Finland state

Finland joins Nordic countries in ending fossil fuel funding, leaving Norway behind

Finnish state-owned Finnvera is ending all direct funding in fossil fuels as a commitment to the Glasgow COP26 declaration. Photo: Finnvera Center in Nord-Savo. Helsinki timetables

Following Finland’s signing of the Glasgow Declaration on International Public Support for the Clean Energy Transition at the COP26 Summit in November 2021, Finnvera, a Finnish public finance company, announced the end of all its support for fossil fuels.

This means that Finnvera is ending aid for new gas and oil drilling or for the extension of existing fields. If Finnvera plans to support gas and oil-fired power plants in the future, these must not exceed a global warming limit of 1.5°C. In fact, the requirement for a 1.5C global warming limit is already compromised by emissions from existing infrastructure in Finland, leaving no room for further expansion of fossil fuel energy infrastructure.

According to Helsinki Times, Finnvera supported fossil fuel industries with $142 million and clean energy industries with just $46 million from 2018 to 2020.

To comply with the Glasgow Declaration, the Finnish government may hope to update or end direct funding for fossil fuels in Finnfund, their development financier and impact investor. In addition, Finland is a member of the Export Finance for Future (E3F) initiative, which means that it must also use its diplomatic capital to ensure that all other E3F members implement the Declaration of Glasgow and present their updated policies at the upcoming E3F Summit on November 3. .

Norway is the only Nordic country yet to take action to end international public funding of fossil fuels, despite being a strong advocate for climate action.

Friends of the Earth Finland campaign specialist Vera Kauppinen said it was a good step for Finland to end its support for oil and gas projects and that she would now like to see Norway join. the Glasgow Declaration. According to Helsinki Times, his Norwegian colleague Truls Gulowsen from Friends of the Earth Norway was on the same page as he said.

– It is embarrassing that Norway is once again the odd one out when it comes to Nordic countries and meaningful action to stem the climate crisis (…) The least Norway can do is stop funding climate change projects. fossil fuels through international public funding, and instead use that money to support renewable energy and other green industries that can contribute to a transition in the oil and gas supply industry as well as in the rest of the economy.

Sweden, Denmark, UK, Belgium and France have already implemented policies restricting fossil fuel financing to comply with the COP26 commitment, while the US, Canada , Germany, Italy and the Netherlands have yet to comply.

Source: https://www.helsinkitimes.fi/finland/finland-news/domestic/22343-finland-joins-rating-list-of-countries-restricting-international-oil-gas-finance-leaving-norway-the-only- nordic-country-not-doing-this.html