About the Coalition

Finance Ministers hold the keys to accelerating climate action. They know most clearly the risks posed by climate change, and recognize how taking action could unlock trillions in investments and create millions of jobs through 2030.

The Coalition of Finance Ministers for Climate Action brings together fiscal and economic policymakers from over 90 countries in leading the global climate response and in securing a just transition towards low-carbon resilient development.

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The Helsinki Principles

The six Helsinki Principles guide the Coalition's commitment to #ClimateAction

Helsinki Principle 1: Align Policies with the Paris Agreement

Align our policies and practices with the Paris Agreement commitments
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Helsinki Principle 2: Share Experiences & Expertise

Share our experience and expertise with each other in order to provide mutual encouragement and promote collective understanding of policies and practices for climate action
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Helsinki Principle 3: Promote Carbon Pricing Measures

Work towards measures that result in effective carbon pricing
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Helsinki Principle 4: Mainstream Climate in Economic Policies

Take climate change into account in macroeconomic policy, fiscal planning, budgeting, public investment management, and procurement practices
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Helsinki Principle 5: Mobilize Climate Finance

Mobilize private sources of climate finance by facilitating investments and the development of a financial sector which supports climate mitigation and adaptation
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Helsinki Principle 6: Engage in NDC Development

Engage actively in the domestic preparation and implementation of Nationally Determined Contributions (NDCs) submitted under the Paris Agreement
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Workstream: Adaptation

Adapting to the risks of climate change to moderate potential damages or to benefit from opportunities
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Workstream: Green and Just Transition

Combining environmental sustainability with social justice must be considered in any effort to build a more sustainable future for everyone
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Workstream: Nature

Prioritizing nature-based solutions in budgeting decisions is imperative for the Ministries of Finance to mitigate environmental impact
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Member countries


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Member Countries



View recent and upcoming Coalition events, including workshops, webinars and meetings

HP5 Hosts Workshop on Commitments and Measurement Methods for Private Financial Sector Paris Alignment

May 12, 2021


On Monday May 10, the Coalition hosted a workshop on Commitments and Measurement Methods for Private Sector Portfolio Alignment with the Paris Agreement. In the workshop, the findings from a recently finalized Coalition report were presented. The Summary for Policymakers and Presentation of Key findings are both available here.

Stefan Flückiger, Deputy State Secretary for International Finance, Switzerland and Marcel Beukeboom, Climate Envoy, the Netherlands spoke about their countries’ respective experiences encouraging financial institutions to commit to Paris Alignment, measuring their progress, and advancing portfolio and real world decarbonization. Jochem Wissenburg (Netherlands Ministry of Finance) and Florencia Baldi (Financial Centers for Sustainability) presented key findings from the Coalition report. Representatives from PACTA and PCAF presented their respective measurement tools and approaches. Finally, representatives from UBS and Amalgamated Bank spoke about their experiences using these measurement tools. Coalition members engaged in a discussion with these representatives and connections were made to facilitate bilateral experience sharing.

The Coalition will continue to advance knowledge and experience sharing on Paris Alignment commitments and measurement methods. The Summary for Policymakers suggests that Ministries of Finance and central banks, as well as international bodies such as the Coalition, have a role to play in fostering robust climate alignment initiatives and methodologies.

Coalition publishes Summary for Policymakers on Private Financial Sector Paris Alignment

May 06, 2021

Recent analysis conducted under the Helsinki Principle 5 workstream of the Coalition of Finance Ministers for Climate Action looks at commitments and methods used by the private financial sector to align with the Paris Agreement goals and explores how Ministries of Finance can support these commitments. The Santiago Action Plan and the Coalition work program identify this as a priority topic. In this summary, written for policymakers, Jochem Wissenburg from the Ministry of Finance of the Netherlands, Florencia Baldi of the FC4S Network, and Emma Dalhuijsen and Samantha Power of the World Bank present some of the findings and suggest potential actions for government actors.

Financial institutions are joining a growing number of initiatives to align their lending and investment portfolios with the Paris Agreement goals. Individual institutions from all over the world are measuring climate impact and have set climate alignment targets. National initiatives in European, Latin American, and Asian countries have been established to advance climate-aligned and sustainable finance. Internationally, institutions are collaborating under initiatives such as the Net Zero Asset Owners Alliance, which aims to align portfolios with net-zero outcomes in the real sector by 2050. Nonetheless, implementation of such commitments remains challenging since methodologies to measure climate impact are still under development, compliance is not effectively controlled, adequate data is still lacking, and real world impact depends on a multitude of factors inside and outside of financial institutions’ remit.

This summary showcases different commitments that have been undertaken to illustrate approaches that financial institutions and governments are currently developing. It also assesses the characteristics of the different tools and methodologies for measuring Paris alignment. Finally, the summary makes suggestions for potential action policymakers can take at the international and national levels. Ministries of Finance (MoFs) and central banks, as well as international bodies such as the Coalition of Finance Ministers for Climate Action (‘the Coalition’), have a role to play in fostering robust climate alignment initiatives and methodologies.


Below: a table comparing different Paris Alignment methodologies adapted from the Summary for Policymakers note.


Coalition Hosts Stakeholder Dialogue with the CBD Secretariat

April 27, 2021

Convention on Biological Diversity

On Tuesday, April 27, the Coalition hosted a virtual ‘stakeholder dialogue’ with the Convention of Biological Diversity (CBD) Secretariat. Elizabeth Maruma Mrema, CBD Executive Secretary, and Basile Van Havre, CBD Co-Chair of the Open-Ended Working Group, provided an update on the economic and financial challenges associated with meeting global biodiversity goals, including mobilizing public and private resources.

They presented the draft post-2020 Global Biodiversity Framework and discussed efforts being taken to engage the financial sector in its implementation. Giovanni Ruta from the World Bank presented insights from the forthcoming report, ‘The Economic Case for Nature: A global earth economy model to assess development policy pathways.’

A discussion took place on the potential role of MoFs in meeting the targets laid out in the Global Biodiversity Framework. Coalition Members also discussed the potential to raise awareness of actions that can be taken at the climate-nature nexus and implications for the Coalition’s work. The Coalition co-chairs acknowledged that biodiversity has significant relevance to economic and financial stability. Climate change is contributing to the loss of biodiversity and natural systems, which is contributing to further climate change and compromising the resilience of countries to climate impacts.

The co-chairs acknowledged the Coalition should follow the work of the CBD as part of its effort to mainstream climate action into economic policies. Members of the Coalition are starting to look at how the policy levers they deploy can help to identify and manage climate- and nature-related financial risks and economic impacts.  

Coalition and OECD Paris Collaborative hold third joint workshop on Green Budgeting

March 25, 2021


GB screenshot

Above: screenshot from the joint workshop on March 25, 2021.

On March 25th, 2021, the Coalition of Finance Ministers for Climate Action organized a high-level workshop on green budgeting in co-operation with the OECD Paris Collaborative. Green budgeting is a key priority area on the Coalition’s agenda, and this is the third joint green budgeting event since the Coalition’s inception. The work builds on the various findings and discussions that have taken place at previous workshops and the efforts of the Institutional Partners (e.g. OECD, WB, IMF, UNDP), and provides a way forward for the Coalition’s work and all its member countries. 

The first session highlighted the latest developments on green budgeting, including the results from the 2020 OECD and European Commission – Joint Survey on Emerging Green Budgeting Practices. This was followed by a presentation to emphasize the importance of green recoveries and how green budget tagging can help identify relevant investments for long-term climate and environment objectives. The second session focused on the importance of macro-economic modelling in providing an analytical basis for policy designs and the assessment of economic, environmental, and climate effects. The third and final session looked at how countries can use different sets of approaches to build resilience to address national and global commitments, including Nationally Determined Contributions (NDCs), with highlights from Colombia and Grenada.




Background Documents:


Coalition Hosts Online Debate with Nordic Investment Bank on “Path to Sustainable Recovery”

March 16, 2021


NIB debate image


On March 16th, 2021, the Coalition of Finance Ministers for Climate Action co-organized an online event with the Nordic Investment Bank (NIB) titled “Debate: Path to Sustainable Recovery”.

The two-hour virtual debate addressed how countries can pursue a sustainable recovery in light of the ongoing pandemic and climate change challenges and was attended by over 350 people. The event included discussion on COVID-19 response in the Nordic-Baltic region and the role of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) in sustainable recovery in a global context.

The event was opened by Mr. Matti Vanhanen, Finance Minister of Finland and Co-Chair of the Coalition.

Please find a link to the recording of the event here.

Coalition Hosts Stakeholder Dialogue with Dasgupta Review Team on the Economics of Biodiversity

March 12, 2021
Dasgupta Review


The Final Report of the Independent Review on the Economics of Biodiversity, led by Professor Sir Partha Dasgupta and commissioned by the UK government, was published in February 2021. The landmark report, which is also known as the Dasgupta Review, spans more than 600 pages and draws on public policy, science, economics, finance, and business.

The Review “calls for changes in how we think, act and measure economic success to protect and enhance our prosperity and the natural world. Grounded in a deep understanding of ecosystem processes and how they are affected by economic activity, the new framework presented by the Review sets out how we should account for Nature in economics and decision-making.” The Final Review comprises the Full Report, an Abridged Version, and Headline Messages, all of which are available here.

On Friday, March 12, 2021, the Coalition of Finance Ministers for Climate Action hosted Ant Parham and Emily McKenzie from Her Majesty’s Treasury, UK – both members of the Dasgupta Review team – who presented key findings from the Review.

The findings are of great relevance for Ministries of Finance, as they take steps to address the climate and biodiversity crises. Members of the Coalition discussed approaches Ministries of Finance can take to integrate biodiversity considerations into policy and practice based on experiences from mainstreaming climate change into economic and financial policies. They also discussed the need to explore potential actions at the nexus of climate and biodiversity, as well as how to manage the conservation of critical biodiversity and ecosystem services that are global public goods. Coalition Members agreed to explore how to integrate biodiversity in the workstreams of the six Helsinki Principle workstreams and determined that the Coalition can create value for its Member countries by providing an overview of the economic relevance of biodiversity loss.

Coalition Hosts First Stakeholder Dialogue with the IFRS Foundation

February 25, 2021
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Above: Screenshot from the Coalition's first 'Stakeholder Dialogue' with the IFRS Foundation


Today the Coalition of Finance Ministers for Climate Action hosted Lee White, Executive Director of the International Financial Reporting Standards (IFRS) Foundation, and Sam Prestidge, Adviser on Governance and Strategic Policy at the IFRS Foundation, for the Coalition’s first ‘Stakeholder Dialogue’. This event was organized by the Helsinki Principle 5 Workstream on ‘mobilizing private finance'.

Mr. White presented on the IFRS Foundation’s consultation on the harmonization of sustainability reporting standards and the next steps the IFRS plans to take towards establishing a Sustainability Standards Board. Following this presentation, Coalition Members asked questions related to scope, implementation, and proportionality of the proposed sustainability standards.

The participants agreed that it was a very informative session and that the Coalition will be in touch with the IFRS Foundation as it takes the next steps on this initiative.

The Coalition will aim to support Members by raising awareness of the technical and political aspects of sustainability reporting standards and supporting global collective action, including the IFRS where possible.

Helsinki Principle 4 Workshop on Economic Modelling

February 24, 2021
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Above: screenshot of the Helsinki Principle 4 workshop on Economic Modelling


On February 24th, 2021, the Coalition of Finance Ministers for Climate Action organized a workshop on integrating climate into economic modelling in co-operation with the OECD and the Paris Collaborative. At the Fourth Ministerial Meeting of the Coalition in October 2020, Ministers tasked the Coalition to explore ways to integrate climate in economic modelling. This workshop is the first event under Helsinki Principle 4 dedicated to economic modelling.

In the first session, the World Bank provided a brief overview of how the development of macroeconomic modelling can support the mainstreaming of climate and environmental effects into economic policies. This was followed by a presentation of the Danish Ministry of Finance’s new macroeconomic model, GreenREFORM. The model’s purpose is to provide assessments of the environmental and climate effects of economic policies, as well as the economic effects of environmental, energy, and climate policies.

The Swiss Federal Department of State and Colombia’s Deputy Minister of Finance led a panel discussion after the presentation to present their feedback based on their own experience in integrating climate considerations in economic modelling. They also highlighted benefits, requirements, challenges, and lessons learned.

The discussion was then opened to all participants and Coalition member countries, where valuable feedback and insights were exchanged. This work will continue; similar events will be organized regularly to ensure progress, taking into account the high importance of modelling in mainstreaming climate to economic policies.