The 64 projects approved in 2008 include the financing of renewable energy, energy efficiency, sustainable agriculture, waste recycling and wastewater treatment. NEFCO's financial statements for 2008 show a surplus of 191,878,63 euros.
“We are very pleased that we have been able to increase the number of projects despite the economic recession. This shows that there is a big demand for international financial institutions which are prepared to offer funding for environmental projects in Eastern Europe,” said NEFCO's Managing Director Magnus Rystedt.
“Our environmental status report also shows that many of our previous investments are now bearing fruit. For instance, NEFCO's co-financing of the Southwest Wastewater Treatment Plant in St. Petersburg has helped to reduce the discharge of approximately 533 tonnes of phosphorus per year due to more efficient phosphorus removal, which meets the Helsinki Commission HELCOM's requirements,” Rystedt added.
In the water sector, NEFCO has financed altogether the treatment of 61.5 million cubic metres of wastewater, which has reduced the releases of phosphorus to the Baltic Sea by some 1,000 tonnes. This is to be compared with Finland's total releases of 3,500 tonnes of phosphorus in 2006. NEFCO also published a report on emissions trading with phosphorus and nitrogen in the Baltic Sea area. The report was commissioned by HELCOM.
In addition, NEFCO co-financed projects which reduced emissions of carbon dioxide by some 1.5 million tonnes last year. This corresponds to 10 per cent of the total CO2 emissions in Finland's transport sector in 2007. The investments which promoted energy efficiency or renewable energy reduced energy consumption by a total of about 1.28 million megawatt hours, which corresponds to the Finnish coastal city Pori's electricity consumption in 2007.
NEFCO's new carbon fund, NeCF, established in April last year, attracted investments that far exceeded all expectations. By the end of the year, the Fund totalled 77 million euros. NeCF acquires emission reductions for its investors under the Kyoto protocol. The NeCF also buys post-2012 carbon credits, extending the revenue of investments in CDM and JI-projects. The strong capitalisation of the NeCF fund illustrates that NEFCO is a trusted and valued partner among the clients which participate in the emissions trading scheme under the Kyoto protocol.
“It is important that international financial institutions like NEFCO remain in business and continue granting loans and making capital investments to companies and municipalities in a situation where a wide range of commercial banks are imposing restrictive loan policies in Eastern Europe. NEFCO is needed to ease the effects of the financial crisis,” underlined Magnus Rystedt.
NEFCO is an international finance institution owned by the five Nordic countries. NEFCO finances investments and projects in Russia, Ukraine, Estonia, Latvia, Lithuania and Belarus, in order to generate positive environmental effects of interest to the Nordic region. NEFCO currently administers funds with a total value of 325 million euros.
For more information, please contact:
Mikael Sjövall, Communications Manager, NEFCO, +358 50 3535 045
Karl-Johan Lehtinen, Senior Manager, NEFCO, +358 40 593 1239
Magnus Rystedt, Managing Director, NEFCO, +358 50 329 6224
