MuniFin publishes its first Financed Emissions Report

MuniFin has released its first financed emissions report, disclosing the greenhouse gas emissions associated with its lending and investment portfolios. The report provides emissions data for 2020, 2021, and 2022, and the calculations for 2023 are ongoing.

“We are happy to disclose these calculations, and the results show that we are on the right track in reducing the emissions from financed buildings. However, the work continues and the development of reporting will proceed as part of implementing the CSRD directive”, says Mikko Noronen, Sustainability Manager at MuniFin.

MuniFin joined the Partnership for Carbon Accounting Financials (PCAF) in 2022, committing to measure and disclose the greenhouse gas emissions associated to its lending and liquidity portfolios by 2025.

PCAF is a collaborative, industry-led initiative with more than 400 members, aimed at developing and implementing a harmonised approach to assessing and disclosing greenhouse gas emissions from loans and investments. The goal is to align financial portfolios with the Paris Agreement.

Sustainability Agenda sets the direction until 2035

In October 2023, MuniFin published its Sustainability Agenda, committing to support a sustainable welfare society and promote climate-friendly and environmentally sustainable investments. The agenda includes increasing the proportion of sustainable finance in its lending portfolio and setting emission reduction targets for financed buildings.

Financed emissions represent 99% of all emissions associated with our business. By focusing on reducing these indirect emissions rather than just our direct impact, the scale of our influence is much larger.

“Our customers play a key role in achieving Finland’s climate targets. In our operations, the largest impacts are through the financing we provide to our customers. To succeed in our goals, we need to continue supporting our customers in their ambitious work towards a greener future”, Noronen concludes.