Climate debt cannot be repaid by pleading for mercy, but through action

The Greek debt crisis shook the entire European economic system about a decade ago. During the financial crisis, Finland insisted that Greece must repay its debts. Now Finland faces a climate debt of its own — one that undermines the credibility of the EU’s climate policy.

In his Helsingin Sanomat analysis on September 21, 2025, Petja Pelli expressed concern about Finland’s carbon sink deficit. The shortfall for 2021–2025 amounts to a staggering 111 million tonnes of carbon. Pelli notes that the EU often resorts to “creative solutions” to patch its problems. But the climate crisis cannot be solved through creative accounting — it demands concrete action.

Strengthening domestic climate measures is essential, as their impact is decisive for both meeting EU obligations and achieving Finland’s national climate targets.

Finland does not suffer from a lack of solutions, but from a lack of action. As Finland’s Climate Panel has pointed out, the real problem is that land-use sector targets have not been advanced with effective policy instruments. Both the Medium-Term Climate Policy Plan and the Land-Use Climate Plan fail to recognize the full potential of strengthening carbon sinks. During the consultation round for the Medium-Term Plan, the Climate Panel and several research institutes, including VTT, concluded that the plans are inadequate. Finland can and must take stronger domestic climate action.

Forest use cannot continue as before, and the direction must change by 2035. Delays only increase the climate debt and shift an unfair burden onto future generations. Measures to strengthen carbon sinks in the land-use sector must be implemented without delay. Forest management practices must change, and the use of peatlands must be reoriented.

It is unacceptable for our national leadership to beg the EU for leniency at the expense of the climate. What matters most is taking tangible action now, while the costs are still manageable. Otherwise, what we leave behind is not just a debt, but an impossible task for those who follow.

It is also an illusion to think that purchasing foreign emission reductions or carbon credits will solve Finland’s climate problem. The availability of such units is uncertain, as other countries also struggle to meet their own targets. Moreover, the dynamics of global carbon markets mean that Finland’s need to buy credits will become increasingly expensive over time. As climate deadlines approach, the pressure to purchase units will intensify. The projected cost of six billion euros could eventually rise to as much as 24 billion.

Is Finland becoming the Greece of the climate crisis? Greece had an austerity program, but it was not followed. Pleading and asking for forgiveness did not save Greece from a debt spiral. Likewise, Finland cannot resolve its climate debt by asking the EU for mercy. Our climate debt is so vast that it will soon become a problem for the entire Union. One thing is certain: the debt will ultimately be paid by nature, the climate, and, above all, by future generations who will bear the consequences of our inaction.

Finland cannot be a “free rider” while the climate crisis accelerates everywhere. Private capital and market-based solutions are needed to curb emissions from forests, peatlands, and agriculture. If Finland acts now, we can show that it is possible to overcome the climate crisis. Greece’s path was austerity — Finland’s path can be a sustainable transition.