Sustainable financing

Metsä Board integrates its sustainability targets into development, investment and financing decisions to ensure that capital is allocated efficiently and supports long term value creation.

Green Finance Framework

Metsä Board has adopted Metsä Group’s Green Finance Framework since 2019. The Framework, updated in 2024, supports financing or refinancing of environmentally sustainable investments that contribute to the company’s key environmental targets.

The Green Finance Framework enables the issuance of green debt instruments in line with market practices and integrates Metsä Group's 2030 sustainability targets into financing.

The use of proceeds can focus on the categories:

Renewable or fossil-free energy
Energy efficiency initiatives
Waste and side stream management and pollution control
Sustainable forest management
Sustainable water and wastewater management
New circular bioeconomy solutions

Sustainalytics has given a second-party opinion on Metsä Group’s Green Finance Framework.

Green debt report 2025

Metsä Board has one outstanding green bond, issued on 28 May 2025, aligned with Metsä Group’s Green Finance Framework. The entire issued amount of EUR 200 million was allocated to refinance renewal investments at the Husum pulp mill in Sweden. The use of proceeds falls into the categories: renewable or fossil-free energy; waste and side stream management and pollution control.

Read the Green debt report

Revolving Credit Facility

Metsä Board has an undrawn EUR 250 million Revolving Credit Facility (RCF) signed in 2025. The margin of the RCF is linked to selected sustainability targets to be achieved by 2030:

Fossil-based CO2 emissions (Scope 1 + Scope 2, market-based): 0 tonnes
Reduction of greenhouse gas emissions of upstream transportation and distribution (Scope 3, category 4): -30% per tonne-kilometre from the 2022 level
Improvement in energy efficiency: +10% from the 2018 level

Read more about Metsä Board's debt and liquidity.

Read more about Metsä Board's 2030 sustainability targets.