We are living the fastest economic change in history - It is important to keep up with the green transition
The global economy is changing faster than ever before – the green transition is happening fast, and it is important to be part of the change. Not only for companies, but also for financiers. This year, Finnvera participated for the first time in the UN climate conference (COP28) in Dubai. For the first time, export financing was widely featured in various discussions and panels.
In Dubai was also launched the first public finance alliance, the "Net Zero ECA Alliance", which aims to create common rules for zero-carbon export finance goals. Finnvera is actively monitoring the situation.
“There was a positive atmosphere at the event and a desire to advance measures to curb climate change. Export guarantee institutions were widely represented, including Finnvera, and there was a strong consensus on the importance of the climate action”, says Nina Karisalo, Finnvera's Sustainability manager.
Karisalo started at Finnvera in April, and during the year has been developing Finnvera's sustainability work, emission measurement and reporting, and setting future goals.
Sustainability manager Nina Karisalo.
Export financing plays an important role, the cooperation of different actors plays a key role
So far, however, the change has not been large or fast enough to reduce the emissions. Therefore, more ambitious emission targets and determined implementation of the targets are needed.
Export financing plays an important role in the change, as it accelerates and guarantees the export of new technology, the access of new innovations to the global market. Export credit guarantee institutions always finance individual export projects, in which case the destination and effects of the export transaction are precisely known. The funded projects are also mainly new technology that replaces old, more polluting technology.
“When it comes to export financing, it is important to cooperate with different parties in order to reach emission targets”, says Finnvera's Head of international affairs, Pekka Karkovirta, who also participated in the climate conference, and who has long played a key role as chairman of the OECD's export credit negotiations. His 12-year tenure ended in November.
“We need cooperation in different international cooperation groups so that we can maintain a level playing field in a rapidly changing world”, he says.
So far, the change has not been large or fast enough to reduce the emissions. Therefore, more ambitious emission targets and determined implementation of the targets are needed. These were topical issues at Dubai climate conference.