The five government parties and their parliamentary groups concluded the climate summit held in Vuosaari today with a decision to build a national climate fund based on the Finnish State Development Company Vake. Vake’s board has proposed that Vake take on the role of a driver of digital and environmental investment, and thus the company is ready to initiate action in the climate action.
“The upcoming decade will be a very exceptional era to live in. Concrete actions to combat climate change are needed fast, but the ongoing profound national and international legislation change – and consequent results – will take time to show. Public funding can help drive investments so that they occur at an earlier time and on a broader scale than they would purely through private investments,” CEO Paula Laine comments.
Chairman of Vake’s Board Reijo Karhinen continues: “With Vake’s help the government can channel a significant amount of capital into climate investments. The climate fund is a concrete step towards reaching the government programme’s ambitious goals. The climate fund’s influence is founded on its substantial capital and rapid implementation.”
A central bottleneck in funding climate solutions links to industrial-scale funding that corrects market deficiencies. In this role, Vake could also act as a national counterpart for the EU’s funding for climate action. The company will start more detailed development work according to its owner’s wishes.
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