Impact figures

• In digital infrastructure and solutions, Finnfund aims to
  1) close the coverage gap;
  2) close the usage gap; and
  3) invest in digital technology solutions.
• In 2024, our investees served 154
  million people through the provision
  of digital solutions and infrastructure.
  The decrease from the previous year
  was due to an exit from one portfolio
  company.

• Finnfund’s direct investees had
  approximately 218,000 hectares
  under sustainable management, of
  which 66,000 hectares were planted
  and growing, and approximately
  85,000 hectares (39 per cent) were
  protected areas.
• Our fund investees had approximately
  279,000 hectares under sustainable
  management, the majority of which
  is FSC-certified.
• Our direct forestry investees had a
  relatively stable 7,000 employees,
  of whom 25 per cent were women.

• In total, our investees generated
  5,330 GWh of electricity, of which
  96 per cent was from renewable
  sources.
• Of our fund portfolio, the largest share
  (~69 per cent) of renewable energy
  production originated from our invest
  ments in Africa (Evolution Two and
  Three), Latin America (CIFI), and
  Asia (Dolma Impact Fund, Nepal I).
  Overall, there was a reduction in
  electricity generation year-on-year
  due to an exit from one fund.
• In our direct investments, power
  generation decreased year-on-year to
  1,487 GWh, reflecting our exit from two
  investments. Of our direct investments,
  solar power projects counted for 59
  per cent (879 GWh) of electricity gener
  ation and wind power for 28 per cent,
  with the rest coming from biopower.
• It should be noted that although
  a renewable energy asset is no
  longer in Finnfund’s portfolio, it will
  continue to generate renewable
  energy for communities and
  businesses.

• Agribusinesses in our portfolio (direct
  investments and fund investees) had
  a total of 34,000 employees in 2024,
  of whom 35 per cent were women.
  This is 7,000 more jobs compared to
  the previous year. The increase is due to
  the inclusion of new companies in our
  portfolio and growth in existing portfolio
  companies.
• The increase also shows in salaries paid,
  which grew to 89 million euros in 2024.
• Our investees worked with 2.5 million
  farmers, of whom 71 per cent were
  women. The decrease compared to
  the previous year is mainly due to an
  updated methodology applied by one
  investee company.

• In 2024, Finnfund’s portfolio included 29
  financial institutions, whose combined
  loan portfolio stood at 46 billion euros.
• Approximately 34 per cent of this was
  lending to micro, small and medium-
  sized enterprises (MSMEs), with an
  average loan size of 2,225 euros.
• A total of 7.1 million MSMEs received
  loans worth 15.8 billion euros from
  financial institutions in Finnfund’s
  portfolio, of which 29 per cent were
  directed to female customers.

• Direct investments supported
  129,000 jobs, of which 42 per cent
  were for women.
• Fund portfolio companies supported
  162,000 jobs, of which 35 per cent
  were for women.
• In total, our investees supported
  291,000 jobs.

In addition to direct employment opportuni
ties, the economic activities of our investees
contribute to economy-wide benefits in the
form of indirect and induced jobs. The total
employment effect of our portfolio therefore
goes much further than direct jobs supported.

Investments attributed to Finnfund removed
more greenhouse gas emissions from
the atmosphere, measured as carbon
dioxide equivalent, than they emitted during
2024. Our carbon accounting covers 93 per
cent of Finnfund’s total assets. The main
asset classes are business loans and fund
investments (79 per cent of outstanding
total assets) and unlisted equity (21 per cent
of total assets).

In 2024, Finnfund’s portfolio emissions were 180,000 tCO2e, approximately at the same level as in 2023. There was no significant growth in Scope 1 emissions, our Scope 2 emissions grew by ~8,000 tCO2e, and our Scope 3 emissions decreased by ~5,000 tCO2e. Our 2024 portfolio emissions were equivalent to 296 tCO2e per outstanding million.

Finnfund’s portfolio carbon removals were 301,000 tCO2. Most of the forests in Finnfund’s portfolio are afforestation and reforestation projects and are still relatively young, which means that the average annual carbon sink of the forests is larger than the amount of carbon emitted through harvesting or natural hazards, such as forest fires. Once the forests in Finnfund’s portfolio mature, the carbon storage in forest biomass will reach a steady state.

In 2024, Finnfund’s renewable energy
investments avoided 126,000 tCO2 of emissions. This is calculated based only
on data from grid-connected renewable energy investments.

• 25 per cent of board members at our direct investees were women.
• 32 per cent of senior management among
  our direct investees were women.

• Our investees paid a total of 1,348
  million euros in taxes and tax-like fees
  in their respective countries.
  – 47% by financial institutions
  – 17% by other direct investments
  – 36% by fund portfolio companies
• 82% of the taxes were paid in African countries.