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Kommuninvest Green Bonds contribute to 668,000 tonnes in reduced CO2 emissions

Kommuninvest has today published its annual Green Bonds Impact Report. According to this year’s report, the number of environmentally and climate-oriented investments financed with Green loans from Kommuninvest continues to increase. 606 municipal investment projects contribute to a total of approximately 668,000 tonnes in reduced CO2 emissions annually.

The share of Green loans in relation to Kommuninvest’s total lending increased to 15 (13,5) percent, and the share of green bonds in relation to Kommuninvest’s total borrowing increased to 14 (11,6) percent. The total amount of investmentprojects financed with Green loans from Kommuninvest is now 606 projekt, which is an increase with 59 project since last year.*

Despite the increase in the number of projects, however, the reported CO2 emission savings decreased by 34,000 tonnes. The main reason was that the emission factor for electricity, the calculation factor that reflects how much CO2 emissions savings an additional kWh in reduced electricity use or in increased electricity production capacity provides, was adjusted to an update in the industry guidance Nordic Position Paper. For that reason, Kommuninvest adjusted the emission factor for electricity in its report, from 315 grams of CO2 per kWh to 191 grams of CO2 per kWh.

– It is gratifying to note that municipalities and regions continue to take great responsibility for driving the green transition and that our customers continue to choose green financing for their investments. These investment projects also contribute to a total of approximately 668,000 tonnes in reduced CO2 emissions annually, an increase of 59 projects since the previous year. It makes visible the ambitious environmental and climate work that is currently taking place all over Sweden, says Katarina Ljungqvist, President and CEO of Kommuninvest.

The impact reporting follows the guidelines established within the Nordic cooperation initiated by Kommuninvest, Nordic Public Sector Issuers: Position Paper on Green Bonds Impact Reporting. All projects financed are reported a separate attachment in Excel format.

Brief summary of the 2023 report report

As of full-year 2023, with data for 2022 in brackets

  • The expected annual emission saving is calculated at 668,485 (702,221) tonnes CO2, of which 612,497 (674,987) tonnes CO2 are seen as avoided emissions and 55,988 (27,234) tonnes CO2 as reduced emissions. Avoided emissions refers to an alternative reference scenario. Reduced emissions refers to a direct or absolute reduction in running operations.
  • The largest contributions to emission savings come from projects in the renewable energy, energy efficiency and clean transportation project categories.
  • There were 606 (541) eligible green investment projects, with SEK 77.1 (65.3) billion in Green Loan disbursements and SEK 108.8 (98.6) billion in Green Loan commitments.
  • The Green Loan Ratio, ie. Green Loans in relation to the total loan portfolio, was 15.1 (13.5) per cent. The Green Bond Ratio was 14.0 (11.6) per cent. The loan programme once again grew faster than Kommuninvest’s traditional lending.
  • Eleven Green Bonds were outstanding, in EUR, SEK and USD, for a total amount of SEK 77.1 (63.3) billion.
  • Total annual renewable energy generation from financed projects is calculated at 3.3 (2.5) TWh. Energy savings from energy efficiency projects amount to 111.7 (26.0) GWh and from green buildings to 63.3 (55.7) GWh.

*The number of projects financed and the volume of loans granted and disbursed differ in the impact report from the information in the annual report. The reason for this is that Kommuninvest, as part of the impact reporting of the financed projects, can draw attention to those that no longer meet their sustainability criteria or have not submitted a report back to Kommuninvest. Such projects are excluded from the impact reporting, and correction is requested. In the annual report for 2023, the number of projects financed was stated to be 645, the volume of Green loans granted was SEK 111.8 billion and the volume of Green loans was disbursed to SEK 79.4 billion.

Katarina Ljungqvist

Report and attachment

Green Bonds Impact Report, December 2023

Green Bonds Project by project reporting December 2023 (Excel)

Contact information

Björn Bergstrand, Head of Sustainability, tel: +46 708 86 94 76, e-mail:

David Ljung, Head of Lending, tel: 073-068 45 45, e-mail:

Victoria Preger, Head of Communications, tel: +46 (0) 702 66 87 26, e-mail: