Canadian-based media and research company Corporate Knights has ranked paper maker UPM at number 22 of its 100 most sustainable corporations.

UPM responsibility vice president Sami Lundgren says the index's quantitative sustainability indicators approach fits well in the company's approach, which highlights the importance of ambitious long-term targets and transparency of performance and data.

UPM is among companies that have signed the UN Business Ambition for 1.5°C.

Corporate Knights chief executive Toby Heaps says the results suggest companies learned a lesson from the aftermath of the 2008/09 financial crisis. "Rather than de-prioritising sustainability when confronted with a major shock, they've recognised that it will drive the success of recovery strategies."