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 company may grant equity and debt financing as well as mezzanine financing. The company may also establish funds and be an investor in them. Within the provisions and regulations on state aid, a company may take a higher risk or settle for a lower return in its investment activities and other financial activities compared to what private investors would be prepared to accept in a similar situation. When granting funding, the company is to prioritise such recipients that will verifiably have the greatest impact on promoting the purpose of the company’s operations.
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
Board
Chair: Perttu Puro, Managing Director, Tradeka
Vice chair: Petri Peltonen, Under-Secretary of State, Ministry of Economic Affairs and Employment
Members:
- 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
Investment board
- Tarja Haaranen, Director General, Ministry of the Environment
- Maija Lönnqvist, Industrial Counsellor, Ministry of Economic Affairs and Employment
- Kimmo Viertola, Director General, Prime Minister’s Office
- Olli-Pekka Rantala, Diretor General, Ministry of Transport and Communications
- Minna Kouri, Ministerial Adviser, Ministry of Finance
- Heikki Granholm, Senior Ministerial Adviser, Ministry of Agriculture and Forestry
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.
Inquiries:
More information
- Press release: Climate Fund starts operations
- Press release: Climate Fund to promote low-carbon economy and digitalisation
- Climate Fund
- Policy Guidelines