New project to promote allocation of funding to sustainable development
News - Published 11.11.2020
The Government’s objective is to direct more private funding towards sustainable investments in the future. The Ministry of Economic Affairs and Employment has launched a project aimed at identifying both the opportunities and financing challenges of sustainable business for Finnish companies.
The project will be carried out with funding from the European Union via the Structural Reform Support Programme and will develop tools for companies to measure effectiveness and to make use of sustainable funding.
“Climate change mitigation and sustainable development are the Government’s key objectives. In order to achieve these climate objectives, it is important that investments in the economic and social renewal are launched and that they find funding in the market. The aims and measures provide Finland with an opportunity to lead the way in solving global development challenges and simultaneously create profitable international business for our companies,” says Minister of Economic Affairs Mika Lintilä.
Pilot projects in sustainable development to create new solutions
In practice, key stakeholders will work together during the project to identify concrete financing solutions and operating models that will help generate investments more efficiently in line with the sustainable development goals. The project will also prepare the public sector for utilising financing instruments that boost investments in sustainable development.
“What I find is an excellent starting point in this project is the fact that measuring and reporting business sustainability is not seen as a duty that only certain operators subject to regulation must adhere to. I would like companies to consider sustainability as an opportunity to distinguish themselves in a positive way,” Minister Lintilä adds.
Solutions will be developed in pilot projects linked to a specific challenge in sustainable development. Private and public sector experts will select the pilot projects in cooperation. Examples of possible themes include technologies that promote carbon neutrality, a sustainable food system, clean water solutions and a circular economy. The tools and financing solutions that will be developed will become more widely available after the project.
Project is based on UN Sustainable Development Goals
Finland is committed to implementing the UN’s 2030 Agenda for Sustainable Development both in Finland and in international cooperation during this decade. The implementation is guided by the UN’s 17 sustainable development goals (SDGs).
Gaia Consulting Oy will be responsible for carrying out the two-year project in association with AARC Ltd and Trinomics B.V., while the Ministry of Economic Affairs and Employment will be in charge of national coordination. The project will be implemented in cooperation with the Directorate General for Structural Reform Support of the European Commission.
Eeva Alho, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7083
Press release from Finland’s Ministry of Economic Affairs and Employment 11.11.2020