6.1 The Bank of Finland's new sustainability programme promotes the objectives of sustainable development
The Bank of Finland plays a role in building a future that is more ecologically sustainable. The Bank’s sustainability programme focuses on promoting sustainable growth, exercising influence via information and managing climate risks.
At the end of 2019, the Bank of Finland introduced a sustainability programme. This focuses on the promoting sustainable growth, exercising influence via information and managing climate risks.
The foundations of the Bank of Finland's sustainability lie in its core activities. The primary objective of the central bank is to maintain price stability. Another task is to contribute to ensuring the reliability of the financial system, and also security and inclusion in the context of payment systems.
The Bank of Finland also plays a role in building a society that is socially and ecologically sustainable, and therefore promotes the objectives of sustainable development (Chart 23).
Sustainability programme's key themes
All the three key themes in the Bank of Finland’s sustainability programme have clear objectives.
Sustainable growth and wellbeing
- We maintain price stability.
- We ensure financial stability.
- We promote secure and inclusive payment systems.
- We support the EU’s economic policies and objective of sustainable development.
Influential information and cooperation
- We provide facts and research data for economic policy decision-making.
- We participate actively in social discourse and provide balanced information.
- We are a member of the academic community.
- We promote financial literacy in Finland.
Management of climate risks
- We invest responsibly.
- We operate in an efficient, economical and environmentally sustainable manner.
- We recognise climate risks in the monitoring of financial stability.
- We reduce the environmental impact of cash and currency supply.
Indicators and practices support implementation of the sustainability programme
The Bank of Finland’s activities are guided with a view to sustainability, and the impacts of activities are assessed based on our sustainability objectives. Key sustainability indicators in the field of environmental responsibility include total emissions relative to operating expenses and commitment to the UN Principles for Responsible Investment.
The Bank of Finland caters for the wellbeing of its staff, providing opportunities for competence development and ensuring equal treatment. The key HR sustainability indicators include the employee satisfaction index, the leadership index, the proportion of the minority gender in management posts and the absentee rate.
Implementation of the sustainability programme is guided by the joint sustainability network of the Bank of Finland and the Financial Supervisory Authority, chaired by Deputy Governor Marja Nykänen. The network formulates best practices for the appropriate integration of various aspects of sustainability in the Bank’s day-to-day activities.