Definitions

Below you will find definitions of environmental policy related terms

Project refers to the execution of construction work, a production plant or a plan, and other alteration of the natural environment, including the extraction of natural resources.

New production plants, plant extensions and material changes in existing operations constitute projects. Integrated plants (e.g. adjoining pulp and paper mills) or industrial complexes (where one part would not be constructed without the other, such as a new mining project involving the construction of a power plant) are, as a rule, reviewed as a single pro-ject.

A sensitive area is an area that is particularly vulnerable to adverse environmental impacts. Examples of sensi-tive areas are provided in Annex 1, item 26 of the OECD recommendation.

A sensitive sector refers to a sector of industry that is prone to causing significant adverse environmental impacts; see Annex 1 of the OECD recommendation.

Final commitment to an export credit guarantee is made on the day Finnvera signs the guarantee agree-ment.

Credit repayment period refers to the repayment term as specified in the OECD export credit agreement.

Export credit guarantee refers to the following guarantees offered by Finnvera: Buyer Credit Guarantee, Credit Risk Guarantee, Investment Guarantee, Letter of Credit Guarantee, Finance Guarantee and Bond Guarantee.

Environmental category is a category issued by Finnvera that defines the project’s potential environmental impacts and the level of the required environmental impact assessment.

Environmental impacts refer to the direct or indirect impacts of the project on the following: 1) human beings, flora and fauna; 2) soil, water, air, climate and the landscape; 3) material and movable assets and cultural heritage; the in-teraction between the factors mentioned in items 1, 2 and 3.

In this context, the relevant social aspects of the World Bank Safeguard Policies [1] are also regarded as environmental impacts.

Environmental Impact Assessment, EIA, involves identifying, describing and assessing the environmental impacts of a project. Environmental impact assessment entails consultation meetings in which views of the authorities and those whose living conditions or interests may be affected by the project will be obtained.

[1] OP (Operational Policies) 4.01 Environmental Assessment, 4.04 Natural Habitats, 4.09 Pest Management, 4.10 Indigenous Peoples, 4.11 Physical Cultural Resources, 4.12 Involuntary Resettlement, 4.36 Forests, 4.37 Safety of Dams, 7.50 International Waterways, and 7.60 Disputed Areas.

Attachments:
OECD environmental agreement (PDF)