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NIB President Johnny Åkerholm: Price mechanism most efficient tool for guiding businesses and consumers towards sustainable development

"The most efficient way to steer the behavior of businesses and consumers towards sustainable development is through a price mechanism which takes into account all environmental externalities. Price tags should signal the true cost of a production and supply chain to give economic incentives for the environmentally-friendly allocation of resources",  says Mr Johnny Åkerholm, President and CEO of the Nordic Investment Bank (NIB).
Mr Åkerholm spoke at the Globe Forum conference's keynote session in Stockholm on the topic "Market Initiatives and Winning Policies".
Mr Åkerholm referred to emissions trading systems as an example for introducing pricing mechanisms to cover environmental externalities. Referring to the pan-European carbon trading system, he acknowledged that it seems to be much easier to reach a consensus on the system than to implement it. "A fundamental paradox in relation to sustainability issues is that while on the one hand there is a growing consensus that the long-term cost of non-action is likely to be very high, there is on the other hand an unwillingness to take needed action because of the short-term costs", he adds.
The financial sector's impact on the environment is considerable, though mainly indirect through the projects it finances. Financiers will have to take increasingly into account environmental and sustainability criteria (not only conventional risk and return) as a precondition for providing financing to a project. International Financial Institutions, such as NIB, can spearhead such a development as they are publicly owned institutions driven by mandate rather than profit.
One example of such activity was setting up a European post-2012 carbon credit fund. The recently launched fund will support environmentally beneficial projects via the acquisition of carbon credits generated in the period starting in 2013, that is, after the Kyoto Protocol commitment period and the second phase of the European Trading System. The initiative to set up the Fund was taken by the European Investment Bank and alongside NIB, also Caisse des Dépôts, Instituto de Crédito Oficial and Kreditanstalt für Wiederaufbau are participating.
"For NIB and its member countries in the North, climate change mitigation and adaptation are key priorities. Alongside other initiatives, the participation in the European Post-2012 Carbon Fund is a way for NIB to address these challenges proactively," Åkerholm says.
NIB is an International Financial Institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank provides long-term loans on market terms to private and public projects that strengthen competitiveness and enhance the environment. The environmental loans in 2007 amounted to EUR 368 million. NIB has the highest possible credit rating and acquires the funds for its lending by borrowing on the international capital markets. The Bank has some 160 employees and total assets amounting to 20 billion euros. NIB's headquarters are located in Helsinki, Finland.
For further information, please call:
Mr Johnny Åkerholm, President and CEO, at +358 10 618 001
Mr Jukka Ahonen, Director, Head of Communications, at +358 10 618 0295

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