. https://doi.org/10.14453/aabfj.v16i1.11

De Villiers, C., Naiker, V., & van Staden, C. J. (2011). The Effect of Board Characteristics on Firm Environmental Performance. Journal of Management, 37, 1636-1663. https://doi.org/10.1177/0149206311411506

Dillman, D. A., Smyth, J. D., & Christian, L. M. (2014). Internet, Phone, Mail, and Mixed-Mode Surveys: The Tailored Design Method. Wiley.

Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333–360. https://doi.org/10.1007/s10551-019-04164-1

Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social, and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04164-1

Eccles, R. G., & Stroehle, J. C. (2018). Exploring social origins in the construction of ESG measures. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3212685

Fröch, G. (2015). Sustainability issues in the valuation process of project developments. Energy and Buildings, 100, pp.2-9. https://doi.org/10.1016/j.enbuild.2014.12.017

Gillan, S., Hartzell, J.C., Koch, A. and Starks, L.T. (2010). Firms’ environmental, social and governance (ESG) choices, performance and managerial motivation. Unpublished working paper, 10. Retrieved from https://www.researchgate.net/publication/228847213_Firms_environmental_social_and_governance_ESG_choices_performance_and_managerial_motivation

Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889

Fowler, F. J. (2014). Survey Research Methods (5th ed.). SAGE Publications. https://books.google.ro/books/about/Survey_Research_Methods.html?id=GcKhAQAAQBAJ&redir_esc=y

Groves, R. M., Fowler, F. J., Couper, M. P., Lepkowski, J. M., Singer, E., & Tourangeau, R. (2009). Survey Methodology (2nd ed.). Wiley. Retrieved from https://download.e-bookshelf.de/download/0000/8065/21/L-G-0000806521-0002312179.pdf

Hassan, H. A. (2018). Investment as a Tool for Sustainability of Urban Heritage in Historical Areas. Journal of the Egyptian Society of Engineers, 57(1), 17-11. Retrieved from https://www.researchgate.net/profile/Hassan_Ahmed_Youssef/publication/356595903_INVESTMENT_AS_A_TOOL_FOR_SUSTAINABILITY_OF_URBAN_HERITAGE_IN_HISTORICAL_AREAS/links/61a3abadf1d62445717125ab/INVESTMENT-AS-A-TOOL-FOR-SUSTAINABILITY-OF-URBAN-HERITAGE-IN-HISTORICAL-AREAS.pdf

Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9, 193-206. https://doi.org/10.2307/258434

Hannan, S. and Sutherland, C. (2015). Mega-projects and sustainability in Durban, South Africa: Convergent or divergent agendas?. Habitat International, 45, pp.205-212. https://doi.org/10.1016/j.habitatint.2014.02.002

Hassan, H. A. (2018). Investment as a Tool for Sustainability of Urban Heritage in Historical Areas. Journal of the Egyptian Society of Engineers, 57(1), 17-11. Retrieved from https://www.researchgate.net/profile/Hassan_Ahmed_Youssef/publication/356595903_INVESTMENT_AS_A_TOOL_FOR_SUSTAINABILITY_OF_URBAN_HERITAGE_IN_HISTORICAL_AREAS/links/61a3abadf1d62445717125ab/INVESTMENT-AS-A-TOOL-FOR-SUSTAINABILITY-OF-URBAN-HERITAGE-IN-HISTORICAL-AREAS.pdf

Hazen, T. L. (2020). Social issues in the spotlight: The increasing need to improve publicly-held companies' CSR and ESG disclosures. University of Pennsylvania Journal of Business Law, 23(3), 740–765. https://scholarship.law.upenn.edu/jbl/vol23/iss3/4/

Hrazdil, K., Simunic, D. A., Spector, S., & Suwanyangyuan, N. (2023). Top Executive Gender Diversity and Financial Reporting Quality. Journal of Contemporary Accounting & Economics, 19, Article ID: 100363. https://doi.org/10.1016/j.jcae.2023.100363

Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). The independent effects of environmental, social, and governance initiatives on the performance of UK firms. Australian Journal of Management, 37(2), 135–151. https://doi.org/10.1177/0312896211419497

Hu, Z., Ma, L. and Xu, X. (2023). The Impact Path of Executive Team Heterogeneity and Environmental-Social-Governance on Corporate Performance. Technology and Investment, 14, 279-292. https://doi.org/10.3390/su162411160

Jelinčić, D. A., Tišma, S., Senkić, M., & Dodig, D. (2017). Public-private partnership in cultural heritage sector. Transylvanian Review of Administrative Sciences, 13(SI), 74-89. Retrieved from https://rtsa.ro/tras/index.php/tras/article/view/544

Kim, K. and Kim, Y. (2021). Study of the Improvement plans of related to Environmental Factors (E) of ESG—Focused on Information Disclosure and Tax Regulations. Environ. Law and Policy, 27, pp.55-91. Retrieved from https://www.semanticscholar.org/paper/A-Study-of-the-Improvement-plans-of-related-to-of-Kim-Kim/a26e59b2f7143d2b9caf3d2ac2bfb6af95ff67c3

Kincaid, D. (2003). Adapting buildings for changing uses: guidelines for change of use refurbishment. Routledge. Retrieved from https://www.routledge.com/Adapting-Buildings-for-Changing-Uses-Guidelines-for-Change-of-Use-Refurbishment/Kincaid/p/book/9780419235705?srsltid=AfmBOopZKafeGumJw25hYRJK25Vyk9desGfVYiAOHFfeOdQRpTG_ne4d

Kiron, D., Kruschwitz, N., Haanaes, K., Reeves, M., Fuisz-Kehrbach, S. K., & Kell, G. (2015). Joining forces: Collaboration and leadership for sustainability. MIT Sloan Management Review, 56(4), 1–12. https://sloanreview.mit.edu/article/joining-forces-collaboration-and-leadership-for-sustainability/

Kvale, S., & Brinkmann, S. (2009). InterViews: Learning the Craft of Qualitative Research Interviewing (2nd ed.). SAGE Publications. Retrieved from https://psycnet.apa.org/record/2008-15512-000

Lee, S., Park, J.-W., & Choi, D. (2023). The effects of ESG management on business performance: The case of Incheon International Airport. Sustainability, 15, 16831. https://doi.org/10.3390/su152316831

Licciardi, G., & Amirtahmasebi, R. (Eds.). (2012). The economics of uniqueness: investing in historic city cores and cultural heritage assets for sustainable development. World Bank Publications. Available at: https://documents1.worldbank.org/curated/en/727651468340186831/pdf/730720PUB0EPI001200pub0date01001012.pdf

Li, M., & Xia, S. Y. (2022). Meta-Analysis of Top Management Team Heterogeneity, Industry Background and Firm Innovation Performance. Journal of Anhui University (Philosophy and Social Sciences Edition), 46, 147-156

Litvinenko, V., Bowbrick, I., Naumov, I., & Zaitseva, Z. (2022). Global guidelines and requirements for professional competencies of natural resource extraction engineers: Implications for ESG principles and sustainable development goals. Journal of Cleaner Production, 338, 130530. https://doi.org/10.1016/j.jclepro.2022.130530

Lourenço, P. B., Branco, J. M., & Coelho, A. (2015). Sustainability and Cultural Heritage Buildings. Sustainable Structural Engineering, 53-68. http://dx.doi.org/10.2749/sed014.053

Manrique Sanchez, J. F. (2019). The Potential of Forgotten Space: A method for the assessment of spatial qualities in adaptive reuse projects (Doctoral dissertation, Politecnico di Torino). Retrieved from https://www.cervantesvirtual.com/obra/the-potential-of-forgotten-space-a-method-for-the-assessment-of-spatial-qualities-in-adaptive-reuse-projects-el-potencial-del-espacio-olvidado-un-metodo-para-la-evaluacion-1075464/

Mason, R. (2005). Economics and historic preservation. Washington, DC: The Brookings Institution, 35-100. Retrieved from https://pikehistoric.pbworks.com/f/Economics%20and%20Historic%20Preservation.pdf

Morris, M. (2012). The economic impact of historic resource preservation: A report on the benefits of California’s historic resources. California Cultural and Historical Endowment. https://resources.ca.gov/CCHP/Documents/Economic-Impact-Historic-Preservation.pdf

Murè, P., Spallone, M., Mango, F., Marzioni, S. and Bittucci, L. (2021). ESG and reputation: The case of sanctioned Italian banks. Corporate Social Responsibility and Environmental Management, 28(1), pp.265-277. Retrieved from https://doi.org/10.1002/csr.2047

Ortas, E., Álvarez, I. and Garayar, A. (2015). The environmental, social, governance, and financial performance effects on companies that adopt the United Nations Global Compact. Sustainability, 7(2), pp.1932-1956. https://doi.org/10.3390/su7021932

Patton, M. Q. (2015). Qualitative Research and Evaluation Methods (4th ed.). SAGE Publications. Retrieved from https://uk.sagepub.com/en-gb/eur/qualitative-research-evaluation-methods/book232962

Pickerill, T. (2021). Investment leverage for adaptive reuse of cultural heritage. Sustainability, 13(9), 5052. Retrieved from https://doi.org/10.3390/su13095052

Ponomareva, Y., Uman, T., Bodolica, V., & Wennberg, K. (2022). Cultural Diversity in Top Management Teams: Review and Agenda for Future Research. Journal of World Business, 57, Article ID: 101328. Retrieved from https://doi.org/10.1016/j.jwb.2022.101328

Presser, S., Couper, M. P., Lessler, J. T., Martin, E., Rothgeb, J. M., & Singer, E. (2004). Methods for Testing and Evaluating Survey Questions. Public Opinion Quarterly, 68(1), 109–130. Retrieved from https://doi.org/10.1093/poq/nfh008

Przychodzen, J., Gómez-Bezares, F., Przychodzen, W., & Larreina, M. (2016). ESG Issues among fund managers—Factors and motives. Sustainability, 8(10), 1078. Retrieved from https://doi.org/10.3390/su8101078

Rezaee, Z. (2016). Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36(1), pp.48-64. Retrieved from https://doi.org/10.1016/j.acclit.2016.05.003

Ritchie, J., Lewis, J., Nicholls, C. M., & Ormston, R. (Eds.). (2014). Qualitative Research Practice: A Guide for Social Science Students and Researchers. SAGE Publications. Retrieved from https://us.sagepub.com/en-us/nam/qualitative-research-practice/book237434

Rizzo, I., & Mignosa, A. (Eds.). (2013). Handbook on the economics of cultural heritage. Edward Elgar Publishing. Retrieved from https://www.e-elgar.com/shop/gbp/handbook-on-the-economics-of-cultural-heritage-9781782547488.html?srsltid=AfmBOopsDaWi85eX3TlWTjjtDkDqiidNUhTLvZDL5VrErqV6YoZS74Pv

Rubin, H. J., & Rubin, I. S. (2012). Qualitative Interviewing: The Art of Hearing Data (3rd ed.). SAGE Publications. Retrieved from https://us.sagepub.com/en-us/nam/qualitative-interviewing/book234196

Sigmund, Z. (2016). Sustainability in architectural heritage: review of policies and practices. Organization, technology & management in construction: an international journal, 8(1), 1411-1421. http://dx.doi.org/10.1515/otmcj-2016-0007

Sue, V. M., & Ritter, L. A. (2012). Conducting Online Surveys (2nd ed.). SAGE Publications. Retrieved from https://methods.sagepub.com/book/mono/conducting-online-surveys-2e/toc

Tareq, D. N., & Hussein, S. F. (2017). Sustainable Investment in Architectural Heritage Buildings (Analytical Study of Arabic Models). Journal of Engineering, 23(2), 39-60. Retrieved from https://joe.uobaghdad.edu.iq/index.php/main/article/view/76

Taylor, J., Vithayathil, J. and Yim, D. (2018). Are corporate social responsibility (CSR) initiatives such as sustainable development and environmental policies value enhancing or window dressing?. Corporate social responsibility and environmental management, 25(5), pp.971-980. Retrieved from https://doi.org/10.1002/csr.1513

Tettamanzi, P., Venturini, G. and Murgolo, M. (2022). Sustainability and financial accounting: A critical review on the ESG dynamics. Environmental Science and Pollution Research, 29(11), pp.16758-16761. Retrieved from https://link.springer.com/article/10.1007/s11356-022-18596-2

Tripopsakul, S. and Puriwat, W. (2022). Understanding the impact of ESG on brand trust and customer engagement. Journal of Human, Earth, and Future, 3(4), pp.430-440. Retrieved from https://hefjournal.org/index.php/HEF/article/view/222

Wang, M. L., & Phillips-Fein, K. (2023). Environmental, Social, and Corporate Governance: A History of ESG Standardization from 1970s to the Present. Undergraduate. Senior Thesis, Columbia University, New York, NY, USA. Retrieved from https://sites.asit.columbia.edu/historydept/wp-content/uploads/sites/29/2023/05/Wang-Luna_thesis.pdf

Wiles, R. (2012). What Are Qualitative Research Ethics? Bloomsbury Academic. Retrieved from https://library.oapen.org/bitstream/handle/20.500.12657/58724/9781849666534.pdf?sequence=1&isAllowed=y

Diterbitkan

2025-03-18

Terbitan

Bagian

Articles