05.03.2025 | News
Nefco, the Nordic Green Bank tasked with accelerating the green transition, has published its Annual Report for 2024. Nefco is owned by the five Nordic countries and plays a key role in implementing the Nordic Vision 2030, which aims to make the region the most sustainable and integrated in the world.
Nefco has released its Annual Report 2024, showcasing significant progress in accelerating the green transition through its own investments and managed funds. Despite global uncertainties, Nefco has continued to increase its impact, supporting Nordic SMEs in their growth, helping Ukrainian municipalities in their reconstruction and financing climate initiatives in Sub-Saharan Africa.
At the end of 2024, Nefco managed 341 active projects, including 81 loan and equity investments and 260 projects financed through managed funds. These projects primarily focused on climate change mitigation and protection of water and marine resources, spanning sectors such as energy, construction, manufacturing and transportation, as well as water and waste management. Investments in the circular economy also saw notable growth.
Nefco reported a profit of EUR 12.6 million, representing continued positive financial performance. As of 31 December 2024, total equity amounted to EUR 142.6 million and managed fund assignments reached EUR 685.9 million. Funds committed to ongoing projects totalled EUR 538 million.
Key highlights from 2024:
- EU Taxonomy alignment: 80% of Nefco’s investments met EU Taxonomy eligibility criteria, reinforcing alignment with Nordic and European sustainability goals.
- Scale-up of Nordic SMEs: Nefco facilitated the global expansion of Nordic SMEs, supporting pioneering solutions in sustainable manufacturing, energy, transport and waste management. Nefco’s groundbreaking biodiversity pilot programme encouraged businesses to adopt nature-positive practices.
- Green recovery in Ukraine: Despite ongoing challenges, Nefco played a crucial role in deploying funds from the EU and Nordic governments to restore critical infrastructure and build housing for internally displaced persons (IDPs) in collaboration with Ukrainian municipalities, strengthening their energy security and resilience.
- Clean and affordable energy to underserved regions: More than 1.2 million people in Sub-Saharan Africa gained access to off-grid energy solutions through Nefco-managed initiatives.
- Baltic Sea ecological protection: Several projects were completed, contributing to the restoration of the Baltic Sea ecosystem.
Looking ahead, CEO Trond Moe reaffirms Nefco’s commitment to accelerating the green transition:
“Today, as global challenges escalate, it can be difficult to envision an entirely green and sustainable economy. Financing is often a bottleneck, a challenge we aim to solve. We work to make financing available to small-scale green projects. Driven by entrepreneurs and highly motivated groups of people, these initiatives show us how we can transition to a better and more sustainable future using a bottom-up approach.”
Moe emphasises that Nefco seeks not only return on investment but also return on impact:
“Together with our partners, clients and staff, we are not just financing projects, we are empowering companies and communities to tackle climate change, support biodiversity and achieve sustainability.”
Nefco is an international financial institution (IFI) founded in 1990 by the five Nordic countries, Denmark, Finland, Iceland, Norway and Sweden. With a growing portfolio of green impact projects and a clear alignment with the Nordic Vision 2030, the EU Green Deal and the Paris Agreement, Nefco will continue to enable the scale-up of innovative green solutions globally.
Find more information in the Nefco Annual Report 2024 and Ethics and Compliance Annual Report 2024.
Our 2024 reports
For further information, please contact:
Trond Moe, CEO, Nefco
trond.moe@nefco.int, +358 50 329 0860
Josefin Hoviniemi, Vice President Communications, Nefco
josefin.hoviniemi@nefco.int, +358 50 464 6995