The Finnish government and Finnvera should continue working on transforming the global export finance system in close collaboration with Nordic and other like-minded countries. Key recommendations include:
Continuing transparent tracking and disclosure of financed emissions (scope 3) based on international best practices such as the Partnership for Carbon Accounting Financials (PCAF).
Similarly, publishing estimated future emissions data for its portfolio and new commitments on project-level, including information on assets’ lifetime GHG emissions.
Setting sectoral GHG emission reduction targets for the short-to-medium-term.
Extending Finland’s net-zero target by 2035 to all scope 3 emissions financed by Finnvera.
Adopting a common climate finance definition which builds on the EU Taxonomy, the OECD’s Climate Change Sector Understanding and the latest climate science, both for new authorizations and total exposure as a broader category that includes finance for RE and related infrastructure but also cross-cutting activities for both mitigation and adaptation.
Building on its climate leadership in international fora and leveraging Nordic cooperation to reform rules governing public support for fossil fuels globally.
More detailed recommendations for the Finnish government as well as for Finnvera are provided in each assessment dimension n. An overview of all recommendations is available in
section 5.