Finnish Climate Fund

The Finnish Climate Fund, officially Ilmastorahasto Oy, is a state-owned special assignment company dedicated to accelerating Finland's transition to carbon neutrality. It strategically invests in projects and companies that combat climate change, foster low-carbon industrial growth, and advance digitalization. The fund targets pioneering business activities centered on emerging technologies, aiming to generate significant environmental and economic impact.

Established in 2020 by the Finnish Government, Ilmastorahasto Oy was formed from the restructuring of the State Business Development Company, Vake. It operates under the Ministry of Economic Affairs and Employment, explicitly mandated for high-impact climate financing. Its foundational legal framework as a state-owned limited liability company was enacted in February 2023.

The fund’s strategic investments primarily serve Finnish companies and initiatives, bolstering the domestic economy, creating jobs, and developing essential skills. Ilmastorahasto Oy envisions leading the scaling of innovative climate solutions, positioning Finland at the forefront of green technology and sustainable development. It is a critical instrument for achieving the nation's ambitious 2035 carbon neutrality target.