Subject. Ensuring long-term sustainability of public finances in the context of global climate challenges. Objectives. Evaluating the effectiveness of foreign experience related to the implementation of environmental policy mechanisms. Methods. The tools of systems and comparative analyses were used. Results. The main patterns of environmental policy have been identified: environmental tax reform (Scandinavian countries), a quota trading system (European Union), and large-scale tax incentives (USA). The effectiveness of fiscal regulation in the context of climate challenges is determined by the integration of pricing mechanisms and incentive measures. Conclusions. The priority areas of environmental policy for Russia are the gradual introduction of a carbon tax, the development of mechanisms to return revenue to the population, and the institutionalization of 'green' budgeting. A systemic transformation of fiscal tools is needed to ensure the competitiveness of the national economy and to meet commitments under the transition to a decarbonized economy.
Keywords: environmental policy, budgetary and tax mechanisms, carbon tax, green budgeting, emissions trading
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