EK calls for clear green investments outlook

Finland’s business community expects the UN Climate Change Conference in Glasgow to reinforce the commitment that the countries of the world are genuinely and credibly aiming for climate targets in line with the Paris Agreement.

“A stable outlook is a prerequisite for companies to be able to respond to the massive investment challenge they are facing,” said Jyri Häkämies, Director General of the Confederation of Finnish Industries (EK), said a press release on Friday. .

At the Glasgow summit, EK will highlight unique low-carbon roadmaps produced by business sectors – they are Finland’s tool to turn the ambitious climate goals to action by 2035.

Starting on Sunday, the UN climate negotiations (COP26) are the most significant milestone in the global climate policy since the Paris climate summit. In Glasgow, the countries of the world will present their updated emissions reduction commitments (i.e. nationally determined contributions, NDCs) for the first time after the Paris summit.

The Finnish business community has been on the international vanguard of promoting ambitious climate targets and accelerating their practical implementation.

“Our companies are committed to the Paris Agreement targets. Now the same is expected from political decision-makers,” said Häkämies.

“The business community expects the Glasgow summit to reinforce the commitment that the countries of the world are genuinely and credibly aiming for climate targets in line with the Paris Agreement. This is a prerequisite for companies to be able to respond to the investment challenge they are facing. There is an unprecedented need for rapid investments, because resolving the climate crisis demands urgent action,” he added

To create a predictable investment outlook, companies also expect the Glasgow summit to take steps to accelerate the actual implementation of the climate targets.

“Market mechanisms must be harnessed to drive emission reductions, as has been the case in the EU for a long time in the form of emissions trading. We expect the Glasgow summit to make further progress on emissions pricing and the harmonisation of international pricing systems. Another important aspect is the finalisation of the Paris rulebook, i.e. the rules for offsetting emissions, so that companies can trade in emission reduction units transparently and internationally,” Häkämies said.

The EK will be represented in Glasgow by Janne Peljo, Chief Policy Adviser, Climate and Biodiversity.