This year’s report also shows that 43 Kommuninvest members now have more than 30 per cent of their financing in the form of Green Loans, and that 46 per cent of the Green Loan portfolio is assessed as being partially aligned with the EU Taxonomy.

The share of Green Loans in relation to Kommuninvest’s total lending increased to 17.7 (16.3) per cent and the share of Green Bonds in relation to Kommuninvest’s total borrowing amounted to 13.8 (13.0) per cent. At the end of 2025, Kommuninvest had made SEK 134.2 (123.1) billion in Green Loan commitments, of which SEK 99.6 (88.6) billion had been disbursed*. The outstanding volume of green bonds in SEK, EUR and USD amounted to SEK 84.2 (76.8) billion.

– Swedish municipalities and regions play a decisive role in the green transition. This year’s report shows how sustainability ambitions are translated into tangible investments. With 748 projects and close to SEK 100 billion in disbursed Green Loans, we see how the local transition continues to accelerate. This year also marks ten years of green bond issuance and eleven years of Green Loans – a period during which the portfolio has grown by around 44 per cent per year, says Maria Viimne, CEO of Kommuninvest.

For 2025, Kommuninvest reports estimated annual emission reductions linked to the 748 projects of 598,644 tonnes of CO₂e. The largest contributions to emission reduction stem from projects in renewable energy, energy efficiency, green buildings and sustainable transport. Kommuninvest also notes a clear increase in investments related to water and wastewater infrastructure. During the year, green water and wastewater investments increased by SEK 3.3 billion.

The impact reporting follows the guidelines established within the Nordic collaboration initiated by Kommuninvest, Nordic Public Sector Issuers: Position Paper on Green Bonds Impact Reporting. All projects are presented in an Excel file attached to the report.

* The number of financed projects, as well as approved and disbursed loan volumes, differs from the figures presented in Kommuninvest’s annual report. The impact report excludes projects that no longer meet sustainability criteria or where required reporting to Kommuninvest is missing.

Read the report:

Green Bonds Impact Report, 2025

Green Bonds Project by project reporting 2025 (xlsx)xlsx, 167.9 kB.

For further information:

Björn Bergstrand, Head of Sustainability
+46 (0)70‑886 94 76
bjorn.bergstrand@kommuninvest.se

David Ljung, Head of Lending and Advisory
+46 (0)73‑068 45 45
david.ljung@kommuninvest.se

Victoria Preger, Head of Communications
+46 (0)70‑266 87 26
victoria.preger@kommuninvest.se