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Sustainable Finance at Stora Enso

We are integrating sustainability agenda to our funding and financial services. With the Green Bond Framework, our ambition is to offer a format to support fixed income investors and to report the direct environmental impact from some of our investments and business activities.

Green bonds

Stora Enso has the long-term aim to secure funding partners that have sustainability as a fundamental part of their agenda. We aim to influence and develop the financial markets to ensure that sustainability becomes an integral part of decisions and credit evaluation. Stora Enso's Green Bond Framework is based on and aligned with the 2017 version of the Green Bond Principles (GBP) published by the International Capital Markets Association (ICMA).

In accordance with the Green Bond Framework, proceeds from Green Bonds will be used solely to finance or refinance projects (going back up to two years) and activities defined under the Eligible Categories presented below.

Eligible Categories

To be eligible for Green Bond proceeds, the projects must fall within one of the following Eligible Categories as per Stora Enso Green Bond Framework.

1. Sustainable Forest Management
2. Renewable, Low-Carbon, and Eco-Efficient Products, Product Technologies, and Processes
3. Energy Efficiency
4. Renewable Energy and Waste to Energy
5. Sustainable Water Management
6. Waste Management and Pollution Control

For more information on our eligible projects, categories, reporting and impacts, see our Green Bond Framework.  

Outstanding green bonds and bilateral loans

  Amount (million) Nominal Amount at 31 Dec 2020 (EUR million) Issued Maturity Coupon
 1. SEK 3 000 299.0 2019 August 2021 STIBOR +0.85%
 2. SEK 1 250 124.6 2019 February 2024 STIBOR +1.45%
 3. SEK 1 750 174.4 2019 February 2024 1.875%
 4.* SEK 1 000 99.7 2019 May 2026 private
 5. SEK 1 550 154.5 2020 April 2025 STIBOR +2.20%
 6. SEK 1 550 154.5 2020 April 2025 2.375%
 7.  EUR 500 500.0 2020 December 2030 0.625%

*bilateral loan

Green bond impact reporting

Eligible project
Eligible category
Description Green Bond and allocated proceeds Impact metric (KPI)

Acquisition of Swedish certified forestland

Sustainable forest management


Acquisition of Swedish forest holdings in 2019 in connection with the restructuring of Bergvik Skog. 


Bonds 1–6: 100% Bond 7: 60%

The acquired forest assets are 100% certified1 and amount to 1.39 million hectares, including 1.14 million hectares of productive forest land with standing stock of 143 million m³forest2.

98% of the lands Stora Enso owns or manages were covered by forest certification schemes in 2020 (96% in 2018 prior to completion of the restructuring of Bergvik Skog).

Sustainable forest management projects (OPEX)

Sustainable Forest Management

Stora Enso forests in Sweden Sustainable forest management activities funded are:

  • Regeneration of forests and plantations managed and harvested by Stora Enso
  • Wood harvesting of FSC or PEFC-certified forests (e.g. labor costs)
  • Seedlings (e.g. production and procurement of pine, spruce, birch used in forest regeneration)
  • Silvicultural operations (e.g. soil preparation, planting, pre-commercial thinning)
  • Fertilisation (e.g. labor costs)
  • Infrastructure to facilitate sustainable forest management
  • Restoration of native forests and conservation of biodiversity.


Bond 7: 10%

Sustainable forest management maintains growth and resilience of the forests. Growing forests absorb carbon dioxide (CO2) from the atmosphere.3

The Annual forest growth for Stora Enso forests in Sweden was 6.1 million m³ forest in 2020 and in the same year harvesting represented 4.6 million m³ forest2.

Gruvön Cross Laminated Timber mill investment

Renewable, Low-Carbon, and Eco-Efficient Products, Product Technologies, and Processes

EUR 45 million investment in a new cross laminated timber (CLT) unit at the Gruvön sawmill in Sweden was completed and production started in 2019.


Bond 7: 9%

CLT production capacity in Gruvön was 50 000 m3 in 2020 (25 000 m3 in 2019), ramping up towards the full capacity of 100 000 m3/year.

One cubic metre (m3) of CLT stores an equivalent of 762 kg of CO2-eq. The calculation of avoided CO2 emissions and carbon storage of buildings when made from Gruvön CLT is informed by our third party verified Environmental Product Declaration - EPD for CLT from Gruvön.

Ždirec Cross Laminated Timber mill investment

Renewable, Low-Carbon, and Eco-Efficient Products, Product Technologies, and Processes

EUR 79 million investment in a new production line for cross laminated timber (CLT) at Stora Ensos Ždírec sawmill in the Czech Republic.

Production is scheduled to begin during the third quarter of 2022.


Bond 7: 16%


The estimated annual production capacity will be approximately 120 000 m³ after ramp-up.

The development of third party validated Environmental Product Declarations to help the calculations of avoided emissions and carbon storage of buildings, will commence following start of production. 

Maxau steam turbine investment

Renewable Energy and Waste to Energy

EUR 25 million investment to boost green energy generation at Stora Enso´s Maxau Mill in Germany. The project installed a new steam turbine with a closed-loop cooling system and additional biomass storage. The investment project enabled the use of a higher biomass share and a clear reduction in our CO2 emissions.


Bond 7: 5%


The avoided CO2 emissions as a consequence of the investment are
50 000 tonnes of CO2 emissions annually.

1 Certification by Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification (PEFC)

2 Forest cubic meter (m3 forest) is stem volume of the tree including tree top and bark

3 Typically, 1 m3 forest of wood stores the equivalent of 0.9 t CO2.

Sustainable finance contact

Kaarlo Höysniemi

Kaarlo Höysniemi

SVP Group Treasury
CFO Organisation

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