Climate Fund to promote low-carbon economy and digitalisation
The Climate Fund (Ilmastorahasto Oy) focuses on combating climate change, boosting low-carbon industry and promoting digitalisation. Its objective is to reduce greenhouse gas emissions, make the use of natural resources more efficient and promote biodiversity.
The company may also finance other digitalisation projects if they are at least neutral in terms of their environmental impact and can generate other significant benefits for the society.
Climate Fund invests in industry
The company’s main investments will be industrial scale projects, such as projects related to the demonstration phase of a new climate technology or a pilot plant. It can also be involved in various public platforms that improve the use of data and in public-private joint ventures.
The Fund may grant equity and debt financing as well as mezzanine financing. It may also set up funds or be an investor in them.
The Climate Fund is a wholly state-owned special assignment company. The Ministry of Economic Affairs and Employment is responsible for the ownership steering of the company.
Official bodies of the company
Chair: Perttu Puro, Managing Director, Tradeka
Vice chair: Petri Peltonen, Under-Secretary of State, Ministry of Economic Affairs and Employment
- Mirva Antila, Managing Director, DigiFinland
- Kari Hämekoski, Senior Programme Manager, Nefco
- Mammu Kaario, Board professional
- Juho Korpi, Development Director, Ministry of the Environment
- Erja Turunen, Executive Vice President at VTT Technical Research Centre of Finland
- Juhani Damski, Permanent Secretary, Ministry of the Environment
- Ilona Lundström, Director-General, Ministry of Economic Affairs and Employment
- Sanna Ruuskanen, Senior Government Adviser, Ministry of Transport and Communications
- Maija Strandberg, Senior Financial Adviser, Ownership Steering Department of the Prime Minister’s Office
- Ilari Valjus, Senior Specialist, Ministry of Finance
The task of the investment board is to form a view of the Government’s common strategic objectives for the operation of the Climate Fund. The investment board does not address individual investment or exit decisions. The investment board will report annually to the Ministry of Economic Affairs and Employment, which will consider the board’s report as part of the ownership steering process.
Press release: Climate Fund starts operations