ESG library
NIB is committed to continuously develop environmental, social and governance (ESG) factors in its operations. Here are the references related to ESG integration across NIB’s activities, our ESG ratings and the descriptions of principal adverse impacts (PAI).
Mandate, guidelines and policies
NIB Environmental Bonds (NEBs)
NIB Sustainability-linked Loans financing Bonds (SLLBs)
NIB Sustainability-linked Loans financing Bond Framework
Summary of Guidelines for Rating of Sustainability-linked Loans
ICMA Guidelines for Sustainability Linked Loans financing Bonds including Annex on FAQ
Reporting
NIB’s annual reporting reflects our disclosures in the context of several commitments and initiatives we are participating in, including IFRS Sustainability Disclosure Standards, developed by the ISSB, and the Global Reporting Initiative (GRI) Standards.
Independent ESG data and research providers assess our policies and activities, providing unsolicited ratings. These evaluations help us track performance and pinpoint areas for improvement.
ISS
ISS ESG has rated over 12,500 issuers for sustainable investment policies. In December 2025, ISS provided NIB with a “Prime C+” ESG Corporate Rating.
MSCI
An MSCI ESG Rating is designed to measure a company’s resilience to long-term, industry material environmental, social and governance (ESG) risks. In May 2025, MSCI reaffirmed NIB’s ESG Rating of AAA.
Sustainalytics
Sustainalytics is a leading independent provider of ESG and corporate governance ratings, research and analysis. In February 2026, Sustainalytics gave NIB an ESG Risk Rating of 6.5 (negligible risk).
Science Based Targets
In 2023, NIB launched its Climate Strategy and targets. Near-term targets introduced in the 2023 strategy have been validated by the Science Based Targets initiative (SBTi) in February 2025.
InvestEU
EU programme providing long-term financing to leverage public and private funds to help reach the broader strategic objectives of the EU. NIB became an implementing partner in the InvestEU programme in 2022.
IFRS Sustainability Disclosure Standards
IFRS S1 and S2 are global standards that establish a
baseline of sustainability-related disclosures. NIB adapted the standards in 2024.
Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
A network aimed at enhancing the financial system’s role in environmental sustainability. NIB joined the NGFS as an observer in 2019.
The Paris Agreement
An agreement between governments to limit global warming to well below 2 degrees Celcius and pursuing efforts to limit to 1.5 degrees Celcius.
The Partnership for Carbon Accounting Financials (PCAF)
An initiative focused on evaluating and disclosing greenhouse gas emissions linked to financial activities. NIB signed up for PCAF in 2022.
The Principles on sustainable finance instruments
NIB is a member of the Executive Committee of the Principles.
GRI (Global Reporting Initiative)
GRI is a reporting framework that provides guidance to organisations on how to report sustainability performance. NIB has followed GRI since 2007.
European Principles for the Environment (EPE)
Principles concerning environmental management in the financing of projects. NIB has been a signatory since 2006.
The UN Sustainable Development Goals
17 globally agreed goals established fur a sustainable future by 2030, involving governments, the private sector, and civil society.
The Taskforce on Nature-related Financial Disclosures (TNDF)
NIB is starting to adopt the TNDF Recommendations.
The UN supported Principles for Responsible Investments (PRI)
The Principles for Responsible Investments offer a menu of possible actions for incorporating environmental, social, and governance (ESG) issues into investment practice. NIB became a signatory in 2019.
Baltic Marine Environment Protection Commission
NIB collaborates with the Baltic Marine Environment Protection Commission, also known as HELCOM, to develop environmental objectives and actions for the health of the Baltic Sea.
The Coalition of Finance Ministers for Climate Action
A coalition focused on integrating climate considerations into economic policies. NIB joined the Coalition in 2021.
International Financial Institution Framework for a Harmonised Approach to GHG Accounting
A harmonised approach to project-level greenhouse gas (GHG) accounting for IFIs. Signed in 2015.
The Kunming-Montreal Global Biodiversity Framework
NIB is committed to enhancing nature and biodiversity while ensuring accountability in line with the framework goals of halting biodiversity loss, restoring ecosystems, and protecting indigenous rights.
Principal adverse impact (PAI) indicators are a set of metrics that intend to show how business investments affect sustainability factors. NIB is voluntary disclosing indicators applicable to investments in sovereigns and supranationals.
| Sovereign GHG intensity | GHG intensity of investee countries as a ratio of investee country’s GDP |
| Investee countries subject to social violations | Number of investee countries subject to social violations, as referred to in international treaties and conventions, United Nations principles and, where applicable, national law |
Legal framework and policy documents
NIB is governed by its constituent documents. Our activities are guided by a number of policies, guidelines and instructions adopted by the Board of Directors or the President.
Integrity & Compliance
As an international institution entrusted with public funds, NIB strives to carry out its operations with the highest integrity and in compliance with best practices and its own legal framework.
