Under the leadership of Co-Chair finance ministries from Uganda, the Netherlands, and Co-Chair elect Croatia, from 9–11 February 2026, the Coalition of Finance Ministers for Climate Action convened its annual in-person Global Deputies Meeting in Kampala, hosted by Uganda’s Ministry of Finance.  

Nearly 100 finance ministry officials and 23 institutional partners gathered to assess progress and shape a focused 2026–2028 agenda. Discussions emphasized a clear message: climate action is a central driver of economic growth, fiscal resilience, and sustainable development.

Climate Action at the Core of Economic Policy

Opening the meeting, Moses Kaggwa, Director of Economic Affairs at Uganda’s Ministry of Finance, highlighted the growing macroeconomic stakes of climate change, particularly for economies dependent on agriculture and tourism. With fiscal pressures tightening and climate risks rising, he stressed that finance ministries must move decisively “from ambition to action” by embedding climate objectives in budgets and economic strategies.

Representing the Netherlands, Ralien Bekkers, Deputy Co‑Chair, reflected on key achievements of the co‑chairmanship: expanding Coalition membership beyond 100 countries, launching regional platforms, delivering multiple ministerials, and advancing practical tools such as the Climate Action Statement, Climate Action Map, and macroeconomic modeling initiative.

Incoming Co‑Chair member Silvija Belajec of Croatia emphasized her country’s commitment as a small, open economy highly vulnerable to climate impacts but experienced in managing large‑scale transitions. The Co-Chairs reaffirmed their shared commitment to guiding the Coalition through its next stage of delivery and implementation.

Uganda’s Minister of State for Finance, Planning, and Economic Development, Hon. Henry Musasizi, reinforced that climate change has become a defining macro-fiscal challenge. Climate shocks, from floods to droughts, are already widening deficits and straining public finances across developing economies. He said that investments in clean energy, resilient infrastructure, and sustainable agriculture can simultaneously strengthen growth, productivity, and fiscal stability, while calling for collective international action.

2025: Expanding Reach and Practical Tools

Coalition Secretary Sharon S. Yang took stock of major progress in 2025. Coalition membership surpassed 100 countries. The Coalition tailored context-specific peer exchange through regional convenings in Asia-Pacific, Latin America and the Caribbean, Europe, and Africa; and enhanced partnership between central banks and finance ministries through a new Joint Platform with the Network for Greening the Financial System (NGFS).  Finance ministries also demonstrated growing leadership, where contributions to the Coalition’s Climate Action Statement documented more than 500 concrete climate policy actions, more than double the number recorded in 2023 in the first version of the CAS. The meeting was also the occasion to launch the Capability Assessment Framework (CAF), reinforcing the Coalition’s support to Ministries of Finance in embedding climate considerations across policy, budgeting, and decision-making.

Delegates highlighted new tools supporting implementation, including dozens of workshops and webinars across topics from carbon pricing to transition finance, and a growing library of more than 130 macro-fiscal models, tools, and case studies under the Coalition’s Helsinki Principle 4 workstream.

Country experiences illustrated a tangible impact. Uganda showcased climate budget tagging and climate-informed public investment planning. Ireland demonstrated how a rising carbon tax, aligned with a legally binding net-zero pathway, can support fiscal policy while protecting vulnerable households. Zambia underscored the risks posed by unsustainable debt, describing how its debt crisis constrained climate investment and why climate-linked debt treatments are essential to preserve fiscal space for resilience.

A Focused 2026–2028 Agenda

Looking ahead, members discussed a streamlined and outcomes-oriented Strategic Work Program built around four proposed priorities aimed squarely at climate policy implementation:

1. Whole-of-Economy Transformation and Cross-government Coordination for Climate Action
2. Fiscal Policy and Carbon Pricing for Green Growth
3. Adaptation and Resilience as Development Priorities
4. Mobilizing Private Climate Finance for Mitigation, Transition, and Adaptation

A cross-cutting macroeconomic analysis workstream will underpin all four priorities, ensuring policies are grounded in robust evidence. including continuing the Coalition’s Flagship Forum on Green and Resilient Economics to advance climate-informed economic modeling.

From Knowledge to Delivery

Throughout the meeting, participants emphasized that the main challenge is no longer ambition but implementation. As Dr. Albert Musisi of Uganda’s Ministry of Finance noted, translating plans into credible, sequenced, and financed action remains complex. Coalition Secretary Sharon S. Yang  highlighted that the Coalition’s value lies in providing practical tools, peer exchange, and real‑world examples to help finance ministries deliver effectively.

Case studies from Uganda, Zambia, Ireland, and Denmark highlighted diverse pathways for integrating climate into macro-fiscal frameworks, from agricultural insurance and environmental-economic accounting to climate-conscious debt restructuring and long-term transition modeling.

Members also identified adaptation and resilience as urgent priorities, particularly for countries exposed to climate shocks, and called for stronger integration of nature and biodiversity into economic decision-making. Many stressed the need to better connect public and private finance, using public resources to unlock private investment at scale.

The meeting endorsed closer collaboration with the Network for Greening the Financial System to strengthen coordination between finance ministries and central banks on climate-related macroeconomic and financial stability issues.

A Delivery-Oriented Coalition

The Kampala meeting concluded with a strong call for focus and accountability. Members urged the Coalition to prioritize actionable outputs, such as implementation toolkits, capacity-building support, and targeted peer exchanges. With its expanded membership, the Coalition will continue to amplify finance ministers’ voices in global forums, including the G20 and COP31.

As the Netherlands’ Ralien Bekkers emphasized, the economic benefits of decisive climate action far outweigh the costs of inaction. Croatia’s Silvija Belajec highlighted that climate action should be seen as a strategic economic investment, while Uganda’s Sam Koojo, , reaffirmed Uganda’s commitment to driving delivery at the country and regional levels.

The Coalition’s next chapter will center on delivery, supporting finance ministries to integrate climate into economic management and positioning climate action as a driver of growth, resilience, and long-term prosperity.

From 1-3 December 2025 in Luxembourg, nearly 50 participants from European member countries and institutional partners came together to strengthen collaboration on climate-related financial and economic priorities.

Key takeaways from our discussions:

Members reflected on 2025’s major developments – from COP30 outcomes to evolving climate finance discussions – and outlined priorities for 2026.

Countries shared progress on sustainable finance regulations and explored opportunities for transition finance and enhanced international collaboration.

We examined how rising defense expenditures intersect with climate commitments, identifying synergies for resilience and energy security.

Finance ministries discussed their role in delivering the updated NDCs and strategies to overcome financial and institutional barriers.
 

We discussed the forthcoming update of the Coalition’s Flagship Guide by COP31 to create stronger links with industrial policy, trade, and competitiveness, and integrate nature, biodiversity, adaptation, and resilience.

This meeting marked a significant step in enhancing member engagement, sharing Europe-specific insights, and shaping the Coalition’s work for 2026 and beyond.