“The Nordic region can lead if we want it to”, said Tine Sundtoft, former Norwegian Minister of Climate and the Environment. Ms. Sundtoft is proposing a Nordic climate summit with key players, such as NIB, to define and develop greener financial markets in the Nordic countries.
“I am pleased that the Nordic Investment Bank is recognized and mentioned as a key financial institution in this context, as we have a long track record of providing environmental financing. If NIB is invited, we are of course ready to contribute with our insights and expertise”, NIB’s Hilde Kjelsberg, Vice-President, Head of Credit and Analysis, commented after a debate on how to reach the Paris Agreement at Arendalsuka 2018, Norway’s largest political gathering.
The debate opened with Mr. Erik Solheim, Head of UN Environment Programme and Assistant Secretary-General of the United Nations, giving an overview of the current global situation, pointing to several success stories that give hope for a green transition. Mr. Solheim reminded that the Nordic region is a world leader in renewable energy and can share its expertise with the rest of the world.
“China is turning around climate issues like no other nation has done, and they do it because it’s profitable.”
Ms. Sundtoft presented the key recommendations from her recent report to the Nordic Council of Ministers, stating that the Nordic countries together should make a strong contribution to achieving the goals of the Paris Agreement and the UN Agenda 2030, both in the Nordic region and at the global level.
“It is extremely important that we strive to create a common direction and principles that make it possible for individual countries to move towards climate neutrality, knowing that they do not pay the price of fighting the fight alone”, said Ms. Sundtoft, who is County Chief Executive of the newly agreed Agder County Municipality.
“In the financial sector, green financing is becoming mainstream. There is increasing demand from investors for financiers to ensure that financing is provided only to sustainable projects. One good example of this is the green bond market, which has grown very much in recent years”, Kjelsberg commented on the debate.
NIB’s Vice-President said that for start-ups and well-established companies, with good and low-risk projects, there are several financing schemes available.
“The sustainability aspect should be taken into account early in the process when choices are made about technology and design.”
Original source: NIB
Published on 15 August 2018
