Follow the Coalition at COP31

The meeting, held on 9–10 March 2026 and hosted by the South African Reserve Bank (SARB), was chaired by NGFS Vice Chair and SARB Deputy Governor Fundi Tshazibana. It brought together more than 180 representatives from central banks and supervisory authorities across 76 countries, reflecting the continued expansion of the NGFS and the growing demand for its technical work.

In her opening remarks, NGFS Chair Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank, stressed that while international cooperation was under increasing pressure, climate change remained a physical reality with material financial consequences. She emphasized that the NGFS was responding by strengthening its strategy, sharpening its analytical tools and reinforcing cooperation across jurisdictions.

Discussions during the plenary focused on translating analysis into practical solutions. Members examined how improved data and analytics could support climate adaptation and economic resilience, and how nature‑related risks, including the value of ecosystem services such as water, could be more systematically incorporated into supervisory practices. Participants also exchanged views on the next update of short‑term climate scenarios, aimed at better capturing near‑term macro‑financial risks, and on the implications of climate change for monetary policy, including its effects on food and energy inflation.

The programme featured contributions from global leaders, including Elizabeth Maruma, Executive Director of the United Nations Environment Programme Finance Initiative (UNEP FI), and Frank Elderson of the European Central Bank, who underlined the importance of international cooperation and evidence‑based approaches to managing climate and nature risks.

At the plenary, NGFS members agreed on three strategic priorities for 2026–2027: remaining a technical incubator for innovative approaches; providing scenario expertise; and strengthening capacity building to support practical implementation across diverse institutional and regional contexts. The NGFS also announced the introduction of regional groups to further enhance inclusiveness and responsiveness within its growing membership.

The Coalition of Finance Ministers for Climate Action participated actively in the Pretoria discussions, contributing to exchanges on capacity building, delivery and international cooperation. The Coalition’s engagement reinforced the importance of alignment between ministries of finance, central banks and supervisors in translating analytical work into concrete policy action and strengthening macro‑financial resilience. The exchange built on the Platform’s launch in São Paulo in November and the technical workshop held in London in January, highlighting the importance of sustained cooperation between ministries of finance, central banks and supervisors to support practical delivery on climate and nature‑related financial risks.

Concluding the meeting, Vice Chair Fundi Tshazibana highlighted that while climate and nature‑related risks were complex, they were not insurmountable, and that sustained collaboration and proactive engagement remained essential to building a more resilient and sustainable financial system.

1. Finance ministries are key actors in whole-of-economy transformation - as coordinators and risk managers. A whole-of-economy transformation cannot be driven solely by the environment or line ministries. It demands the institutional authority, fiscal tools, regulatory levers, and cross-government reach that only finance ministries possess. Their role spans setting macroeconomic frameworks, allocating public investment, creating incentives, and managing the risks posed by climate change. From stranded assets and transition shocks to cross-border carbon fees and the mounting costs of extreme weather events, climate risk is a macro critical issue. Finance ministries are the custodians of this exposure, and their early engagement in climate planning is essential to ensuring that national strategies are not only ambitious but also economically sound and fiscally sustainable. 

2. Coordination must be institutionalized and built on what already exists. Driving a coordinated transformation across an entire economy requires more than political will; it requires sustainable institutional structures. Effective coordination must work horizontally, across different line ministries and vertically, between national governments and the subnational authorities responsible for delivery on the ground. Critically, each country arrives at this challenge with its own institutional history, existing tools, and sectoral frameworks. Finance ministries should leverage and integrate what line ministries have already built, not duplicate it. Countries shared how they have done so by embedding climate into budget cycles, establishing Climate Finance Units as the connective tissue between sectoral action and national fiscal planning, and moving from isolated project spending to integrated, program-based approaches.

3. Finance ministries must own the climate narrative, not just the purse strings. For whole-of-economy transformation to work, finance ministries must actively shape how climate action is framed: as a structural economic opportunity. Country Climate and Development Reports (CCDRs) are a powerful tool in this regard, linking climate objectives to growth trajectories and investment opportunities in language that resonates across government. Finance ministries that engage early, set realistic budgets, assess and manage risks and champion cross-sectoral investment pipelines are better placed to build the political coalitions that whole-of-economy transformation demands and to ensure that the transition works for every part of the economy.

What Comes Next

The TP1 launch event was the beginning of a conversation, not an endpoint. In the months ahead, the workstream will deliver a series of webinars on CCDRs and Climate Finance Units, sharing practical evidence on how to establish and sustain them across different country contexts. Peer exchange events will carry the conversation forward, with a focus on practical, replicable solutions. Participants also committed to continuing the conversation on closing coordination gaps in climate policy execution, integrating climate into budget processes, developing real-time expenditure tracking tools, and replacing fragmented project spending with program-based frameworks. International collaboration was identified as essential: no country can build the analytical capacity and institutional knowledge needed for whole-of-economy transformation alone. Participants called for deeper international cooperation on macroeconomic modeling and greater support for Least Developed Countries, which face the steepest barriers to accessing climate finance and technical assistance.

As TP1 workstream moves to implementation, the Coalition of Finance Ministers for Climate Action will convene member countries, facilitate knowledge exchange, and develop practical guidance for finance ministries to translate climate commitments into coordinated fiscal action.