Climate Fund’s Neste shares returned to direct state ownership

On 21 September 2023, the Government authorised the Ministry of Economic Affairs and Employment to acquire Climate Fund’s (Ilmastorahasto Oy) 8.31 per cent shareholding in Neste Corporation to return the shares to direct state ownership. A total of 63,894,123 shares will be transferred to the state at the same value as they were originally transferred to the company without monetary consideration.

Dividends from Neste’s shares will be distributed to the Prime Minister’s Office following the transaction. Any proceeds from the sale of shares will be credited directly to the government’s on-budget entities in future.

The fund is a wholly state-owned special assignment company that belongs to the administrative branch of the Ministry of Economic Affairs and Employment and operates under its ownership steering. The fund’s purpose is to provide funding for projects focusing on combating climate change, promoting digitalisation and boosting low-carbon approaches in industry.

The transfer of shares was outlined in Prime Minister Orpo’s Government Programme. At the time, the Government also decided that a new state capital investment company would be established by bringing Climate Fund, Business Finland Venture Capital and Oppiva Invest under Finnish Industry Investment.

Inquiries: 
Oskari Räikkönen, Chief Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 241