Climate Change Data

Finnvera plc

Climate Impact & Sustainability Data (2022, 2022-2023, 2023)

Reporting Period: 2022

Environmental Metrics

ESG Focus Areas

  • Green exports
  • Renewable energy
  • Green industry
  • Green maritime
  • Sustainable development

Environmental Achievements

  • Reduced the share of oil and gas in the loan and guarantee portfolio from 80% to 28%.

Social Achievements

  • Opened a new regional office in Stavanger and strengthened the office in Ålesund.
  • Expanded its range of products for financing eco-friendly projects.
  • Developed guidelines for categorising green projects.

Governance Achievements

  • Implemented a new organisation and strategy in the first quarter of 2022.
  • Conscientiously managed operational costs.
  • Actively participates in negotiations on the restructuring of debt linked to distressed commitments.

Climate Goals & Targets

Long-term Goals:
  • Cut climate gas emissions by 55% within 2030
Medium-term Goals:
  • Increase exports outside O&G by 50% within 2030
Short-term Goals:
  • Launch a new working capital product in 2023.

Environmental Challenges

  • Disruptions in supply chains.
  • War and high energy costs.
  • Rising interest rates and global unrest.
  • High energy costs and raw material prices in Europe.
  • Risk of food shortages and debt crises in developing countries.
  • Reduced production and economic decline in Europe.
Mitigation Strategies
  • Being a predictable, proactive financing partner and risk-taker for all types of Norwegian exports.
  • Ensuring stable and predictable access to long-term financing and guarantees through business cycles.
  • Expanded financial services to export-oriented investments and introduced extra flexibility for eco-friendly projects.
  • Offering revolving financial frameworks in cooperation with banks, facilitating working capital for small and medium-sized businesses.
  • Continuously updating services in line with changing financial needs.
  • Actively working on collecting receivables through the sale of mortgaged objects and loans.
  • Restructuring solutions that contribute to reducing the final loss.

Supply Chain Management

Responsible Procurement
  • Requirements set for customers and their suppliers

Climate-Related Risks & Opportunities

Opportunities
  • Financing of renewable energy projects

Reporting Standards

Frameworks Used: OECD Arrangement on Officially Supported Export Credits

UN Sustainable Development Goals

  • Goal 7
  • Goal 8
  • Goal 9
  • Goal 12
  • Goal 13
  • Goal 14
  • Goal 16
  • Goal 17

Eksfin's financing has contributed to more projects with positive effects on a total of eleven SDGs. The results mirror transactions focusing on the green shift.

Reporting Period: 2022-2023

Environmental Metrics

Total Carbon Emissions:860,758 kg CO2-e (location-based); 535,837 kg CO2-e (market-based)
Scope 1 Emissions:37,810 kg CO2-e
Scope 2 Emissions:680,037 kg CO2-e (location-based); 362,970 kg CO2-e (market-based)
Scope 3 Emissions:142,912 kg CO2-e (location-based); 135,058 kg CO2-e (market-based)
Renewable Energy Share:35%
Water Consumption:10,660 kilolitres (corrected for water leak)
Waste Generated:17.8 tonnes to landfill; 0.3 tonnes co-mingled recycled; 7.5 tonnes cardboard recycled

ESG Focus Areas

  • Climate Change
  • Social Responsibility
  • Governance

Environmental Achievements

  • Provided $160m in finance to critical minerals projects.
  • Provided a US$30 million loan to support VinFast to manufacture electric buses and enable a national charging network in Vietnam.
  • Achieved net zero emissions by 2050 for Perdaman Urea Project (Scope 1, with mitigation and offsets).

Social Achievements

  • Supported 36,434 Australian jobs.
  • Reached more Australian SMEs, providing $314m to 137 businesses.
  • Signed an MOU with Indigenous Business Australia (IBA) to support First Nations businesses.
  • Women comprise more than 50% of executive and senior management team.

Governance Achievements

  • Named a 2023 Australian Financial Review BOSS Best Places to Work.
  • Certified as a 2023 Great Place to Work®.

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions by 2050 (for Perdaman Urea Project, Scope 1)

Environmental Challenges

  • Economic turbulence fueled by labor shortages, higher interest rates, persistent inflation, and tremors in US and European banking systems.
  • Potential environmental and social impacts of transactions, particularly Category A projects (e.g., Perdaman Urea Project).
Mitigation Strategies
  • Applied better-practice environmental and social standards, including Equator Principles and IFC Performance Standards.
  • Imposed contractual terms on entities receiving finance to address environmental and social issues.
  • Monitored compliance with imposed conditions, including site visits for Category A transactions.
  • Developed a detailed net zero strategy for the Perdaman Urea Project, achieving net zero Scope 1 emissions by 2050 (with mitigation and offsets).

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct

Climate-Related Risks & Opportunities

Opportunities
  • Financing green renewable energy trade and infrastructure

Reporting Standards

Frameworks Used: Equator Principles, OECD Recommendation of the Council on Common Approaches, OECD Guidelines for Multinational Enterprises, IFC Performance Standards, TCFD (implicitly)

Certifications: Great Place to Work®

Awards & Recognition

  • 2023 Australian Financial Review BOSS Best Places to Work
  • 2023 Great Place to Work®

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:5.8 Mt CO2e (2022: 9.0 Mt CO2e)
Renewable Energy Share:38% (36%) of export exposures related to energy production

ESG Focus Areas

  • Climate change
  • Community impact
  • Environment

Environmental Achievements

  • Defined a climate target for operations to promote the Paris Agreement's 1.5-degree goal.
  • Developed sector-specific criteria for identifying climate-positive export projects and launched financing incentives for them.
  • Introduced Climate and Environmental Loan and Digitalisation and Innovation Loan to accelerate the green transition in domestic financing.
  • Reduced emissions from financing operations by 35% compared to the previous year's report.

Social Achievements

  • Updated values and corporate culture were introduced into daily work.
  • Finnvera Academy established to improve employee understanding of the company's operations.
  • Average of 21.8 hours of training organized for employees in 2023.
  • Employee work energy remained at a high level (4.3/5).

Governance Achievements

  • Introduced ESG reports from Suomen Asiakastieto in domestic financing to identify risks related to applicant companies’ business.
  • Developed a framework for sustainable financing for the company's investments and achieved its targets in investment activities.
  • Green, social, and sustainable bonds covered approximately 18% of long-term investments by the end of 2023.

Climate Goals & Targets

Long-term Goals:
  • Measures that promote the Paris Climate Agreement goal of limiting global warming to 1.5 degrees.
Medium-term Goals:
  • Define an emission reduction pathway to 2050 and start measuring performance with a CO2/EUR indicator.
Short-term Goals:
  • Publish climate target, criteria, and incentives.

Environmental Challenges

  • Economic downturn in Finland and the euro area, impacting investments and consumption.
  • Decline in investments due to high interest rates.
  • Deterioration of risk indicators in domestic financing, including increased payment difficulties and bankruptcies.
  • Increased credit risk indicators for domestic financing.
Mitigation Strategies
  • Introduced new financing products to improve access to financing for SMEs, including Climate and Environmental Loan and Digitalisation and Innovation Loan.
  • Updated SME Guarantee with expanded uses.
  • Introduced export credit for transactions worth less than EUR 20 million.
  • Preparing for an increase in financial restructuring arrangements in 2024.

Supply Chain Management

Responsible Procurement
  • Compliance with the Finnish Act on Public Procurement.
  • Use of Hansel framework agreements.
  • Consideration of corporate responsibility in procurements.

Climate-Related Risks & Opportunities

Opportunities
  • Financing growth, exports, and investments in climate change mitigation and circular economy projects.

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 9001