Developing Finland's Sustainable Finance Ecosystems
Finland is committed to the 2030 Agenda for Sustainable Development and reaching its 17 Sustainable Development Goals (SDGs) during this decade, both nationally and internationally.
In addition to a strong commitment and leadership by the public sector, achieving these ambitious goals will require innovative and responsible investments by the private sector in the next few years, with major mobilization of SDG aligned finance.
A national study (“SDG Finance Roadmap”) on the development of financing models that support the UN SDGs was developed in Finland in 2018–2019 in close collaboration with private, public and third sector stakeholders. The Roadmap outlines how Finnish stakeholders can contribute to achieving SDGs and specially how to mobilize the funds needed to achieve the goals.
The work continues in 2020–2022 with the objective to update and implement the Roadmap recommendations. The aim of the project is to foster and refine existing finance ecosystem, and to address identified barriers hands-on by building upon Finnish expertise, innovation and collaboration.
Partnerships are central in achieving the SDGs and creating a truly sustainable and scalable finance ecosystem. Beyond solid partnerships, clear ownership, long-term commitment and practical risk-sharing mechanisms are elementary ingredients of a finance ecosystem that can enable and drive SDG aligned investments in Finland and internationally.
This project supports public sector efforts and approaches that help mobilize expertise and financing for SDG aligned solutions. By harmonising sustainable finance practices, further tailoring appropriate financing instruments, building capacity within public sector financing organisations and identifying solutions to enhance information exchange and coordination this project can contribute to creating an enabling environment that more systematically catalyses SDG investments.
Private sector has a critical role in creating sustainable solutions, products, and businesses. However, financing does not currently find its way to investments where profit and SDGs meet. Commercialisation and scaling up of innovative sustainable solutions need to be accelerated to address the vital development challenges of 21st century, in line with Agenda2030.
This project will contribute to creating more effective sustainable finance ecosystems. The objective is to support key stakeholders in identifying investment cases and instruments, raising awareness and strengthening SDG financing knowledge to a level where it becomes mainstream. The project will help identify and build credible management capacity for SDG aligned investments and for understanding and reporting of SDG impacts.
The Ministry of Economic Affairs and Employment of Finland coordinates the implementation of this project.
The project is funded by the European Union via the Structural Reform Support Programme and is carried out in cooperation with the Directorate General for Structural Reform Support of the European Commission.
The project is implemented by AARC Ltd. in association with Gaia Consulting Oy and Trinomics B.V.
Ministry of Economic Affairs and Employment:
Eeva Alho - eeva.alho(at)tem.fi
Elina Järvelä - elina.jarvela(at)tem.fi
Gaia Consulting Oy:
Mikko Halonen - mikko.halonen(at)gaia.fi
Hanna Värttö - hanna.vartto(at)gaia.fi