To discuss EU strategy for sustainable finance in our region, Finance Latvia Association and Finance Finland in partnership with European Commission is organizing a deep dive on “Sustainable Finance in Nordic-Baltic”. On November 9th from 8.30 till 12.40 welcome to follow online.

Within the event, we want to touch the key aspects of EU strategy for Sustainable Finance, align it with local agenda and discuss the potential of Baltic-Nordic region in driving sustainable financing across industries and in public sector, including municipalities.

There will be high-level speakers from the European Commission, European Investment Bank, Nasdaq Nordic, Nordic Investment Bank, Latvian Baltic Energy Efficiency Fund, BBVA, Bank of Finland, Varma Mutual Pension Insurance Company etc. Please see the agenda.

The goal of the event is to foster an action-focused dialogue between industry and public sector experts regarding EU strategy for sustainable finance, the implementation modalities and both traditional and innovative approaches to financing sustainable investments in the Baltic-Nordic region. A particular focus will also be devoted to issues related to measuring the impact of sustainable investments and the increasing focus of European Banks on climate responsible business. Public and private sector representatives from the Baltic-Nordic region and broader responsible finance and investment community will be attending.

The opening of the event planned for 8.30. At 9.00 Valdis Dombrovskis, Vice-President for Euro and Social Dialogue, Financial Stability, Financial Services, and Capital Markets Union, European Commission, will have keynote speech and will participate in the High-Level panel discussion on EU’s sustainable finance agenda, followed by presentations and two in-depth expert panels:

  • Sustainable Finance in action – how to think about the impact in Baltics and Nordics and how to measure it (9.55-10.55);
  • Sustainability-driven business models, funding vehicles and mechanisms in the corporate sector as well as in the public sector, including in municipalities (11.20-12.35).

Agenda

8.30 Opening by Piia-Noora Kauppi, Managing Director, Finance Finland
Introduction by Risto Murto, President and CEO, Varma Mutual Pension Insurance Company

9.00 Keynote speech
Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services, and Capital Markets Union, European Commission

Panel discussion: EU’s Sustainable Finance Agenda

  • Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, European Commission
  • Marja Nykänen, Deputy Governor, Bank of Finland
  • Antoni Ballabriga, Global Head of Responsible Business at BBVA & Chair of the Sustainable Finance Working Group at European Banking Federation
  • Ieva Tetere, CEO, SEB Latvia & Supervisory Council, Finance Latvia Association
  • Risto Murto, President and CEO, Varma Mutual Pension Insurance Company
  • Satu Hassi, Member of the Parliament, Chairperson of the Parliamentary Environmental Committee

Moderator: Piia-Noora Kauppi, Managing Director, Finance Finland

9.55 Opening of the session by Sanda Liepiņa, CEO, Finance Latvia Association

10.00 Work of European Banks on Climate Change - Antoni Ballabriga, Global Head of Responsible Business at BBVA & Chair of the Sustainable Finance Working Group at EBF

Panel discussion: Sustainable Finance in action – how to think about the impact in Baltics and Nordics and how to measure it

  • Esko Kivisaari, Deputy Managing Director, Finance Finland
  • Robert Kitt, CEO, Swedbank Estonia
  • Jukka Honkaniemi, Senior Banker, SEB
  • Lija Strašuna, Chief Economist, Swedbank Latvia
  • Timo Pietilä, Head of Capital Markets Financing, OP Financial Group
  • Igors Kasjanovs, Senior Economist, Sustainability and Mandate, Treasury department, Nordic Investment Bank

Moderator: Sanda Liepiņa, CEO, Finance Latvia Association

10.55 Break

11.20 Opening of the session by Aila Aho, Executive Adviser, Sustainability, Nordea & Member of European Commission Technical Expert Group on Sustainable Finance, Rapporteur of Green Bond subgroup

Green Bond Structuring and Early Stage Scoping - Leena Kassinen, Associate Director, Green Bonds, OP Corporate Bank

Panel discussion: Sustainability-driven Business Models, Funding Vehicles and Mechanisms
The discussion will focus on funding vehicles and mechanisms in the corporate sector as well as in the public sector, including in municipalities

  • Eric Gällstad, Head of Public Sector Lending in the Nordics, Germany and Austria, European Investment Bank
  • Lauri Rosendahl, President, Nasdaq Nordic
  • Paulius Zurauskas, Head of Capital Markets, Baltic Division at SEB
  • Nicholas Stancioff, Latvian Baltic Energy Efficiency Fund
  • Joakim Holmström, Executive Vice President, Head of Capital Markets, Municipality Finance

Moderator: Aila Aho, Executive Adviser, Sustainability, Nordea & Member of EC Technical Expert Group on Sustainable Finance, Rapporteur of Green Bond subgroup

12.35 Closing - Sanda Liepiņa, CEO, Finance Latvia Association

 

 

Background (European Commission - Press release, 24.05.2018.)

The EU and governments around the world committed to the objective of a more sustainable economy and society when they adopted the Paris Agreement on climate change and the UN 2030 Agenda for Sustainable Development. The EU is already making a difference thanks to the EU 2030 Energy and Climate framework, the Energy Union, the Circular Economy Action Plan, and the EU implementation of the 2030 Agenda for Sustainable Development. This is at the core of the Union's Capital Markets Union project.

Current levels of investment are not sufficient to support an environmentally-sustainable economic system that fights climate change and resource depletion. More private capital flows need to be oriented towards sustainable investments to close the €180-billion gap of additional investments needed to meet the EU's 2030 targets of the Paris Agreement. The Commission's first step was the Action Plan on Financing Sustainable Growth of 8 March 2018. The Action Plan was informed by the final report in January 2018 of a High-Level Expert Group on sustainable finance established by the Commission in 2016. The Commission also conducted a public consultation on institutional investors' and asset managers' duties regarding sustainability.

Members

   

Associate members