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.

If you are unable to find the information you are looking for from our website, please contact us via email.
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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 funding must, however, be self-supporting when assessed as a whole.

During its launching phase, the Climate Fund can provide capital loans or use special investment funds and other special funding instruments. 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 Climate Fund’s investments shall relate to climate change and about 35% to climate-related digitalisation. In the launching phase of the Climate Fund, the funding related to digitalisation will be restricted to industrial scale-ups of digital climate solutions and digital platforms enabling emission reductions.

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

The Climate Fund complements the state-owned innovation funding ecosystem especially with its two investment categories and five types of investment targets.

Scaling up the deployment of climate solutions

2-20 ME

Facility investments

Scaling up a commercial climate solution into an industrial scale facility

Käyttöönoton skaalaus
Scaling up the deployment of climate solutions

Boosting the deployment of an existing climate solution

Digitaalisten ratkaisujen skaalaus
Scaling up digital solutions

A significant scale-up of a digital climate solution

Platforms enabling emissions reductions

1-10 ME

Fyysinen infrastruktuuri
Physical infrastructures

A physical infrastructure, used by several organisations, that enables emissions reductions and/or scalable climate business

digitaaliset alustat
Digital platforms

A digital platform, used by several organisations, that enables emissions reductions and/or scalable climate business

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 proposal is evaluated against these requirements based on the information provided by the applicant. The Climate Fund’s 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 added value that the investment enables for registered actors operating in Finland
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
  • .…

More information regarding the Climate Fund’s investment criteria and earlier funding targets

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.

1. Identification and priorisation of funding targets
  • Presenting the funding target: Basic information about the potential investment provided using the web form
  • First discussion and priorisation: An overview on the preconditions and the impact criteria, as well as the status and timing of the total investment
2. Due Diligence analysis
  • DD stage 1: Business plan and the Climate Fund impact criteria
  • DD stage 2 : Finance, technology, tax, legal and impact model
  • DD stage 3: Finalisation of analysis and investment negotiations
  • The analyses are often supported by external experts.
3. Investment decision and execution

Approximately 10-15 investment decisions per year.

  • Finalising the documentation: Execution proposal and decision documentation
  • Investment decision: Made by the Board of the Climate Fund
  • Financial arrangements

Execution of transaction

4. Managing the portfolio target

Monitoring, reporting and management

Every investment decision proceeds from an initial overview towards a more detailed analysis. The Climate Fund’s Board of Directors evaluates the proposals in several phases during the process and makes the final decision. The investment process will usually take some months, after which the portfolio target is monitored throughout the funding period.