In 2023, the number of our social finance projects increased by over 40% from the year before. A growing awareness of sustainability matters coupled with increasing stakeholder expectations are pushing up the demand for our sustainable finance.
We approved 34 projects, the majority of which are welfare projects or housing solutions aimed at the most vulnerable population. It is safe to say that we are well on the way towards our goal.
Social finance can be granted to customers’ projects that produce widespread social benefits. In this report, we summarise the impact of our social finance projects.
2.2
EUR bn
Outstanding amount of social finance
3.1
billion
Number of user and patient visits
123
Number of social projects
4,488
Number of apartments for the most vulnerable population
Senior Specialist, sustainable finance
Rami Erkkilä:
“The principles of sustainable development are central to our social finance. They not only steer the direction of investments and financing, but also take the world towards a balanced and sustainable future where no one is left behind.”
Senior Specialist, sustainable finance
Rami Erkkilä:
“The principles of sustainable development are central to our social finance. They not only steer the direction of investments and financing, but also take the world towards a balanced and sustainable future where no one is left behind.”
Social finance project breakdown, number of projects
"Our social finance projects improve and safeguard the availability of services provided by the Finnish welfare state."
In 2023, the demand for our green finance grew substantially. Sustainable solutions are driven not only by environmental goals, but increasingly also by financial factors. The demand for our green finance reached a record high in 2023. We granted green finance to about 170 projects, almost 100 of which were by our housing sector customers.
Green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. In this Green Impact Report, we summarise the impact and calculation principles of our green finance projects in the year 2023.
4.8
EUR bn
Outstanding amount of green finance
81,366
tCO₂
Annual CO₂ emissions avoided/reduced
411
Number of green projects
51,736
MWh
Annual energy savings (avoided/reduced)
Senior Specialist, sustainable finance
Rami Erkkilä:
“It has been a real pleasure to witness our housing sector customers grow more and more ambitious. The residential buildings that they construct increasingly achieve energy class A, and they also demand energy-efficient solutions and comprehensively sustainable construction practices from their partners. Our housing sector customers experiment daringly with their material, energy and recycling solutions. (…) And they have done all this cost-effectively, with careful consideration for the environmental impact of the building’s entire life cycle.”
Senior Specialist, sustainable finance
Rami Erkkilä:
“It has been a real pleasure to witness our housing sector customers grow more and more ambitious. The residential buildings that they construct increasingly achieve energy class A, and they also demand energy-efficient solutions and comprehensively sustainable construction practices from their partners. Our housing sector customers experiment daringly with their material, energy and recycling solutions. (…) And they have done all this cost-effectively, with careful consideration for the environmental impact of the building’s entire life cycle.”
Green finance project breakdown, number of projects
“In the year 2023 we succeeded in improving the efficiency of our review process and the transparency of our criteria, which also reflected in our record-breaking results for the year. The main reason for the record-year, however, is the ambition and work of our customers and the gradual development of shared rules and practices in the market.”
MuniFin’s green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. In the Green Impact Report 2022, we summarise the impact of our green finance projects.
In 2022, MuniFin updated its Green Bond Framework. As part of the changes, we decided to start using only our own experts in project evaluation and incorporated EU Taxonomy requirements in the eligibility criteria. We believe this will increase our customers’ understanding of the objectives the EU seeks to achieve through the financial markets as part of its climate policy.
3.3
EUR bn
Outstanding amount of green finance
104,739
tCO₂
Annual CO₂ emissions avoided/reduced
263
Number of green projects
39,215
MWh
Annual energy savings (avoided/reduced)
Senior Specialist, sustainable finance
Rami Erkkilä:
“At the end of 2022, we had committed EUR 3,9 billion to financing our customers’ green projects and were steadily on our desired growth path. This is largely thanks to our highly committed customers, bold trailblazers who have chosen to open-mindedly adopt new solutions instead of settling for the old.”
Senior Specialist, sustainable finance
Rami Erkkilä:
“At the end of 2022, we had committed EUR 3,9 billion to financing our customers’ green projects and were steadily on our desired growth path. This is largely thanks to our highly committed customers, bold trailblazers who have chosen to open-mindedly adopt new solutions instead of settling for the old.”
Green finance project breakdown, number of projects
By the end of 2022, we have granted social finance to 86 projects in the social housing, welfare and education categories. The financed projects include major investments by organisations such as the Hospital District of Helsinki and Uusimaa, which affect the lives of hundreds of thousands of Finns on a daily basis. They also include projects that involve a smaller investment but have great significance on the lives of residents, patients, pupils, students and many other people in the project’s sphere of influence.
MuniFin’s social finance projects promote equality, communality, safety, welfare, or regional vitality. In this report, we summarise the impact of our social finance projects.
1.7
EUR bn
Outstanding amount of social finance
2.9
billion
Number of user and patient visits
86
Number of social projects
3,070
Number of apartments for the most vulnerable population
Senior Specialist, sustainable finance
Rami Erkkilä:
“The financed projects often take stakeholders comprehensively into consideration and communicate with future users openly and extensively already when the needs assessment is being conducted. Communal solutions, equal opportunities and the flexibility of facilities are important starting points in all projects. In social housing projects, it is vital to promote communality and independent living.”
Senior Specialist, sustainable finance
Rami Erkkilä:
“The financed projects often take stakeholders comprehensively into consideration and communicate with future users openly and extensively already when the needs assessment is being conducted. Communal solutions, equal opportunities and the flexibility of facilities are important starting points in all projects. In social housing projects, it is vital to promote communality and independent living.”
Social finance project breakdown, numbers of projects
MuniFin’s green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. In the Green Impact Report 2021, we summarise the impact of our green finance projects.
MuniFin’s social finance projects promote equality, communality, safety, welfare, or regional vitality. In this report, we summarise the impact of our social finance projects.
MuniFin’s green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. Our social finance projects promote equality, communality, safety, welfare, or regional vitality.
In Sustainable Bonds Impact Report 2020, we summarise the impact of both our green and social projects.
MuniFin’s green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. In the Green Bonds Impact Report 2019, we summarise the impact of our green finance projects.
MuniFin’s green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. In the Green Bonds Impact Report 2018, we summarise the impact of our green finance projects.
MuniFin’s green finance is offered to selected projects that promote the transition to low-carbon and climate resilient growth. These projects seek to mitigate or adapt to climate change. In the Green Bonds Impact Report 2017, we summarise the impact of our green finance projects.
