ICMA Women’s Network: Together for a brighter and safer Europe

Despite market turbulence and geopolitical risks, the green transition shows no sign of moving to the backburner. That was one key takeaway from the recent ICMA Women’s Network event, “Security, sustainability and inclusive recovery.”

Nordea’s Head of Business Banking Nina Arkilahti had a positive message for the participants:

“There are more green energy investments being made now than ever before, and the energy crisis has actually accelerated the pace. This year alone, there will be 440 gigawatts of new renewable electricity installed – twice as much as what the International Energy Agency predicted three years ago,” she told the audience.

The popular Helsinki event, co-sponsored by Nordea and Nordic Investment Bank (NIB), drew in client attendees both physically and online for a series of engaging discussions and valuable networking.

‘On a very good track’

Another panelist, Maiju Westergren, Senior Vice President, Sustainability and Public Affairs at energy company Helen Ltd, echoed Nina Arkilahti’s optimism on sustainable finance. She shared big ambitions for both her company and the energy sector.

“Last year was a challenging year for energy companies, but we still made green transition investments for several hundred million euros, mainly on wind energy, bioenergy and heat pumps. We are on a very good track,” she said.

Yet the downside risks abound when it comes to the future economic outlook. Jeanette Vitasp, Vice President and Head of Lending at Nordic Investment Bank (NIB), emphasised the recent market turbulence, stemming from COVID-19 and Russia’s invasion of Ukraine as well as soaring inflation and higher interest rates.

“The markets have somehow taken this very well, but there is definitely a risk for recession. That worries me a bit - together with the fact that this has also increased protectionism and deglobalisation,” she said.

The road of no return

Hanna Smith, Senior Strategic Advisor to the Secretary General of the Organization for Security and Co-operation in Europe (OSCE), delivered a powerful keynote presentation on the current security environment in Europe. She highlighted the changes in Europe due to Russia’s invasion of Ukraine and the growing confrontation between democracies and autocracies.

Strong polarisation and propaganda are part of today’s mix, and nuclear weapons are suddenly back on the table, which she described as the “scariest change.”

“We are in an in-between space. We have left something and are on the road of no return, but we do not know where we are heading,” she said about the current situation in Europe. She emphasised the importance of being able to adapt and be proactive.

“We should manage to adapt, to capture the situation, and push our own strategy and vision rather than wait for things to happen,” she said.

The sessions concluded with Antti Kuronen, foreign news correspondent at the Finnish broadcasting company Yle, reporting on the current situation in Ukraine. The well-known Finnish reporter joined the event on a video call from the Donetsk region and shared moving descriptions that were a powerful reminder of the destruction of war.