6.7 Managing the Bank's environmental impact

The direct environmental impacts of the Bank of Finland and the Financial Supervisory Authority are limited. The largest environmental impacts in the operations of the Bank of Finland are caused by real estate, cash supply and travel. The Bank has reduced emission levels by changing operating practices and introducing new technologies in the workplace. The Bank is engaged in environmental cooperation with other European central banks to combat climate change.

The most effective method for the Bank of Finland and the Financial Supervisory Authority to decrease their environmental impact is to improve energy efficiency. Through this, CO2 emissions have declined by 40% in just over ten years. The largest environmental impacts in the operations of the Bank of Finland are caused by real estate, cash supply and travel.

As in previous years, real estate was the largest source of emissions in 2019. The heating, cooling and electricity consumption of the Bank’s real estate consumes the most energy. On the other hand, these emissions have declined the most, as the need for premises has declined and energy consumption has consequently fallen.

The work of public authorities and expert organisations such as the Bank of Finland and the Financial Supervisory Authority is currently associated with a large number of international meetings. Consequently, business travel remains frequent, and the emissions from this have actually increased slightly. Air transport remains the second largest source of emissions after real estate.

The staff of the Bank of Finland and the Financial Supervisory Authority increased their use of workstation video conference systems for external contacts. With the opportunities offered by new technology, more critical consideration was given to which international meetings it is necessary to attend in person and to the number of required participants.

The Bank of Finland and the Financial Supervisory Authority monitor the environmental impact of their operations using an environmental performance indicator that is proportionate to operating expenses and takes into account the greenhouse gas emissions from energy consumption, passenger transport, procurement and waste. In 2019, the Bank created 50.64 kilograms of CO2 emissions for every EUR 1,000 of operating expenses. In 2018, the corresponding figure was 59.37 kilograms of CO2 emissions. The Bank has not offset its emissions by purchasing emission reduction units.

The Bank of Finland continued to cooperate with the other European central banks in environmental issues. The networks of the national central banks assess best practices and discuss the environmental challenges faced by central banks. The first central banks offset carbon emissions by purchasing emission reduction units.