Photo: Coalition of Finance Ministers for Climate Action

Photo: Coalition of Finance Ministers for Climate Action

1 Jun 2021

NIB joins the Coalition of Finance Ministers for Climate Action as an institutional partner

The Nordic Investment Bank (NIB) joins the Coalition of Finance Ministers for Climate Action as an institutional partner.

The Coalition was launched in Washington DC in April 2019 on Finland’s initiative. It has 60 member countries, each committed to a set of principles known as the Helsinki Principles. The objective is to bring considerations of climate change into decision-making about economic and financial policies. The Coalition is currently chaired by the Finance Ministers of Indonesia and Finland with a secretariat managed by the World Bank and the IMF.

The Coalition is working with various institutional partners which may have technical and advisory roles in supporting the efforts of Finance Ministers in designing and implementing policies to address climate change. Institutional partners provide support to different Coalition workstreams, while they also benefit from the cooperation and joint activities. Partners include IFIs such as the EIB, IMF and the EBRD.

NIB is an international financial institution owned by the Nordic and Baltic countries. The mission of the Bank is to finance projects that improve productivity and benefit the environment of the region.

“Climate finance is an important element of the Bank's activities. NIB has brought environmental bonds to the market every year since 2011. To date, all NIB’s owner countries are members of the Coalition. In line with this and the role of NIB in sustainable finance, it is natural for the Bank to support its member countries also by becoming an institutional partner”, says André Küüsvek, President and CEO of the Nordic Investment Bank.

“NIB has been co-operating actively with the Coalition since the beginning. At the latest high-level event in March the Finnish Finance Minister Matti Vanhanen invited NIB to join the Coalition formally as an institutional partner. We are delighted to welcome NIB to participate in our efforts, both as a Nordic-Baltic platform for debate as well as by bringing expertise in sustainable finance”, says Pekka Morén, Co-chair of Sherpas, Coalition of Finance Ministers for Climate Action.

NIB is an international 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.

Mr Jukka Ahonen, Senior Director, Head of Communications
at +358 10 618 0295, jukka.ahonen@nib.int