Green financing

In 2013, Vasakronan issued the world’s first green corporate bond. In 2018, we took the next step and issued the world’s first green commercial paper, with the funds earmarked for green assets.

Green commercial paper

Vasakronan offers green commercial paper where the funds raised are earmarked for green assets. The paper is listed on Nasdaq Stockholm’s green commercial paper list – Sustainable Commercial Paper.

Green bonds

In November 2013, Vasakronan issued the world’s first green corporate bond. Green bonds are issued under Vasakronan’s EMTN programme, and the documentation corresponds with Vasakronan’s other EMTN bonds. The difference is that the proceeds from green bonds are used solely for investments encompassed by Vasakronan’s Green Bond Framework.

Here you will find all of the impact reports, which describe the investments made under the Green Bond Framework and all the green bonds issued.

Green financing at the end of the last quarter

Volume outstanding at 31 December 2023 Amount, SEK m
Green commercial paper 4 215
Green bonds, SEK 27 847
Green bonds, NOK 7 433
Green bonds, Other currencies 12 284
Total volume of Green Finance Instruments 51 779
Total volume of Green Assets — Green Pool 64 698
Remaining approved borrowing capacity 12 919


We are moving boundaries for sustainability

Since Vasakronan was founded in 2008, the company has focused on delivering a high and stable long-term return, but never at the cost of humanity or the environment. Diligent and structured work has made it possible to halve energy consumption in the company’s property portfolio, to lower carbon emissions from operations by almost 100% and to environmentally certify the majority of the property portfolio. A summary of our sustainability data is available in our annual report.

In 2010, Vasakronan became the first company in Sweden to launch green leases, which has now developed into an industry standard. In 2018, the Global Real Estate Sustainability Benchmark (GRESB) ranked Vasakronan first in Europe in the office segment and the ninth most sustainable property company in the world.

Green financing documents

Vasakronan’s framework for green financing
Vasakronan Green Finance Framework

Vasakronan’s framework for green financing (2018-2023)
Vasakronan Green Finance Framework (2018-2023)

S&P Global Ratings Second Party Opinion on Vasakronan’s Green Finance Framework.

The Center for International Climate Research’s (CICERO) Second Opinion on Vasakronan’s Green Finance Framework (2018-2023).

You will find all our green commercial paper listed on Nasdaq here. Select Sustainable Commercial Paper – Sustainable Commercial Paper


A prerequisite for issuing green commercial paper and green bonds is that clear guidelines are in place for what is defined as a green asset.

Therefore, Vasakronan has drawn up a framework for green financing, the Vasakronan Green Finance Framework, which describes the investments that lead to lower energy consumption and lower climate impact, and which therefore qualify for financing with Green Finance Instruments.

The framework encompasses all debt instruments with funds earmarked for green investments.

Second Opinion

To provide investors with assurance that Vasakronan’s investments are leading in the right direction, the Center for International Climate Research (CICERO) has examined the framework and given a Second Opinion, which has received the highest grading of Dark Green.

An annual Impact Report provides investors with insight into the operations and describes the investments made under the framework as well as the green instruments that have financed them.

Vasakronan’s auditors EY provide a limited assurance report is provided on the Impact Report.

Curious about the next step in green financing?
Give Thomas a ring.

Thomas Nystedt

Group Treasurer 070-686 25 41 · 08-566 205 41

What are we doing ourselves to act sustainably?
Read more about our responsibility.