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Flash forward: it is 2075 and we've set sail for the RCP 8.5 trajectory for 2100, the worst case climate scenario according to the IPCC. Imagine this: Pacific islands such as Tuvalu have long sunk into a rising ocean, heat and pollution take a toll on the global population, hurricanes and fires devastate poor communities on a regular basis, and huge swaths of Asia and Africa have become uninhabitable due to heat and drought.

Quick shift back to the present: luckily we are not there. However, we are still far away from the emissions trajectory necessary for a 1.5 degrees Celsius global warming. The effects of past inaction are clearly visible worldwide. In Greenland, for example, the ice sheet recently melted past the point of no return. The Nordics face numerous climate risks, including forest fires and coastal flooding.

However, we see encouraging movements in the climate space, including the EU Green Deal and, more specifically in northern Europe, the Nordic Climate Neutrality Declaration:

"With this declaration, we commit ourselves to working towards carbon neutrality in the five Nordic states and to pursuing Nordic climate diplomacy in international forums to deliver solutions with impact on the global emissions"

On the one hand, we applaud countries for their ambitious climate plans. On the other, we ask: "is this enough?"

Collaborating with the private sector

Commitments like "working towards" and to "deliver solutions" need to happen collectively with the private sector. This collaboration, however, comes with questions:

  • How are "commitments" and "principles" operationalised?
  • How can they become actionable items for Nordic companies and investors together with governments?
  • What challenges and opportunities arise when making business/investment decisions?
  • What is the legal framework underpinning this?

This is what the Nordic Platform for Mobilising Climate Finance aims to resolve. It unifies Nordic stakeholders, is an open stage for discussion, and shares good practices and knowledge. As a result of the discussions and input, the Nordic Platform will distil recommendations to support the Nordics in creating a climate-compatible Nordic corporate and financial sector.

Climate strategy - the Nordic way

The Nordic region is and has been a collective of stable, democratic welfare states and is considered a frontrunner in sustainable finance. Did you know the world's first green bond was initiated by a group of Swedish pension funds back in 2007? And that the Nordic region aims to become 'the most sustainable and integrated region in the world by 2030'? The Nordic Council of Ministers (NCM) 2030 vision prioritises:

  • "A green Nordic region – together, we will promote a green transition of our societies and work towards carbon neutrality and a sustainable circular and bio-based economy.
  • A competitive Nordic region – together, we will promote green growth in the Nordic region based on knowledge, innovation, mobility and digital integration.
  • A socially sustainable Nordic Region – together, we will promote an inclusive, equal and interconnected region with shared values and strengthened cultural exchange and welfare."(NCM, 2020)

The concepts in the vision are all interrelated, and climate is its foundation. The Nordic region is eager to lead by example, as a global pioneer in taking climate action and addressing climate finance issues.

Join the discussion

Make your voice heard and hear what your competitors, partners and clients have to say. The Nordic Platform is hosting a public webinar series in Q4 for both the financial and corporate sectors. See the topics and speakers
here.

Want to learn more?

Contact Ingmar Schuurmans - Managing Consultant at South Pole via:
i.schuurmans@southpole.com.