South Pole moderates Nordic Council workshop, ‘Sustainable Finance – The Nordic Way’
On Wednesday 23 May South Pole co-hosted the Nordic Council of Ministers' workshop, 'Sustainable Finance – The Nordic Way' in Copenhagen with Climate-KIC and Gaia Consulting.
The workshop concluded that while Nordic countries are ahead of other regions on climate finance, more work needs to be done.
Participants identified accelerated project development, de-risking for small-scale projects and climate finance beyond energy as the core areas needing further exploration.
Moderated by Martin Stadelmann, South Pole's Practice Leader Climate Finance, the workshop convened a number of influential public- and private-sector panelists who shared impressive examples of Nordic leadership on climate finance.
Asger Garnak, Chief Adviser Climate Finance at the Danish Ministry of Energy, Climate & Utilities, Asger Garnak presented the Ministry's expansion of its Energy Savings Insurance into Latin America.
This development comes after the Danish Government supported the Inter-American Development Bank in piloting the new insurance in Mexico, which was subsequently financed by the Green Climate Fund in El Salvador and is now expanding to most of the region.
Torben Huss, Executive Vice President at the Danish Fund for Developing Countries (IFU) presented their Danish Climate Investment Fund (KIF).
KIF invests Danish pension fund capital into climate-friendly infrastructure investments in developing countries – an impressive example of North-South institutional investment unmatched by other Nordic countries.
Samu Slotte, Head of Sustainable Finance at Danske Bank presented how Sweden's pension funds are leading the Nordic region in the area of climate-related disclosure, while Sören Mortensen, Senior Director and Head of Origination at Nordic Investment Bank showed how his company is investing in the world-leading Nordic green bond market.
Taking place during Nordic Clean Energy Week, the workshop was part of the Nordic Public-Private Collaborative Platform on Climate Finance.
A larger initiative of the Nordic Council, the Platform on Climate Finance promotes interaction between Nordic governments, investors and private sector to mobilise the trillions needed to finance the climate-resilient, low-carbon economic transition.
The Platform will continue its work in four issue groups, of which South Pole will facilitate three.
Jeff Swartz, South Pole's Director Climate Policy and Carbon Markets will organise the group on New Market Mechanisms and Article 6; Dominique Gangneux, South Pole's Principal Consultant Supply Chains will moderate the Nordic Supply Chain group; and Martin Stadelmann, South Pole's Practice Leader Climate Finance will moderate the Nordic De-risking group.