Financial sector against climate change

The Federation of Finnish Financial Services takes part in the ongoing European Sustainable Development Week. One of its events is the seminar “Financial sector against climate change”, in which representatives of the sector present their measures and operating models. Piia-Noora Kauppi, Managing Director of the FFI, says climate change has significant and growing impact on the financial sector, and that the sector therefore has taken an active role in its prevention.

As a major risk sharer and investor, the financial sector is in a key role in adjusting to the effects of climate change. Changing energy production and diminishing natural resources affect business operations and thus influence the conditions of investment operations in the entire sector.

Seminar participants also include Sirpa Pietikäinen, MEP, Annika Lindblom, Secretary General of the National Commission for Sustainable Development from the Ministry of the Environment, and Liisa Rohweder, CEO and Secretary General of WWF Finland.

E-services help reduce carbon footprint

The financial sector wants to promote efficient and secure digital services in cooperation with public administration and other sectors. The sector has a long history of developing e-services, and it aims to bring solutions to the new challenges of the information society.

In 2010, the FFI conducted a study that compared paper and e-invoices in terms of their carbon footprint, productivity of invoicing processes, and level of service. The calculations showed that an e-invoice is on average four times more environmentally friendly than a paper invoice. Improved efficiency was the single most significant factor: it saved time and reduced emissions.

The Federation of Finnish Financial Services has also made two commitments to sustainable development with its cooperation partners. The registration and insurance of a motor vehicle can now be carried out in a single electronic process. With this system reform, the CO2 emissions of the registration process have been approximately halved.

The second commitment involves accounting automation, the objective of which is to streamline financial management by utilising structured data and electronic systems.

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Infrastructure and Security

Timo Tuominen

Head of Insurance Digitalisation