NIB receives SBTi validation for its 2030 climate targets

NIB has received validation of its near-term science-based emission reduction targets by the Science Based Targets initiative (SBTi).

At COP28 in 2023, NIB unveiled its climate strategy setting science-based 2030 targets to reduce emissions from its financing and operations. The targets were intended to align with the Paris Agreement and EU neutrality goals to support the decarbonisation ambitions of our Nordic and Baltic member countries.

These targets have now been validated by SBTi, and a summary is available here and at sciencebasedtargets.org.

André Küüsvek, NIB President & CEO said: “Receiving the SBTi validation confirms that our 2030 targets are on a 1.5°C pathway. This shows that we are committed to achieving near-term emission reductions for a sustainable future.”

NIB’s main impact is through the emissions we hold in our portfolio – financed indirect emissions. The Bank has set sector-specific asset class level targets for its scope 3 emissions (indirect emissions from lending and investment activities), covering 71% of its total lending and investments by financed emissions as of 2022. Further, NIB commits to reduce absolute scope 1 and 2 greenhouse gas emissions in its own operations by 57.6% by 2030 from a 2022 base year.

Luca De Lorenzo, Head of Sustainability & Mandate said: “NIB is driving the shift to a low‐carbon economy with a lending strategy that supports fast‐lane sectors with proven green solutions, while also engaging slow‐lane industries where low‐carbon options are currently limited, and transformative change is essential for decarbonisation”.

“Through tailored financial solutions—including environmental and sustainability-linked loans—and expert advisory services, we empower and work closely with our clients to reduce emissions and accelerate their transition to a greener future.”

The Science Based Targets initiative (SBTi) creates standards, tools, and guidance for companies to set GHG reduction targets that keep global heating below catastrophic levels and reach net-zero by 2050. As a charity with a target validation subsidiary, SBTi partners with the Carbon Disclosure Project, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute, and the World Wide Fund for Nature (WWF).

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.

For more information, please contact
Luca De Lorenzo, Head of Sustainability & Mandate, +358 10 618 0297, luca.delorenzo@nib.int

Jukka Ahonen, Head of Communications, +358 10 618 0295, jukka.ahonen@nib.int