The Bank's staff is encouraged to act in an environmentally friendly manner. Service and product suppliers are required to commit to project-specific environmental objectives. The Bank's objective is to reduce the environmental impact of its activities and the amount of emissions reported annually as part of the annual report.1

In 2010, the Eco-Management and Audit Scheme (EMAS), a scheme based on an EU Regulation, was introduced as a guiding criterion for the management of the environmental impacts of the activities of the Bank of Finland and the Financial Supervisory Authority. This means that due consideration is given to environmental issues, at both the action planning and implementation stages. The objective is continuous environmental protection development and improvement in the effectiveness of the Bank’s use of energy and materials.

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The Bank’s objective of being one of the most efficient EU central banks fosters sustainable environmental efficiency. The Bank has streamlined the logistics of cash supply by centralising banknote sorting and increasing banknote recycling at the regional level, with the help of cash processing companies. The increasing popularity of electronic payment has, in turn, reduced the need to transport and process cash. Currency supply is operationally physical activity, and therefore changes in practices and habits are reflected as a lower environmental impact.

The Bank of Finland monitors the environmental impact of its operations using an environmental performance indicator that is proportionate to operating expenses and takes into account the greenhouse gas emissions from energy consumption, transport, procurement and waste. The largest environmental burden in the operations of the Bank of Finland is caused by the Bank’s premises, cash supply and travel. The Bank has successfully reduced emission levels by changing operating practices and introducing new technologies in the workplace. The Bank has not offset its emissions by purchasing emission reduction units.

The Bank of Finland has entered into environmental cooperation with the other European central banks. The network engages in sharing best practices and solving challenges typical to central banks.