Nokia Corp. is releasing a special budget to help close the "unexplained" pay gap between the company's female and male employees by July 1.

The Finnish tech giant also plans to conduct pay equity reviews every year to make sure that the eliminated wage gaps remain closed, said President and CEO Rajeev Suri in a May 21 blog post.

A recent pay analysis showed a "small but statistically significant" pay gap at Nokia "that cannot be explained by factors...such as performance, experience, job grade, or location." Failing to close the gap would affect the company's ability "to attract and retain great people and to bring the diverse perspectives needed to ensure the success of our business," Suri said.

The initiatives will benefit mostly women, but some pay gaps involving men will also be addressed.

Suri also detailed Nokia's sustainability efforts, including the recent launch of a liquid-cooled base station touted as an industry first. It emits 80% fewer carbon dioxide emissions than previous generations of products.

The executive also highlighted how the company's connectivity technology is being used in disaster response initiatives. As an example, he pointed to the Red Cross using Nokia drones and portable networks to improve first response in disaster areas in the Philippines.

Turning to the company's 5G rollout efforts, Suri said Nokia already has 37 5G commercial contracts, including relationships with large U.S. operators AT&T Inc. and T-Mobile US Inc.

"5G is now accelerating and the power of Nokia's end-to-end portfolio is being recognized," he said.