Interested in funding?

The description below outlines what kind of investment targets can receive funding from the Climate Fund and the criteria for the Fund’s investments. At the bottom of the page, you will find a link to further details and a form that you can use to provide supplementary information about your investment proposal.

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Climate Fund investments in brief

The Climate Fund invests in large-scale projects in which the fund’s investment is crucial to enable the project’s realisation in the first place, on a larger scale, or earlier than it would with funding from elsewhere. If this kind of clear added value from the state’s participation cannot be identified from the investment, the Climate Fund will not take part in the project.

As a state-owned special-assignment company the Climate Fund aims at fulfilling its task as efficiently as possible and creating societal impact instead of maximising its own revenue. In the long term the Climate Fund’s investments and financing must, however, be self-sustainable when assessed as a whole.

The Fund can allocate debt and equity capital funding as well as mezzanine funding. The company will not award direct grants or subsidies during its launching phase. The Climate Fund can participate in investment projects led by either private or public actors, or public-private-partnerships. Approximately 65% of the Fund’s investments must relate to climate change and about 35% to digitalisation.

Climate Fund as a part of the state innovation funding

The Climate Fund’s role as a part of the Finnish state innovation funding ecosystem defines the kind of projects that the company invests in as well as the tools that it uses. Correspondingly, the company does not invest in funding targets that are included in the investment scope of the other funding bodies.

Logo: Business Finland

Business Finland

Business Finland is a public actor that offers funding for innovations and internationalisation and promotes travel and investments to Finland.

The Finnish Climate Fund

Climate Fund

Climate Fund invests in large-scale climate and digital projects in which the fund’s investment is crucial to enable the project’s realisation in the first place, on a larger scale, or earlier than it would with funding from elsewhere.

Logo: tesi


A state-owned investment company that invests in private equity funds and makes direct market-based investments in growth companies together with private investors.

Logo: Finnvera


Funds the founding, growth and internationalisation of SMEs and exports of large companies with various loan and guarantee instruments.

Climate Fund’s investment categories

In addition to its role in accelerating investments, the Climate Fund complements other state-owned innovation funders especially with its four investment target types – i.e., through its investment categories


Industrial scale-up

The Climate Fund’s primary investment targets boost climate investments to industrial scale projects.

Example. Scaling-up a new climate technology into a demonstration stage facility.



The Climate Fund can enable business based on the knowledge, competence or infrastructure of public and publicly owned actors, arranged as partnerships with commercial actors.

Example. Public-private-partnership to create a digital solution.


Julkinen sektori

Public platforms

Public actors can establish companies to open new kinds of business for example at the interface of government data.

Example. Capitalising a publicly owned data platform company.


Special funds

To support the creation of new kinds of fund products, the Climate Fund can establish new funds or invest in special funds that concentrate on digital and climate investments.

Example. Investment into a renewable energy risk allocation fund.

Criteria for Climate Fund investments

A three-stage assessment model and criteria created for investments is used to determine whether the Climate Fund participates in individual investment proposals. Each investment proposal is evaluated against these requirements based on the information provided by the applicant. The Climate Fund’s investment team supports the applicants in employing the criteria.

The criteria and evaluation model consist of financial and other preconditions, cross-cutting impact goals and an investment proposal specific analysis.

1. Preconditions

Every investment decision has to pass the preconditions.
Three preconditions are evaluated when making every investment decision.

  • Minimum self-supporting business activity
  • Verified added value of the state funding  by the Climate Fund
  • ”Do no significant harm” alignment
2. Climate Fund impact criteria

The priorisation is primary based on the impact criteria …
Four general Climate Fund impact criteria are taken into account when making every investment decision.

  • Emissions reduction potential
  • Productivity potential
  • Alignment with the EU taxonomy (yes/no)
  • Business potential, productivity gains and the added value derived from the funding
3. Investment proposal specific analysis

and the investment proposal specific analysis.
In addition, other most relevant proposal specific point of views will be analysed.

Proposal specific analysis, e.g.:

  • Biodiversity impact
  • Export potential
  • Social justice
  • Leveraging EU funding
  • .…

Detailed information regarding the Climate Fund’s investment criteria

Decision-making process

The Climate Fund’s Board of Directors makes decisions regarding the company’s investments. The Fund’s operational team prepares investment proposals to the Board in collaboration with the applicant and possible external evaluators. The Climate Fund’s Board meets monthly to evaluate how investments are advancing from the proposal stage towards more detailed analysis and investment decisions.