Nokia has taken a significant step forward in its sustainability journey by securing a €1.5 billion five-year multi-currency revolving credit facility (RCF) that ties the cost of borrowing to the company's environmental performance. This innovative financial instrument underscores Nokia's commitment to reducing its carbon footprint, with the margin of the RCF adjusting based on the company's progress toward cutting greenhouse gas (GHG) emissions across its operations and value chain.

The new RCF, which replaces a previous €1.412 billion facility from 2019, includes two one-year extension options and links the pricing mechanism to two key sustainability targets: the reduction of absolute Scope 1 and 2 GHG emissions, and the reduction of absolute Scope 3 GHG emissions. These targets will be assessed annually, with any adjustments to the RCF margin impacting the following year, thereby incentivizing Nokia to meet its environmental objectives.

Marco Wirén, Nokia's Chief Financial Officer, expressed enthusiasm for the strong backing from banking partners in this refinancing transaction, highlighting the alignment of Nokia's financing strategy with its sustainability priorities. Subho Mukherjee, Vice President of Sustainability at Nokia, further emphasized the company's dedication to its climate transition plan, which aims to foster efficiency and innovation throughout its value chain.

Nokia's ambitious net-zero target by 2040, validated by the Science Based Targets initiative (SBTi), is a testament to the company's long-term commitment to environmental stewardship. The detailed operational approach to reducing GHG emissions, as outlined in Nokia's Net-Zero climate transition plan, reflects a comprehensive strategy to decarbonize its operations and supply chain. This latest financial move not only reinforces Nokia's sustainability agenda but also sets a precedent for how corporations can integrate environmental goals into their financial strategies.

Finnair is gradually restoring its Airbus A321 fleet to service after an uncertified cleaning procedure forced the grounding of eight aircraft. The airline confirmed that seat covers were washed with water, a method not properly certified to ensure fire protection standards were maintained. This safety concern prompted the removal of the affected aircraft from service, leading to operational disruptions across Finnair's European network.

The situation began improving over the weekend as Finnair started installing new seat covers on the grounded aircraft. The first A321 returned to service on Sunday, operating a flight from Helsinki to Rhodes. However, seven aircraft remain out of service with no confirmed timeline for their full return. The A321s typically seat approximately 200 passengers and are crucial for Finnair's European route operations.

The grounding has resulted in significant passenger disruptions, with Finnair implementing extensive rebooking procedures. On Sunday alone, approximately 460 passengers were moved to different flights due to aircraft downgrades. The airline has prioritized high-frequency routes such as Helsinki-Stockholm and Helsinki-London, ensuring alternative options are available. In some cases, Finnair has used smaller replacement aircraft and offered incentives for volunteers to switch flights.

To manage the capacity shortfall, Finnair has wet-leased two aircraft with crews from Danish carrier DAT since Wednesday. While flight cancellations have decreased to single digits in recent days, with some days passing without any cancellations, the airline acknowledges that irregularities may continue through the coming week. Finnair is providing accommodation and compensation to affected passengers in accordance with EU air passenger rights regulations as it works to fully resolve the operational challenges.