Case study: How KLP Banken identifies and works on strategic business opportunities to increase positive and reduce negative impacts
KLP Banken AS is entirely owned by the mutual insurance company Kommunal Landspensjonskasse (KLP). It has two subsidiaries: KLP Kommunekreditt AS and KLP Boligkreditt AS. The bank’s operations are organized into two nationwide divisions: the retail market and the public-sector market, both serving customers across Norway. KLP Banken provides straightforward, competitive banking products and services, complemented by effective digital solutions for account setup and management. Additionally, the bank seeks to enhance the reputation that companies choosing KLP as their pension provider are attractive employers. KLP Banken is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, identifying and working on strategic business opportunities to increase positive and reduce negative impacts. Tweet This!
This case study is based on the 2025 PRB Responsible Banking Progress Statement by KLP Banken prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How KLP Banken proceeded with stakeholder identification and consultation, and
- How KLP Banken identified and worked on strategic business opportunities to increase positive and reduce negative impacts
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Stakeholder identification and consultation
Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.
In 2024, KLP Banken conducted a stakeholder analysis to identify both internal and external stakeholders, supporting the process of the double materiality analysis. KLP Banken’s primary stakeholders are its customers, owners, and the bank’s employees. A key strength of the bank’s mutual ownership structure is that customers and owners are the same, ensuring that their needs remain central to KLP Banken’s strategy and decision-making. KLP Banken also aims to maintain strong relationships with other relevant stakeholders.
During the analysis, the bank engaged with three municipalities, one county municipality, two representatives from its owner KLP, several members of the board, and two existing investors—DNB and KLP. Overall, these stakeholders view the bank’s most material areas as significant and within KLP Banken’s capacity to influence. Their insights have been valuable in shaping the bank’s double materiality analysis and in its work on setting targets.
How did KLP Banken identify and work on strategic business opportunities to increase positive and reduce negative impacts?
In its 2025 PRB Responsible Banking Progress Statement KLP Banken reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:
KLP Banken offers “green mortgages” to KLP members who own energy-efficient homes or to customers who choose to implement energy-saving measures to improve their homes’ efficiency. By the end of 2024, green loans totalled NOK 1.7 billion, representing 7 percent of the bank’s total retail lending portfolio.
KLP Banken also provides green loans to municipalities, county authorities, and enterprises linked to local government for projects with clear positive environmental and climate impacts. In 2024, 22 new green loans were issued to the public sector. By the end of the year, the total amount of green loans reached NOK 4,642,428,742, accounting for 4.9 percent of the bank’s overall public sector lending portfolio.
Through its new partnership with the Norwegian Tax Administration’s “Tett på” initiative, KLP Banken aims to increase customer awareness when selecting craftsmen for renovations. This initiative helps customers choose reputable professionals and also supports efforts to combat labor market crime, which continues to be a challenge in the construction industry.
UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet
With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.
FBRH Principles for Responsible Banking (PRB) Assurance:
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The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.
References:
This case study is based on published information by KLP Banken, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
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