the importance of smes will remain critical in the required transformation from climate and sdg perspectives and is further accelerated by various aspects of technology disruption including distributed technology solutions smart it microfinance etc in addition more systematic tracking and learning of adaptation relevant investments by nordic finance institutions and nordic dfis is needed nordic actors should contribute to continued standard development building eg on the green bond principles as well as pioneering work by cicero on shades of green eg cicero extensive experience by various nordic actors in carbon markets including a year track record in carbon finance by nefco can serve to ensure that lessons learned from the cdm regime are optimally made use of in developing further the green bond market while the existence of nordic financing institutions is a definite valueadded forthe nordic region and its global outreach the early international experiences with green investment banks as well as corresponding experiences within the world bank group could serve nordics to assess additional advantagesdisadvantages of deeper andor more formal nordic collaborationmerger between existing nordic finance institutions