Scope of application of the environmental policy

In accordance with the OECD recommendation, the environmental policy is applied to all export credit guarantees granted by Finnvera with a repayment term of two or more years.

Not falling within the scope of this environmental policy are finance and bond guarantees granted under the Export Guar-antee Act, as well as guarantees related to shipyard and shipping company financing, environmental guarantees and Finn-vera guarantees granted under other legislation.

Manufacturing credit risk guarantee applications will be reviewed by making an information search to find out potential environmental risks. The applicant may be asked to provide Finnvera with additional information.

So-called raw material guarantees fall within the scope of the environmental policy. Raw material guarantees may be granted under the law on state guarantees to secure basic raw material supplies. In these cases, environmental matters will be reviewed on a project basis.

In a reinsurance situation, the assessment level of the principal insurer’s environmental assessment may be followed if Finnvera provides reinsurance to the principal insurer.

The concessional loans granted by the Ministry for Foreign Affairs always involve Finnvera’s export guarantees. The Ministry’s Department for Development Policy is responsible for the environmental impact assessment for these projects, including all the costs. The Ministry for Foreign Affairs defines the target and the scope of the assessment.