The event was hosted by Martin Arnborg (Managing Director Nordics), Caroline Haas (Head of Sustainable Finance Advisory), and Olivier Werenne (Head of eFX Sales EMEA and APAC).

H.E. Laura Davies, British Ambassador to Finland, opened the event, welcoming guests and reflecting on the strengthening of UK–Finland relations:

• ‘UK and Finland are aligning efforts to accelerate the green transition’: Both countries continue to deliver on the Strategic Partnership Agreement (signed in May’24), supporting collaboration in clean energy technologies, green finance, and environmental innovation. These efforts are expected to contribute to broader Nordic and European climate objectives, reinforcing both countries’ leadership in sustainable development.

   

• Economic Innovation and Industrial Strategy: Economic cooperation is a central pillar of the UK-Nordic collaboration. Especially, the UK and Finland, aim to deepen trade, investment, and innovation ties, particularly in sectors such as digitalisation, advanced manufacturing, and green technology. This aligns with the UK’s recently published Industrial Strategy Green Paper. This paper provides a framework for international collaboration and offer opportunities for Nordic stakeholders to engage in joint innovation and investment initiatives.

• Shared global responsibility: Both countries reaffirm their commitment to multilateralism and the rules-based international order; working together to promote stability and democratic values in an increasingly complex geopolitical environment.

The event also included a series of sessions. Key takeaways from these were:

Joann Spadigam gave a thought-provoking update on the global macroeconomic landscape. She described 2025 so far as a year shaped by two key forces: uncertainty and volatility. Uncertainty, largely driven by unpredictable U.S. policy decisions, continues to ripple across global markets. At the same time, markets have been on a rollercoaster ride, reacting sharply to developments like shifts in German fiscal policy and turbulence in Japanese bond markets.

• Looking ahead: These themes are expected to remain central. Trade tensions are far from resolved. A decision is still pending on the use of IEEPA tariffs in the U.S., but even if that tool is restricted, other options like Section 301 (unfair trade practices) and Section 232 (use of national security tariffs) remain on the table—both of which could reignite tariff disputes, especially with China.

• On the monetary policy front: The Fed is expected to stay on hold for the rest of the year. Inflation risks are tilted to the upside, particularly as tariffs could push prices higher. With the labour market still holding up, there’s little urgency for the Fed to cut rates.

• A mixed picture in Europe: While trade uncertainty poses a risk, there are reasons for cautious optimism. Growth has been stronger than expected, energy prices are low, and household income trends are solid. German fiscal support could also help. Against this backdrop, the ECB is likely to settle on a terminal rate of around 2%.

   

All in all, while the global outlook remains complex, there are pockets of resilience – especially in Europe. But the overarching message is clear: uncertainty and volatility aren’t going away anytime soon.

Scott Livingstone offered a compelling perspective on the current state of global affairs, underscoring how the increasingly fragmented and polarised world order is reshaping the balance of power. In this environment, influence is no longer concentrated solely among traditional superpowers. Countries such as India, Pakistan, Indonesia, Saudi Arabia, and Iran are gaining strategic prominence, leveraging regional dynamics and global realignments to expand their roles on the international stage. Scott Livingstone also shared some light of the recent global developments on: 

• Technological advancement: Technology plays a central role in this transformation. The US is now prioritising domestic innovation and production capabilities, moving away from its previous dependence on China and other global suppliers. This shift reflects a broader strategic imperative: to secure critical technologies and reduce exposure to geopolitical risk embedded in global supply chains.

• Supply chains: In sectors involving goods and advanced technologies, supply chains often remain heavily intertwined with China. In light of this, maintaining visibility and control over supply networks has become a strategic necessity. Understanding the origins of components and the nature of business partnerships is now essential for ensuring resilience and long-term stability.

• The war in Ukraine: An example of enduring complexity in today’s geopolitical landscape. The conflict, involving deep-rooted territorial and political tensions, is expected to continue for the foreseeable future. A resolution, when it comes, will likely involve a negotiated settlement over borders. The US remains deeply engaged, and the outcome of this war will have lasting implications for global security and diplomatic relations.

At a time when the global sustainability agenda is being reshaped by geopolitical tensions, rising energy demands, and intensifying climate risks, a high-level fireside chat brought together leading Nordic voices to explore how financial systems can support a just and resilient transition. The session, moderated by Caroline Haas, featured insights from Jyrki Tammivuori, CEO, Caruna; Esa Kallio, CEO, MuniFin; Marjo Koivisto, Head of Alternative Investments, Aktia.

Together, the panel examined the intersection of finance, policy, and infrastructure in the context of accelerating the green transition.

• Geopolitical instability: Shifting regulations, global conflicts, and political uncertainty disrupt long-term planning and reduce productivity, making it difficult for both public and private sectors to execute consistent transition strategies. Meanwhile, energy demand is surging—driven by the rapid expansion of AI technologies, particularly data centres, and increased defence investments. This places immense pressure on electricity grids, which are already constrained by slow and fragmented permitting and procurement processes. A diversified energy mix, including nuclear power, is seen as essential, with public sector involvement needed to reduce systemic energy consumption, especially in heating and mobility.

• Transition – moving faster than we realise: Technological innovation and consumer adoption are advancing rapidly, though structural barriers persist. Oil and gas companies continue to hedge their bets with dual strategies, and global supply chains are increasingly disrupted by protectionist policies. However, Europe’s regulatory coherence and innovation capacity provide a competitive edge in accelerating the transition.

• The role of the Financial markets: Corporates need capital to invest in infrastructure and innovation, while public sector issuers act as multipliers by using public funds to attract private investment. Investors contribute through long-term capital allocation and active stewardship. The effectiveness of sustainable finance is shaped by balance sheet strategies, valuation dynamics, and regional differences across the EU, US, and APAC.

• Beyond the transition: There is a growing importance of addressing physical climate risks - such as flooding, water scarcity, and atmospheric changes - which pose direct threats to infrastructure and communities. Sub-sovereign actors like municipalities are crucial in implementing local adaptation and resilience strategies. Additionally, cybersecurity is emerging as a critical concern, particularly as energy systems become increasingly digital and interconnected.

   

In conclusion, the fireside chat underscored that financing the transition requires more than just capital. It demands coordinated action, strategic foresight, and systemic resilience. As geopolitical tensions rise and climate risks intensify, the interdependence of financial markets, public institutions, and private actors becomes ever more apparent. Only through cross-sector collaboration and long-term thinking can the green transition be both accelerated and sustained.

To hear more about the topics discussed, please reach out to:

• Caroline Haas

• Martin Arnborg

• Olivier Werenne