COP26 summit: Finnish business calls for high ambition and clear outlook for green investments

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,” says Jyri Häkämies, Director General of the Confederation of Finnish Industries (EK). 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,” says Jyri Häkämies, Director General of the Confederation of Finnish Industries (EK).

“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.”

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.”

The Confederation of Finnish Industries (EK) will be represented in Glasgow by Janne Peljo, Chief Policy Adviser, Climate and Biodiversity. He will attend the summit from 5 to 9 November 2021.

“Environmental and business interests go hand in hand, as Finnish companies have the capacity to offer climate solutions on both national level as well as for export.”

“Finland is among the world leaders in cleantech innovation. In addition to established corporations, our small and medium-sized enterprises and start-ups also have a great deal of expertise and promising innovations. It is now important to scale them credibly for industry and the export market.”

Finland’s low-carbon roadmaps – an international benchmark

In 2019, the member associations of EK prepared low-carbon roadmaps for business and industry to lead the way in the practical execution of Finland’s carbon neutrality target for 2035 in various sectors. Implemented in cooperation with the Ministry of Economic Affairs and Employment, the project was progressive in terms of its ambitions and methods, even internationally.

EK seeks to ensure that the low-carbon roadmaps and Finnish climate solutions are available for the international community, as well. We have therefore launched an English-language website in connection with the Glasgow summit that provides summaries of the 14 low-carbon roadmaps, as well as sources of further information about the member associations in various sectors.

The low-carbon roadmap website at www.climate2035.fi is intended for climate policy professionals, and representatives of business and industry in Europe and around the world.

Further information:
Janne Peljo, Chief Policy Adviser, Climate and Biodiversity, Confederation of Finnish Industries (EK) tel. +358 40 528 5754, janne.peljo[at]ek.fi