Paris Alignment of Export Credit Agencies: Finland

Perspectives Climate Research utilized its well-established methodology to assess Finnvera Oyj, the official Export Credit Agency (ECA) of Finland, for its alignment with the Paris Climate Agreement. Overall, Finnvera was rated with ‘Paris aligned’ with a score of 2.20/3.00. The main reasons for the score include the successful phase-out of most fossil fuel energy financing over the past years with virtually 100% of energy-related transactions flowing to renewable energy (RE), though its absolute volume has been increasing only slowly. Finnvera could not score ‘Transformational’ due to shortcomings regarding financial and non-financial disclosures, the untapped potential for more national engagement to decarbonize Finland’s exports, and the absence of granular reporting on project-level greenhouse gas emissions data as well as a clear definition of climate finance and its earmarks.