Baltic Sea region energy calls for more investments

Mr Åkerholm emphasised that the Baltic Sea region faces a challenge in securing the long-term energy supply. In his view, it is important to continue integrating national energy systems while also securing adequate investments in new generation capacity.

“Investments are needed in order to increase the share of non-fossil energy, reduce emissions and introduce new technologies in areas such as energy efficiency, carbon capture and storage. The energy systems also have to be adapted to the consequences of climate change, such as more violent storms causing damage to networks and other infrastructure,” said Mr Åkerholm.

“Action must be taken and soon. Otherwise, the rising demand will lead to even more sharply increasing energy prices, which will threaten the longer-term growth of the region,” he added.

Other key speakers at NIB’s seminar were Juhan Parts, Estonia’s Minister of Economy and Communication, Timo Rajala, CEO, Pohjolan Voima (Finland), Bo Källstrand, President, Swedenergy (Sweden) and Sten Jakobsson, CEO, ABB (Sweden).

Energy and the environment priority sectors for NIB
In order to support its member countries and the adjacent region in the efforts to secure the long-term energy supply, the Bank launched in February 2008 the Climate Change, Energy Efficiency and Renewable Energy lending facility by earmarking EUR 1 billion.

Energy accounts for 27% of NIB’s portfolio of loans outstanding. The Bank finances investments ranging from R&D activities to generation, transmission and distribution as well as energy efficiency. This covers all relevant forms of energy including renewable energy sources. Alongside investments in member countries, the Bank also provides financing in the broader Baltic Sea region and other non-member countries, where NIB supports direct investments, the transfer of best available technologies and the supply of equipment and services.

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Johnny Åkerholm, President & CEO, at +358 10 618 001,


Mr Jukka Ahonen, Director of Communications, at +358 10 618 0295,