Internal carbon footprint
NIB’s most substantial impact arises from our lending operations. Yet we are committed to reducing our own footprint and managing internal operations sustainably. We measure, monitor, improve, and transparently report our carbon footprint. Understanding that it cannot be entirely avoided, we compensate for the residual emissions and voluntarily support environmental projects in the Nordic-Baltic region.
Calculating and reporting
We have been calculating our internal carbon footprint since 2018 according to the Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard (GHG protocol). This allows us to take into account the full scope of greenhouse gas emissions in NIB’s value chain.
| GHG emission source | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Scope 1 | 14 | 15 | 13 | 17 | 18 |
| Scope 2 | 29 | 32 | 33 | 15 | 16 |
| Scope 3 | 761 | 718 | 927 | 1,190 | 1,703 |
| Total emissions (market based) | 803 | 765 | 972 | 1,222 | 1,737 |
Actions to reduce our internal emissions
Scope 1: Direct Emissions from owned and controlled sources
NIB has a reserve power generator, which is subject to regular checks. The annual test runs and fuel use is included.
We include emissions intensity as part of our procurement criteria to enable the purchase of low-carbon vehicles. All NIB’s company cars used for administrative purposes are hybrids.
Scope 2: Emissions from the generation of purchased energy
Our headquarters in Helsinki, Finland, is fully powered with carbon free energy.
- In 2013, we switched to 100% renewable electricity in our headquarters.
- In 2020, we switched to district heating, which is 100% based on waste heat.
- Since 2020, our headquarters have been connected to district cooling that is 100% carbon free.
- During 2022, we developed our monitoring for key indicators such as water, and heating and cooling management.
- In 2023, we launched NIB’s Climate Strategy where the Bank has committed to reducing its internal Scope 1 and Scope 2 emissions by 35% by 2030 from 2022.
- We are continuously working to improve efficiency at our premises, for instance, through smart and intuitive building automation system or LED lighting.
Scope 3: Indirect emissions that occur in NIB’s value chain
As an international financial institution, business travel is an unavoidable part of our operations, with flights significantly adding to our emissions.
NIB’s waste management is based on the principles reuse, reduce, and recycle. We aim for our business operations to be paperless, and many of our processes are totally digitalised. During office refurbishments, NIB’s old furniture is reused or recycled. NIB has also stopped using disposable items in the office entirely.
NIB provides its employees with public transport and bicycle benefits to promote environmentally friendly commute to work.
Compensating for our emissions
We follow the best practices in order to find the most suitable ways to mitigate our footprint. Over the years, we have evolved our compensation methods and selection process.
To compensate for our footprint in 2018, 2019 and 2020, we have supported climate projects that have been awarded the Gold Standard, which also takes into consideration the positive co-benefits for sustainable development.
To offset our internal emissions from 2021, 2022 and 2023 we have purchased carbon dioxide removal credits from projects that store CO2 in soil, biochar, bio-based construction applications and carbonated materials. This way, NIB not only ensures durable removal of its own carbon footprint but also supports circular economy developments. The carbon credits are not counted as emission reduction towards our climate target progress.
In addition to carbon removal projects, we also voluntarily support environmental projects in the Nordic and Baltic countries. So far, NIB’s contributions support peatland and nature restauration works, dam removal and conservation of endangered species in Finland, protecting old-growth forests in Lithuania, as well as cleaning the port operations around the Baltic Sea. Through supporting these projects, NIB aims to enhance biodiversity in our region.
Corporate responsibility
We are a mandate-driven bank with a strong focus on sustainability, and NIB incorporates environmental, social, and governance factors into all its business practices.
Working at NIB
Our goal is to provide a sustainable working environment for our people. We want our work to make a difference, and value skills development and learning.
