In a statement, the Nordic Environment Finance Corporation (Nefco) says it strongly condemns the "brutal, illegal, and unprovoked Russian invasion of Ukraine that continues to cause suffering beyond belief." As a consequence, it will stop all ongoing project and financing activities and withdraw from all existing trust fund engagements and assignments in Belarus and Russia effective immediately.
We strongly condemn the brutal, illegal, and unprovoked Russian invasion of Ukraine that continues to cause suffering beyond belief. Our thoughts are with our staff in Ukraine, our clients, partners, and all the people of Ukraine who experience horrific attacks by Russian armed forces, the statement read.
The Nordic countries set up Nefco in 1990 to use public investment to stimulate private finance, unlocking the power of climate-friendly investment for low-emission and climate-resilient development. Although global, Nefco’sfinancing operations are focused on Eastern Europe and the implementation of small and medium-sized projects (SMPs) with demonstration value.
Thanks to its focus on SMPs, Nefco fills a gap, supplementing financing offered by the larger international financial institutions (IFIs). In 2018, it became an accredited entity of the Green Climate Fund (GCF), a global fund created by the United Nations Framework Convention on Climate Change (UNFCCC) to support the efforts of developing countries to respond to the challenge of climate change.
Ukraine a priority
Ukraine is the most important country of operation for Nefco and it has a large number of green projects in both the private and public sectors.
Our main priority now is the safety and wellbeing of our staff and their families. We will support our clients, partners, and project activities in Ukraine as best as we can. We stand with Ukraine!
Effective immediately, Nefco will cease all of its activities in Russia and Belarus. Nefco has worked in North-West Russia for many years on wastewater projects, energy efficiency, sustainable use of resources, pollution mitigation, and environmental “hot spots” mitigation.
It is entirely against our values to work in countries that blatantly violate international law and engage in war to destroy another country. We now stop all ongoing project and financing activities and withdraw from all existing trust fund engagements and assignments in Russia and Belarus.
