ESG library
NIB is committed to continuously develop environmental, social and governance (ESG) factors in its operations. Here are the references related to ESG integration across NIB’s activities, our ESG ratings and the descriptions of principal adverse impacts (PAI).
Mandate, guidelines and policies
NIB’s annual reporting reflects our disclosures in the context of several commitments and initiatives we are participating in, including IFRS Sustainability Disclosure Standards, developed by the ISSB, and the Global Reporting Initiative (GRI) Standards.
Independent ESG data and research providers assess our policies and activities, providing unsolicited ratings. These evaluations help us track performance and pinpoint areas for improvement.
ISS
ISS ESG has rated over 12,500 issuers for sustainable investment policies. In March 2024, ISS provided NIB with a “Prime C” ESG Corporate Rating.
MSCI
An MSCI ESG Rating is designed to measure a company’s resilience to long-term, industry material environmental, social and governance (ESG) risks. In June 2024, MSCI reaffirmed NIB’s ESG Rating of AAA.
Sustainalytics
Sustainalytics is a leading independent provider of ESG and corporate governance ratings, research and analysis. In December 2024, Sustainalytics gave NIB an ESG Risk Rating of 6.4 (negligible risk).
NIB’s Climate Strategy and Science Based Targets initiative (SBTi)
In 2023, NIB launched its Climate Strategy and targets. Our near-term science-based emissions reduction targets has been validated by the the Science Based Targets initiative (SBTi) in February 2025.
InvestEU
The InvestEU programme provides the European Union with long-term financing to leverage both public and private funds to support a lasting and sustainable recovery. NIB became an implementing partner in InvestEU in 2022.
IFRS Sustainability Disclosure Standards
IFRS S1 and S2 are global standards that establish a
baseline of sustainability related disclosures. NIB adapted the standards in 2024.
Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
NIB joined the NGFS as an observer in 2019. The NGFS is composed of central banks and financial supervisors. Its purpose is to help strengthen the global response required to meet the goals of the Paris Agreement.
The Partnership for Carbon Accounting Financials (PCAF)
In 2022, NIB signed up for PCAF to further strengthen the Bank’s climate agenda. The partnership follows NIB’s earlier commitment to the Task Force on Climate-related Financial Disclosures (TCFD).
The Principles on sustainable finance instruments
NIB is on the Executive Committee of the Principles, and its Environmental Bond Framework aligns with the Green Bond Principles. The “Principles” are a voluntary set of guidelines that promote the development of the green bond market.
GRI (Global Reporting Initiative)
GRI is a reporting framework that provides guidance to organisations on how to report sustainability performance. NIB has followed GRI since 2007.
European Principles for the Environment (EPE)
Since 2006, NIB is signatory to the European Principles for the Environment (EPE) concerning environmental management in the financing of projects.
The UN supported Principles for Responsible Investments (PRI)
The Principles for Responsible Investments offer a voluntary menu of possible actions for incorporating environmental, social, and governance (ESG) issues into investment practice. NIB became a signatory in 2019.
Baltic Marine Environment Protection Commission
NIB works together with the Baltic Marine Environment Protection Commission, also known as HELCOM, wit the aim to develop common environmental objectives and actions for the Baltic Sea.
The Coalition of Finance Ministers for Climate Action
A coalition focused on integrating climate considerations into economic policies. NIB joined the Coalition in 2021.
International Financial Institution Framework for a Harmonised Approach to GHG Accounting
Since 2013, NIB applies the International Financial Institution Framework for a Harmonised Approach to Greenhouse Gas Accounting. CO2 estimates are an important parameter in assessing a project’s eligibility for financing under the Bank’s environmental mandate.
Principal adverse impact (PAI) indicators are a set of metrics that intend to show how business investments affect sustainability factors. NIB is voluntary disclosing indicators applicable to investments in sovereigns and supranationals.
| Sovereign GHG intensity | GHG intensity of investee countries as a ratio of investee country’s GDP |
| Investee countries subject to social violations | Number of investee countries subject to social violations, as referred to in international treaties and conventions, United Nations principles and, where applicable, national law |
Legal framework and policy documents
NIB is governed by its constituent documents. Our activities are guided by a number of policies, guidelines and instructions adopted by the Board of Directors or the President.
Integrity & Compliance
As an international institution entrusted with public funds, NIB strives to carry out its operations with the highest integrity and in compliance with best practices and its own legal framework.
