Finnvera Oyj (Finnvera) is the official export credit agency (ECA) of Finland. We assessed Finnvera with regards to its alignment with the Paris Agreement across five dimensions using the methodology developed by Perspectives Climate Research. Overall, Finnvera was rated ‘Paris aligned’ (assessment score 2.20/3.00).
Most notably, Finnvera has successfully ended new fossil fuel energy financing, in line with Finland’s commitment to the COP26 Statement on the Clean Energy Transition (CETP), implemented via a fossil fuel phase out policy under the Export Finance for Future (E3F) initiative. Thus, since 2021 virtually 100% of all energy-related transactions have been flowing to renewable energy (RE), though its absolute volume has been increasing only slowly.
We also recognise Finland’s key role to create a ‘level-playing field’ in the global export finance system, among others as chair of the 2023 OECD Arrangement negotiations which successfully broadened the possibilities of using financing for green and climate-positive projects (aided by Nordic cooperation), as a member of E3F as well as the Berne Union’s Climate Working Group.
However, Finnvera has not scored ‘Transformational’ due to shortcomings regarding financial and non-financial disclosures, the untapped potential for more national engagement to decarbonise Finland’s exports, and the absence of granular reporting on project-level greenhouse gas (GHG) emissions data as well as of a clear definition of climate finance and its earmarks.