Remarks from Annika Saarikko, Finlands Finance Minister

Remarks from Annika Saarikko, Finland’s Finance Minister, for the 7th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action.

Dear colleagues and partners as the co-chair of the coalition of finance ministers for climate action it is my honor to open the seventh ministerial meeting of the coalition we are once again meeting in a very challenging economic environment following the pandemic which is still ongoing we are now facing the current geopolitical crisis caused by the russian

Military invasion of ukraine our thoughts are with the ukrainian people and our colleagues at the finish ministry in kiev we wish you safety and strength our job today is to discuss the impacts of these developments on climate policy from the perspective of economic and financial policies the situation has put pressure on energy prices and energy security

Especially in europe this will uh will affect plants for the green transition in many countries given these developments we finance ministers have an even created interest in ensuring that climate considerations are part of the economic and financial policies of these countries and that the green transition policies are successful i would like to make three points

On today’s discussion and our work priorities for climate action first first we have identified carbon pricing as the key policy tool in climate action now is time to use this and other tools for our benefit in the coalition we have discussed carbon pricing intensively and the momentum for initiation reforms is high let me share some of finland’s experiences with

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Carbon pricing we were the first country to introduce a carbon tax in 1990 first putting a price on carbon has redistributional impacts in society these impacts need to be analyzed and understood second the overall impacts of public finances should be taken into account meaning that a package of actions may be needed this is also a way to ensure that impacts

Are divided equally and third the international aspects of carbon pricing are crucial as the eu is moving forward with its carbon pricing mechanism we look forward to hearing how we can best achieve a global fit the coalition can play an important role in finding the right approaches i look forward to your guidance today second countries may currently be facing

Short-term challenges that could lead the temporary setbacks in the green transition process therefore designing credible medium and long-term strategies for economic recovery and the green transition is crucial such plans should include assessments of how we will finance the green transition and how we can ensure that stability of public finances as part of energy

Security third and related to the previous points i hope that coalition will as a matter of priority develop our capacity and tools to assess the economic and financial impacts of climate actions and transition pathways i therefore welcome the ongoing work on macro modelling and the ideas of launching a training program and research network these are major steps

We can take to support our members i’m very grateful for our institutional partners support in building our skills and capacities i would like to express my thanks to the members and partners who participated in the workshops which have attracted a record number of attendees this tells us that the coalition is developing into a significant body and that there

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Is a great deal of interest in these topics despite the challenges brought about by the new macro macroeconomic and geopolitical environment with these words i would also like to thank you for the confidence the coalition members have showed to finland in extending our term as culture by one year i look forward to hearing interesting and fruitful discussions at this meeting

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Remarks from Annika Saarikko, Finland's Finance Minister By Coalition of Finance Ministers for Climate Action