The Ministry of Finance and the Bank of Finland co-hosted on 30–31 October an international conference, ‘Greener Finance for Sustainable Future’, which addressed the role of sustainable finance in climate change mitigation.
Financial markets and sustainable finance can play a significant role in the mitigation of climate change. The Greener Finance for Sustainable Future conference contributed to the resolving of issues concerning sustainable finance, as a variety of perspectives, ideas and solutions were introduced to the international discussion.
Sustainable finance and risks took centre stage
Climate issues and the role of the financial markets in climate change mitigation were discussed in the conference from a variety of perspectives. The two-day conference included a number of cross-sector presentations and panels. The main issues that arose during the conference were:
- Climate targets may not be achieved, unless the financial sector participates in climate change mitigation.
- We have the funds for the solutions, but they should be redirected to more sustainable investments.
- Financial markets need a harmonised set of concepts (taxonomy) on sustainability.
- Understanding climate risks requires cooperation between public and private sector entities.
The introductory speeches were delivered by Minister of Finance Mika Lintilä and Bank of Finland Governor Olli Rehn.
The conference material is available here
A recording of the Greener Finance for Sustainable Future conference is available online. The presentations are in English.
- Governor Olli Rehn: Making the Best Out of Second-Best Climate Policies
- Minister of Finance Mika Lintilä: Introductory Speech: Greener Finance for Sustainable Future Conference
- Deputy Governor Marja Nykänen: Problems in embedding climate risks into the traditional financial risk framework
The conference triggered a lively debate on social media, under #GreenFinance.
Read more about sustainable finance
- Blog: Olli Rehn – Sustainable finance: a road towards a climate neutral Europe
- Blog: Marja Nykänen – Mitigation of climate risks calls for new perspectives and cooperation
- Analysis: Antti Alakiuttu and Nea Tiililä – Päästöintensiivisillä toimialoilla vahvat kytkökset Suomen rahoitusjärjestelmään (in Finnish)
- Blog: Ville Tolkki – Ilmastomatka suurelle datavuorelle (in Finnish)
- Blog: Karlo Kauko – Rahoitusvakaus – puhtaamman sähkön edellytys (in Finnish)
- EU2019FI-classification system for sustainability of investments
For further information, please contact:
Milla Kouri, Financial Specialist, tel. +358 50 599 3516, Ministry of Finance, milla.kouri(at)vm.fi
Otso Manninen, Senior Economist, tel. +358 50 372 5295, Bank of Finland, otso.manninen(at)bof.fi