Our own environmental footprint

The Bank's staff are encouraged to act in an environmentally friendly manner. Service and product suppliers are required to commit to project-specific environmental goals. The Bank’s objective is to reduce the environmental impact of its activities and the volume of emissions, which are reported annually as part of the annual report.

The Eco-Management and Audit Scheme (EMAS), based on an EU Regulation, is used in guiding the management of the environmental impacts of the activities of the Bank of Finland and the Financial Supervisory Authority. This means that due consideration is given to environmental issues at both the action planning and implementation stages. The objective is to continuously develop environmental protection and to improve the energy and materials efficiency of the central bank’s activities.

The Bank of Finland’s objective of being one of the most efficient EU central banks promotes the pursuit of sustainable environmental efficiency. The Bank has streamlined the logistics of cash supply by centralising banknote sorting and increasing banknote recycling at the regional level, with the help of cash processing companies. The increasing popularity of electronic payments has, in turn, reduced the need to transport and process cash. Currency supply is an operationally physical activity, and therefore changes in practices and habits are reflected in lower environmental impacts.

The Bank of Finland’s objective of being one of the most efficient EU central banks promotes the pursuit of sustainable environmental efficiency.

The Bank of Finland monitors the environmental impacts of its operations using an environmental performance indicator that is proportionate to operating expenses and takes into account the greenhouse gas emissions from energy consumption, transport, procurement and waste.

In 2021, emissions calculation was specified and aligned with international standards. The calculation of greenhouse gas emissions is based on the Greenhouse Gas Protocol (GHG) methodology. The methodology defines the emissions accounting and reporting principles that apply to seven greenhouse gases: carbon dioxide (CO₂), methane (CH₄), nitrous oxide (laughing gas, N₂O), hydrofluorocarbons (HFCs), perfluorocarbons (PCFs), sulphur hexafluoride (SF₆) and nitrogen trifluoride (NF₃)

The largest environmental burden in the operations of the Bank of Finland is caused by the Bank’s premises, cash supply and travel. The Bank has successfully reduced emission levels by changing operating practices and introducing new technologies in the workplace. The Bank has not offset its emissions by purchasing emission reduction units.

The Bank of Finland has entered into environmental cooperation with the other European central banks. The network engages in sharing best practices and solving challenges typical to central banks.