A country-level account of sustainable finance, refreshed every two years.
What the transition costs, what is being financed, and the gap between the two. Measured the same way every edition, so the number compares across countries and the trend holds over time.
Every edition opens on a single page. The headline number, and the account behind it. Each block below is a figure on that page.
Figure — The Gap. One dominant number: the share of the country's modelled need not being financed. Carries direction (widening or narrowing) and the point change since the last edition.
Figure — The gap across editions. A line across editions and base years, so the trend is the story rather than any single point.
Figure — Instruments of aligned finance. Ranked bars: use-of-proceeds bonds, sustainability-linked loans, project and equity finance, grants and concessional, as a share of aligned finance.
The two parts
The measurement study A closed account of the country's financing market. The gap is one slice of it, not a ratio on its own. That structure is what lets the number stand up to scrutiny, compare across countries, and be rebuilt the same way each edition.
The market read A frank assessment on top of the numbers: how the market reached its current state, who moves it, what holds it back, and where the room to move is. It names bad practice rather than hedging.
How it is built
The cost of a sustainable future is modelled from national climate and energy plans, sector pathways and policy targets, presented as an estimate with its assumptions visible. The headline gap is that modelled cost minus the financing we can actually measure flowing to aligned activity.
Aligned
The activity moves the country toward a sustainable future, label or no label.
Unassigned
General-purpose and transition financing that cannot yet be assigned, shown openly rather than forced.
Misaligned
The activity does not move the country, or pulls the other way.
What decides the category is the activity the money funds, not the label on the instrument. Sources are mostly official and statistical: national statistics offices, central banks, financial supervisors, exchanges, debt offices, EU and EEA bodies, the multilaterals. A base year is fixed for each edition and everything is pulled to it, because sources lag by different amounts.
Modern tools support the data work. The judgement, the verification and the accountability are human. The method is published in full and reviewed outside the firm.
"We have a sustainability report, but I'm not sure we have a strategy"
"We have a sustainability report, but I'm not sure we have a strategy"
Editions and rhythm
Iceland Published
Norway Published
Faroe Islands In preparation
Denmark In preparation
Greenland In preparation
Sweden In preparation
Finland In preparation
Nordic aggregate Across all editions
Who it is for, and how to get it
For everyone with a stake in how a country finances its transition. Banks, regulators and central banks. And across the market: issuers, advisers, exchanges, fund managers, analysts and opinion providers.
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Reports are available per country and as the Nordic aggregate. Request access to a published edition, or ask to be notified when an edition in preparation is released.