Vake will be transferred under the Ministry of Economic Affairs and Employment and its name will be changed to Ilmastorahasto Oy (Climate Fund)

During the 2021 budget negotiations on 16 September 2020, the Finnish Government decided the following:

“The Climate Fund

The State Business Development Company Vake will be transferred into the ownership steering of the Ministry of Economic Affairs and Employment (MEAE). All of the company’s shareholdings apart from the Neste shares will be transferred from Vake’s balance sheet to the Prime Minister’s Office’s Ownership Steering Department which will also retain the ownership steering of the Neste shares. Vake will be turned into a Climate Fund through an amendment to its articles of association, and MEAE will prepare the operational guidelines for the Climate Fund promptly in collaboration with the Prime Minister’s Office, the Ministry of Finance, the Ministry of the Environment and the Ministry of Transport and Communications. A Board of Directors will be appointed for the company and an Investment Committee will be established to offer guidance on financing and investment activities.

The Investment Committee will include representatives from MEAE, the Ministry of Finance, the Prime Minister’s Office, the Ministry of Transport and Communications and the Ministry of the Environment. The company will be capitalised with 300 million euro during 2020, and the company will also annually have a sum matching Neste’s dividends at its disposal. The matter will be brought forth to be considered by the Ministerial Committee on Economic Policy during September.” (source: https://vnk.fi/en/-/budget-proposal-for-2021-provides-a-route-for-exiting-the-covid-19-crisis appendix 5: Entries in the minutes.)

The preparation of the Climate Fund is ongoing. Future operations of the Climate Fund will be communicated separately at a later date.

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