Finland and the Finnish financial sector at the forefront of sustainable development

Finland is at the forefront with other Nordic countries in promoting the 2030 Agenda for Sustainable Development. Finland’s second country report was presented in New York in July at a UN high-level meeting together with the reports of 47 different countries. Finland has been praised for its inclusive approach to involve the entire society. The recent country report was prepared in cooperation with several parties, including the financial sector. Kristiina Siikala , Head of Development at Finance Finland (FFI), commends the Finnish government and authorities for their well-executed partnership in promoting sustainable development.

According to the country report, six Finnish industries have made commitments to sustainable development measures across their entire sector. The financial sector is one of them. FFI and its member organisations have made four Sustainability Commitments, which aim to increase society’s resource efficiency and reduce its carbon footprint in line with the Paris Agreement.

One of the financial sector’s commitments involves a reporting framework that companies can use to plan and monitor their own climate measures while also making them more transparent. As a major investor, lender, insurer and asset manager, the sector has a key role in steering financing into sustainable endeavours. The framework is based on the guidance of the recommendations of the Task Force on Climate-related Financial Disclosures, which operates under the FSB.

”According to our survey, 87 percent of our member companies said that they take climate change into account in their investment activities. Almost 90 percent of our member companies are also involved in various commitments or cooperation projects related to combating climate change”, Siikala reports.

The FFI member companies that responded to the survey manage total assets worth more than a trillion euros. The progress of the commitment will be monitored for five years.

The 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals have guided UN member states on the path to sustainable development since 2016. Implementation of the Agenda will continue until 2030. Progress on targets in different countries is monitored through voluntary country reports.

The Society’s Commitment to Sustainable Development is Finland’s model for implementing the UN’s 2030 Agenda. One of the 17 goals is to act urgently against climate change and its effects.

Finland’s report on the implementation of the 2030 Agenda for Sustainable Development

The Finnish financial sector’s commitments to sustainable development