Climate-related financial disclosures of the Eesti Pank investment portfolio (June 2026)
Sustainability factors are becoming a mainstream part of investment decision-making as they provide globally comparable information on climate-related risks and opportunities. Since the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) was disbanded after completing its mission in 2023, its recommendations have been incorporated into the standards of the International Sustainability Standards Board (ISSB). These standards build on the work of market-led, investorfocused reporting initiatives and are increasingly becoming the reference point for climate reporting.
This report is based on the Eurosystem’s common climate-related disclosure principles, which include the recommendations of the Partnership for Carbon Accounting Financials (PCAF) and the Network of central banks and supervisors for Greening the Financial System (NGFS). Eesti Pank remains committed to improving the quality of our climate-related financial disclosures by staying accountable and transparent in the reporting we provide. Climate metrics are key in tracking the carbon footprint of our investment portfolio and in setting its targets for decarbonising. However, such metrics could also be misleading if they are not adjusted for macroeconomic effects such as inflation and fluctuating exchange rates.
In this, our third stand-alone publication of climate-related financial disclosures covering the nonmonetary policy investment portfolio of Eesti Pank, we are taking the first steps in reporting inflation-adjusted metrics to complement the unadjusted ones. The metrics adjusted for now are the sovereign production emissions attributed to our investment portfolio and the Weighted Average Carbon Intensity (WACI) of our sovereign bond and equity portfolios.
