Developing the Finnish welfare state was the purpose for the establishing of Municipality Finance in 1989. MuniFin is the only financial institution in Finland specialised in the financing of the municipal sector and affordable social housing sector.

MuniFin’s decisions and actions need to be sustainable. That is in the interest of MuniFin, its customers, stakeholders, investors and the Finnish society. MuniFin is committed to support the UN Sustainable Developmet Goals in its everyday work.

MuniFin defined the key principles and goals of corporate responsibility for its operations in 2017. The concrete meaning of the principles in the practical work of everyone at MuniFin has been defined specifically for each department.

To its customers, MuniFin is a long-term partner whose work is manifested throughout the Finnish society. Responsible lending plays a key role in MuniFin’s operations. MuniFin is therefore screening the overall financial situtation, the viability of investment targets and the risks related to them closely as part of its day-to-day work. The discussions and screening relating to risks also provide the customers with valuable support and insight.

MuniFin is a pioneer in the promotion of environmentally and socially sustainable development in Finland. It is the first financial institution in Finland to offer green finance for climate and environmentally friendly projects and it was the first Finnish issuer of green bonds. Green finance is in its own part driving municipalities to achieve their climate targets. MuniFin is also a certified Green Office workplace.

MuniFin is also the first Nordic SSA public sector credit institution to offer social finance. Social finance is granted for investments that produce widespread social benefits and serve the needs of their users in an exemplary way. The projects promote equality, communality, safety, welfare or regional vitality.

Within its own organisation, MuniFin continuously develops good governance practices. MuniFin’s Sustainability Policy covers all of MuniFin’s operations.

MuniFin is committed to promoting the wellbeing and diversity of its personnel. MuniFin is a member of the corporate responsibility network FIBS and its Diversity Charter Finland, as well as a member of Finland’s Sustainable Investment Forum (Finsif). The company also promotes the achievement of Finland’s sustainable development goals through Commitment 2050 – Society’s Commitment to Sustainable Development.

MuniFin reports yearly about its progress in the field of sustainability. The key publications include green impact report and social impact report together with sustainability reporting. In 2021, sustainability reporting was integrated with the annual reporting and MuniFin no longer publishes a separate sustainability report.

Key principles of sustainability

Responsible products and services

MuniFin’s products and services create long-term benefits for the Finnish society and support the sustainability of public finances.

Goal 2024: Customer satisfaction is at a very good level.

Forerunner in sustainability

Through its operations, MuniFin promotes investments in ecologically, socially, economically and humanely sustainable development in the Finnish society. MuniFin’s target is to especially accelerate the green transition.

Goal 2024: Green and Social finance portfolio accounts for 20% of the long-term customer finance portfolio.

Developing wellbeing at work

MuniFin provides a physically and mentally safe environment that promotes the general wellbeing of employees and offers equal opportunities. We are committed to observing the International Labour Organization (ILO) Conventions. The above mentioned topics are developed and monitored among others in the occupational safety committee, where both the staff and the employer are represented. MuniFin’s staff feels that they are doing a meaningful and socially important work.

Goal 2024: Personnel satisfaction is at a good level.

Strong corporate governance

Along with social and environmental responsibility, corporate responsibility covers governance matters. MuniFin’s operations and employees are guided by the Responsibility Policy. MuniFin promotes a level of responsibility that goes over and above minimum legal requirements in its decision-making and structures.

Goal 2024: All ESG risks associated with customers are assessed with a uniform methodology.

MuniFin’s ESG ratings

ProviderScore & Ranking (last assessed)ScaleOur score and latest rankingsIndustry
ISS ESGScore: C Prime
Ranking: Top 20% of 136 companies
(9 August 2022)
D-,D,D+,C-,C,C+,B-,B,B+,A-A,A+Here (link)Mortgage & Public Sector Finance
SustainalyticsScore: 7.0 Negligible Risk
Ranking: Banks 13/1051
(18 March 2024)
Negligible, Low, Medium, High, SevereHere (link)Banks
S&P Global ESG score: 37/100
Ranking: percentile 85
(17 March 2023)
0/100Here (link)FBN Diversified Financial Services and Capital Markets
Ranking: Top 36 % of 62 companies
(18 April 2023)
CCC, B, BB,BBB,A,AA,AAANot publicly available Universe: MSCI ACWI constituents, Diversified Financials, n=62

Environmental impact of MuniFin’s own operations

We take environmental responsibility into consideration in our own operations by committing to continuously reducing their negative environmental impacts. MuniFin is committed to comply with applicable environmental laws and regulations. However, most of our positive environmental impact is indirect, created in our customer’s own activities.

The MuniFin Group has received WWF Green Office certification. Green Offices are required to take environmental issues into broad consideration in their business premises, decision-making and operations. Green Offices also commit to continuously improving the environmental responsibility of their operations. The certification is validated every three years. The last inspection we passed was held 28.9.2021.

MuniFin’s offices use 100% renewable wind power (Oomi). We also compensate for the emissions generated by our employees’ air travel and for the C02 emissions caused by large customer events we organize.

We report on the environmental impact of our operations on an annual basis. For instance, in 2020, our focus was on replacing travel by online meetings and developing online events. Because the demand for online events skyrocketed due to COVID-19, we were not only able to meet our objectives, but also exceed them.

Our yearly Green Office emission calculations are available here (only in Finnish).

Read more about Green Office

Memberships of associations, networks, projects and national interest organisations

• Climate Bonds Initiative

• European Association of Public Banks

• FIBS Pro – sustainable business network

• Finsif – Finland’s Sustainable Investment Forum

• Green Building Council Finland FIGBC (joined in 2021)

• Hinku network – Towards Carbon Neutral Municipalities and Regions

• International Capital Markets Association ICMA

• International Swaps and Derivatives Association ISDA

• Nordic Capital Markets Forum

• Partnership for Carbon Accounting Financials PCAF (joined in 2022)

• REETTA – Economic and climate management project for municipalities

• REIJO – Knowledge management in resource-smart Finnish municipalities

• WWF Green Office


• Commitment 2050 initiative of the Finnish Prime Minister’s Office

• UN Global Compact initiative