What role do Finns and Finland play in financing a sustainable future?
Finland is committed to implementing the UN’s 2030 Agenda for Sustainable Development. The 2030 Agenda emphasises that the means of implementing the goals are as important as the goals themselves. The Agenda calls for multidimensional cooperation and partnerships between the different countries, actors and citizens, active exchange of information and experiences, policy coherence, and sharing of best practices.
The implementation of the Agenda is guided by the UN’s 17 sustainable development goals (SDGs). The goals focus on the eradication of poverty and the fight against inequality and climate change. They are guided by the pledge to leave no one behind.
Public financing is not enough to fund the measures and investments needed to tackle our sustainability challenges. The UN estimates that more than EUR 4 billion in new investments will be needed in order to achieve the goals in developing countries alone. Our current measures are enough to cover only half of this. Given that global development assistance currently totals around EUR 130 billion, it is clear that private investments will be necessary.
Sustainable development is a form of risk management, but it also presents great opportunities. Renewable energy solutions, sustainable agriculture and forestry, responsible water supply services and advancing the position of women can also be a source of profitable business and productive investment activities. Several international studies support the view that both in the short and long term, investments that are in line with the principles of sustainable development are the only ones that can be genuinely profitable and sustainable choices also for the investors.
The work to prepare Finland’s sustainable development road map was carried out through collaboration with several different stakeholders, including institutional investors, ministries, businesses and representatives from public finance. Finland’s road map for mobilising private capital for SDG investments was published on 28 March.
Timo Halonen, Ministerial Adviser, tel. +358 295162411, timo.halonen(at)mmm.fi
Seppo Rekolainen, Director of International Water Cooperation, tel. +358 295162086, seppo.rekolainen(at)mmm.fi
Mikko Halonen, Leading Consultant, Gaia Consulting Oy, tel. +358 407002190, mikko.halonen(at)gaia.fi