Nordic sustainable finance

Every country has a sustainable finance gap.

One comparable number per country: how much of what its future requires is financed today.

One method, every Nordic country

7Nordic countries in every edition
6Pillars, from climate to social
3Gaps measured for each country
1Edition a year, every country together

Today’s estimates don’t compare

“Our bond report says where the money went. Investors ask if it was enough.”
“Every estimate uses different definitions, so we can’t compare one country with another.”
“We know what the plan commits to, not how much of it anyone pays for.”
“Every sovereign score we buy measures risk. None shows who finances the transition.”

Investors
See where transition finance is missing in each country, on numbers that compare across borders and hold up in front of a board.
Governments and supervisors
See how much of your plans is being financed, and how your country compares with its neighbours, measured the same way.
International organisations
Compare countries on one published method, so the discussion starts from the same definitions and the same evidence.

A report for every country

Each edition, every country gets its own report: the Finance Gap as a doughnut, what drives it by pillar, and the data still missing.

The 2027 edition, covering 2026, is published from April 2027.

What every subscription includes

01Country platform
02Market Insights
03Annual report
04Data and advice

Annual access to one country or all seven, on one method that improves with every edition.

How each part works

Nordic sustainable finance

The number, and the reason behind it.

No source yet compares what each country needs with what is financed, on one method.

Four parts in every subscription

01
Country platform
Every result, down to the evidence behind it.
For investors and ministries who need a figure they can defend. Required Finance, Policy Coverage and Finance Coverage for each country, by pillar and sector, with the confidence, sources and assumptions beside every result. Results run from the region down to each sector.
Three measures · Three gaps · Six pillars · Sector detail · Confidence on every result
02
Market Insights
Why each country sits where it does.
For readers who have to explain a result, not only report it. A written read of each country from conversations across its finance, policy, corporate and research communities, anonymised, with fact, view and interpretation kept apart.
What is working · Where finance is missing · Data gaps · Risks · Anonymised sources
03
Annual report
Every country, once a year, at the same time.
For boards, supervisors and policy teams who report every year. The full report sets out each country’s results and conclusions, and a public report carries every country’s headline gap. Each edition adds to the record of how a country’s position moves.
Full country reports · Public report · Nordic league table · Preliminary results · Restatements explained
04
Data and advice
The results, inside your own work.
For teams that want the data in their own systems or set against their own book. Data feeds and licences, sessions for your team, and advisory on where your portfolio sits against each gap. New countries and institutions are added on request.
Data access · Licensing · Portfolio assessment · Team sessions · New countries on request

Where each country stands

Each country’s headline gap appears here once its edition is published. The analysis behind it is for clients.

Nordic regionNot started
DenmarkIn progress
Faroe IslandsNot started
FinlandNot started
GreenlandNot started
IcelandIn progress
NorwayIn progress
SwedenIn progress

Published
In progress
Not started

Four ways to start
One country
Annual access to one country’s full results, for ministries and agencies that answer for its policy.
The Nordic set
All seven countries side by side, with the regional picture, for investors and international bodies.
Founding pilot
Three months on your country, against success criteria agreed in writing, credited against your first year.
Public edition
A government buys its country’s edition outright to make it public. It gets no say in the findings.

One cycle, every country at once

01
Analysis, July to December
One data cut-off for every country. Each is rebuilt in full, and clients see the preliminary results on the platform by December, with their feedback weighed like any other evidence.
02
Interviews, January to March
Interviews across each country’s finance, policy and research communities test the emerging results and close the data gaps the analysis found. Every conversation is recorded and anonymised.
03
Publication, April to June
You get the final figures and the full reports in the second quarter, with the public report alongside. A restated figure always appears beside the original, with the reason.
04
Corrected in the open
No client, data provider or interviewee approves a result. Errors are corrected openly, and the platform keeps improving, with clients told as it changes.

Nordic sustainable finance

A number you can stand behind.

One published method, corrected in the open and improved every edition.

What stands behind each figure

A published method
The method is public and versioned, so anyone can test a result against it.
Confidence shown
Every result carries its confidence. Where the evidence is thin, no number is forced.
Corrected openly
Every error is fixed in the open, and clients and stakeholders hear about it first.
Outside challenge
An advisory council of researchers and practitioners challenges the method and the results.

What the number is not

Not an audit
It is one consistent measure, published at the level the evidence supports.
Not a rating
It assesses a country, never a payer’s own bond or loan.
Not advocacy
It shows where each country stands, and takes no side against any government.

Verdandi is built and published by Accrona, the Nordic advisory founded by Bjarni Herrera, its CEO.

He co-founded the sustainability advisory firm Circular Solutions, acquired by KPMG, and was COO of CICERO Shades of Green through its sale to S&P Global.

Accrona’s team has written the financing frameworks and the second opinions investors rely on, and assessed EUR 98.3bn in sustainable finance. Measuring a country’s gap takes the same judgement: what counts as financing the transition, and what only carries the label. Accrona’s advisory never touches how an edition assesses a country.

Visit accrona.com

The name

Verðandi

Old Norse, from verða, to become

In Norse myth, three Norns tend the world tree. Urd looks back at what was, Skuld ahead to what the future is owed, and Verdandi watches what is becoming.

Verdandi measures all three. Skuld is Required Finance, Urd is Policy Coverage, and Verdandi is Finance Coverage, what is being financed now. The gaps lie between them, and every one is closed in the present.

In the logo, the Ð is broken into three pieces, one for each Norn. The breaks between them are the gaps.

What the measure holds to

Vision

We work toward an economy where sustainability and business are one.

Mission

We make visible how much of each country’s sustainable future is financed, so that capital and policy move to close the gap.

Values

Trust
No client, data provider or interviewee approves a result before it is published.
Excellence
Every published figure traces to its source, with its confidence shown.
Growth
Clients rank what we improve next. The ranking decides.
Focus
One measure for every country, built the same way each year.

How your access is protected

Encrypted
Every session runs over an encrypted connection.
Personal
Access is issued to named users only, and is never shared.
Private
We hold only what access needs, and never sell or share it.
Confidential
Who our clients are is never published, and what you do on the platform stays with you.

Every country has a sustainable finance gap.

One method, every Nordic country

Today’s estimates don’t compare

Investors

Governments and supervisors

International organisations

A report for every country

What every subscription includes

The number, and the reason behind it.

Four parts in every subscription

Country platform

Market Insights

Annual report

Data and advice

Where each country stands

Four ways to start

One country

The Nordic set

Founding pilot

Public edition

One cycle, every country at once

Analysis, July to December

Interviews, January to March

Publication, April to June

Corrected in the open

A number you can stand behind.

What stands behind each figure

A published method

Confidence shown

Corrected openly

Outside challenge

What the number is not

Not an audit

Not a rating

Not advocacy

Verðandi

What the measure holds to

Trust

Excellence

Growth

Focus

Client log in

How your access is protected

Encrypted

Personal

Private

Confidential