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


of global GHG emissions


of Global GDP

Member Countries



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

HP4 and HP5 Host Workshop on Natural Capital Accounting for Ministries of Finance

November 18, 2021


Image credit: Dave Hoefler / Unsplash.com

On November 18, the Helsinki Principle 4 and 5 workstreams hosted a joint workshop on Natural Capital Accounting (NCA). Serina Ng (Lead for HP5, Her Majesty’s Treasury, UK) opened the event, followed by a presentation from Alessandra Alfieri (Chief, Environmental Economic Accounts Section Economic Statistics Branch, Statistics Division, UN Department of Economic and Social Affairs) on NCA and the UN SEEA Central Framework and SEEA Ecosystem Accounting.

Raffaello Cervigni (Lead Environmental Economist, Lead of the Global Program on Sustainability Trust Fund, World Bank) then presented on the World Bank’s assistance to countries in implementing NCA and provided an overview of the findings from the World Bank report, The Economic Case for Nature, and relevant policy implications. Alastair Johnson (Senior Economic Adviser, Environment Analysis Unit, Department for Environment, Food & Rural Affairs, UK) and Adam Johnson (Economic Adviser in the Green Book and Major Projects Unit, Her Majesty’s Treasury, UK) presented on the UK’s experience with NCA and how the information from these accounts are being used.

Sam Mugume (Ag, Assistant Commissioner, Macro Economic Policy Department, Ministry of Finance, Planning and Economic Development, Uganda) shared Uganda’s experience setting up NCA, how implementing NCA has facilitated cooperation between various parts of government, and challenges that remain in most effectively utilizing NCA data. Finally, Irene Alvarado Quesada (Director of Environmental Statistics Unit at the Central Bank of Costa Rica) provided the central bank perspective on how and why the Costa Rican Central Bank is engaged in implementing and managing the country’s NCA. The presentations were followed by a discussion on how the private sector is using or can use national NCA information and progress of corporations in applying corporate NCA approaches.

NCA is a critical tool Ministries of Finance can use to better understand and manage their natural assets. Natural capital accounts, once in place, can help governments make more informed decisions about development as well as investment in conservation, restoration, and sustainable use of nature. In many countries, these assets are being depleted, leading to an overall decrease in wealth that jeopardizes future growth. In addition to leading to more effective governance of natural assets, providing data on natural assets to the private sector can better inform private investment decision making about how to manage the natural assets that companies depend on or impact through their operations. There is potential for improved data provision on natural assets to mobilize private investment for nature.


Coalition Chairs Release Joint COP26 Statement with NGFS Chair

November 03, 2021


The Coalition of Finance Ministers for Climate Action took center stage on Finance Day at COP26 (November 3, 2021) and showcased the crucial role Ministers of Finance have to play, working together across all regions, to keep an average global warming limit of 1.5 degrees Celsius within reach.

On this occasion, the Chairs of the Coalition and the NGFS released a Chairs Joint COP26 Statement expressing support for the COP26 process and highlighting key areas where Ministries of Finance, Central Banks, and financial sector supervisors can help shift the trajectory towards net-zero.

The statement can be downloaded here ( PDF | Word ).

The full text is below:



Coalition of Finance Ministers for Climate Action and Network of Central Banks and Supervisors for Greening the Financial System

Chairs Joint COP26 Statement

November 3, 2021


On the occasion of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), we, the Co-Chairs of the Coalition of Finance Ministers for Climate Action (the Coalition), and the Chair of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), reaffirm our commitment to mobilizing our organizations to achieve the goals of the Paris Agreement.

Our two entities recognized from the start that achieving the goals of the Paris Agreement requires ambitious climate actions from all Parties, and, from the public sector, stepped-up climate engagements and broader alignment of economic policies. Against this background, finance ministries, central banks and financial supervisors need to take action within their respective fields of responsibility to implement appropriate economic policies and promote financial flows “consistent with a pathway towards low greenhouse gas emissions and climate-resilient development” as set out in the Paris Agreement.

To that end, we have fostered close dialogue and collaborative action, at both national and international levels, between finance ministries and the community of central banks and supervisors. Joint events and workshops have enabled members from both organizations to discuss, learn, and identify areas for collaboration. Over the past few years, we have pushed the idea of building back better as well as looking forward, in the context of a robust post-covid green recovery, calling for the incorporation of climate considerations in recovery plans. We have also identified the importance of training and capacity building among our members and look forward to cooperating in these areas.

We recognize the potential to work together more closely on key priority areas, including the assessment and analysis of the economic and financial impacts of climate change (such as forward-looking scenario analyses and prudential stress tests), as well as the implications for the conduct of economic policy and the preservation of financial stability. We believe that a transition consistent with the Paris Agreement goal of limiting average global warming to 1.5°C is within our collective reach, provided we take strong action without delay and implement well-designed policies that will together create the incentives needed to enable an orderly transition.

Given the urgency to achieve net-zero and climate-resilient economies, we will work within our respective fields of responsibility to help ensure the readiness and resiliency of the financial sector and drive change in the real sector. Action by central banks, supervisors, finance ministries, as well as line ministries, can play a key role in mitigating climate-related risks for enhanced investment, especially the private sector. We recognize the importance of private capital mobilization. Success hinges on our collective ability to address climate change in a comprehensive manner through ambitious mitigation efforts, investments in adaptation and resilience, and policy measures that ensure a just, inclusive and equitable transition.

We acknowledge that beyond the potentially significant economic and financial implications directly associated with nature loss, global climate and nature goals are closely intertwined and the loss of biodiversity and ecosystem services could undermine climate change mitigation and adaptation efforts, while exacerbating climate risks. Addressing these issues will be critical for a successful transition to net zero. Conserving and restoring forests and other critical ecosystems, as well as transitioning to more sustainable agricultural and land-use practices, can help substantially reduce greenhouse gas emissions and increase sequestering of atmospheric carbon. Against this background, we will strive to better reflect cross-cutting issues related to agriculture, forests and other land uses in our work.

Finally, we recognize that our strength is rooted in our diverse and committed membership. We proudly chair global organizations comprised of low-, middle- and high-income countries that all resolve to urgently scale-up efforts to ensure a smooth transition toward a net-zero, climate-resilient and nature-positive economy. We will continue to work closely together to raise ambition and accelerate action.

Coalition Publishes Mainstreaming Paper for COP26

November 03, 2021


On the occasion of the Coalition meeting at COP26, the Coalition published a short paper titled Mainstreaming Climate into Economic and Financial Policies. The report draws on the work of the Coalition’s six workstreams and the priorities set forth by its Members at the Ministerial meeting held on 12 October 2021, and highlights the deepening engagement of Finance Ministries on the climate change agenda.

The report can be downloaded here.


Coalition Meets During COP26

November 03, 2021


The Coalition of Finance Ministers for Climate Action met today with the World Bank and the International Monetary Fund to advance efforts to align economic and financial decision-making with the goals of the Paris Agreement. The Chair of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) participated in the meeting as a key partner of the Coalition.

The meeting—one of the central events of Finance Day at COP26—was hosted by UK Chancellor Rishi Sunak, and brought together Finance Ministers committed to addressing climate change. In line with the Coalition Ministerial meeting on October 12, 2021, they recognized that their Ministries need to step up action to accelerate the decarbonization of their economies and ensure a just and orderly transition that is positive for jobs, growth, and competitiveness.

The Chairs of the Coalition and the NGFS released a Chairs' Joint COP26 Statement expressing support for the COP26 process and highlighting key areas where Ministries of Finance, Central Banks, and financial sector supervisors can help shift the trajectory towards net-zero. The Coalition also published a Press Release ( PDF | Word ).

Members shared perspectives on policy options developed in different contexts and regions, and how they can use the levers at their disposal to implement a systemic shift in their policies. To that end, they welcomed four reports:

  1. Mainstreaming Climate into Economic and Financial Policies, which highlights the deepening engagement of Finance Ministries on the climate change agenda.
  2. Strategies for Mainstreaming Climate Action in Ministries of Finance: Governance, Capacities, and Research Practices, which emphasizes key challenges and best practices in building capacity and mainstreaming climate, informed by the findings of two Member surveys.
  3. An Analysis of Sustainable Finance Roadmaps: Charting the Path to Financial System Transformation, which examines international experience and draws lessons to inform the design and implementation of effective sustainable finance roadmaps.
  4. Building Momentum for Strong Recovery and Sustainable Transformation, which assesses progress on recovery and emphasizes the need for sustainable investment, reinforced by policies and the effective use of all pools of finance, to accelerate a just transition and deliver on climate goals.

Members resolved to continue working together on aligning their economies with the goals of the Paris Agreement and developing common approaches, concepts, tools, and practices, through the Helsinki Principles. Looking ahead, as part of the Coalition and the NGFS’s objective to support the green transition and help reach net-zero targets, representatives recognized the need to facilitate adaptation and address climate risks in all their forms, including risks associated with biodiversity loss.

Finance Ministries cannot ignore climate change, and no solution can be achieved without Finance Ministries. The Coalition is an invaluable forum for sharing knowledge and building our collective capacity to tackle this global issue together. I’m delighted that we, as a Coalition, are rising to the challenge,” said Chancellor Rishi Sunak, host of the CO26 Finance Day.

Addressing climate change is increasingly about economic policy. This is why we are here in Glasgow” said Annika Saarikko, Finance Minister of Finland and Co-Chair of the Coalition of Finance Ministers for Climate Action.

Climate action should not be rhetoric. It should be about action and making sure there is a just and affordable transition," said Sri Mulyani Indrawati, Finance Minister of Indonesia and Co-Chair of the Coalition of Finance Ministers for Climate Action.

We, the members of the central banks and supervisors Network for Greening the Financial System, firmly believe that the contribution of the financial sector to the net zero transition would be greatly facilitated by clear, predictable and effective economic policies addressing climate change," said Frank Elderson, Member of the Executive Board of the European Central Bank and Chair of the Network for Greening the Financial System.



Coalition Members and Institutional Partners provide statements in support of COP26


HP5 Publishes Sustainable Finance Roadmaps Report

November 02, 2021


Image credit: Chris Henry (via Unsplash.com)

As governments around the world strive to combat the burgeoning threat posed by climate change, policy makers are engaged in a groundbreaking effort to realign their national financial systems to support the objectives of sustainable development. Having long viewed their institutional objectives as either ancillary or irrelevant to climate policy, finance ministers increasingly recognize the financial system’s vital crosscutting role in promoting climate change mitigation and adaptation, as well as sustainable development more broadly. To organize the different range of actors involved in the transition to sustainable finance around a common conception of their roles and responsibilities, national authorities have deployed sustainable finance roadmaps.

These roadmaps can help prioritize actions and coordinate activities among stakeholders, including policymakers, supervisors, regulators, associations, corporations, and other financial sector participants to accelerate the expansion of sustainable finance. These documents generally provide recommendations, i.e., suggested actions for various stakeholders to enhance sustainable finance within financial systems. Furthermore, these reports have served as important inputs to the development of actionable sustainable finance strategies, along with several other inputs and agreements, including those from international forums, networks, and organizations.

The Helsinki Principle 5 Workstream has produced a report assessing a sample of roadmaps from various countries to identify commonalities and differences across them. This research was led by the UN-convened Financial Centers for Sustainability (FC4S) network, in collaboration with the World Bank, under the direction of the Coalition. The roadmaps from 30 countries have been analyzed, including the experiences of the following Coalition Member countries: Canada, Japan, Luxembourg, Mexico, Nigeria, Switzerland, Germany, and Ireland.

Report cover

Download the report here.


The following criteria for developing an effective roadmap were identified in the report:



HP2 Hosts Workshop on Finance Ministries’ Mainstreaming Strategies and Research Practice in Climate Action

September 30, 2021


On Thursday, September 30, the Coalition hosted a workshop under Helsinki Principle 2 on Finance Ministries’ Mainstreaming Strategies and Research Practices in Climate Action.

The virtual seminar was the second in the series of workshops, and built on the outcome of the first seminar that was held in May 2021. This event focused on how Ministries of Finance have incorporated mainstreaming practices—plans, structures, research, training, etc.—as part of the governance and implementation of their climate strategies.

The event was divided into two parts. The first part featured presentations from Korea, Ireland, Finland, and Grantham Research Institute. Each presentation demonstrated a facet of climate action mainstreaming impact through economic transformation, research, and sustainability aspects.

The second part focused on the role of Institutional Partners in enabling research and evidence-based policy advice. Institutional Partners provided comments on the country presentations, and offered insights on their work on training courses and capacity building, and how the Coalition and its Members could benefit from these.

The HP2 workstream is finalizing a report on mainstreaming climate into economic policies and incorporate the learnings of this workshop. The workstream also continues building a training program for Ministries of Finance.


HP5 Hosts Workshop on the Role of Ministries of Finance in Driving ‘Resilient Investment’ and ‘Investment in Resilience’

October 07, 2021


Image credit: Greg Kahn / Getty Images Climate Visuals Grant recipient

On October 7, 2021, the Helsinki Principle 5 workstream hosted a workshop on ‘The Role of Ministries of Finance in Driving Resilient Investment and Investment in Resilience’. This was the second workshop on resilience and adaptation organized by the HP5 workstream.

Worsening climate change is expected to increase the frequency and intensity of physical climate risks, with potentially strong repercussions for people, nature, and the economy. Thus, adaptation and resilience plans are needed to ensure continued sustainable development. If strategically designed, proactive actions can help to mitigate and manage climate risks, while also accelerating development and poverty reduction. Adaptation actions could bring multiple benefits by avoiding losses, increasing productivity, driving innovation, and ensuring additional social and environmental benefits. While the imperative for adaptation action is clear, money is not flowing to adaptation at the pace or scale needed.

This workshop provided an opportunity to discuss how Ministries of Finance (MoFs) can contribute to driving resilient investment and investment in resilience by creating the conditions for private sector finance mobilization. Jennifer De Nijs opened the workshop by sharing Luxembourg’s most recent experience of severe flood impacts and highlighted the necessity to step up adaptation action, including an increase of climate mitigation efforts. Next, Stéphane Hallegatte (Lead Economist, Climate Change Group, World Bank) presented ways that MoFs can drive the integration of adaptation and resilience considerations into all public and private investment through policymaking and regulationdrawing on some of the findings of his recently co-authored book, The Adaptation Principles – A Guide for Designing Strategies for Climate Change Adaptation and Resilience.

The next presentation was jointly given by Carlos Sanchez (Executive Director, Coalition for Climate Resilient Investment), Carter Brandon (Senior Fellow, World Resources Institute) and Courtnae Bailey (Research Graduate, Imperial College London), who presented how the Coalition for Climate Resilient Investment (CCRI) enables public and private actors to work together to drive investment in adaptation and resilience. They further presented CCRI’s investment prioritization toolapplied in a recent pilot in Jamaicathat could inform national strategies on adaptation. Mahbub Alam (Deputy Secretary, Economic Relations Division, Ministry of Finance, Bangladesh) presented the adaptation strategy of Bangladesh and its climate fiscal framework. Finally, Elena Višnar Malinovská (Head of Adaptation to Climate Change Unit within the Directorate General Climate Action of the European Commission) presented the European Union’s adaptation strategy as a whole-of-government approach to mobilize private finance that focuses on how to create an enabling environment to develop risk sharing instruments and to reduce negative externalities.

The presentations were followed by a short question and answer session, moderated by Nepomuk Dunz (Junior Professional Officer, World Bank). Masyita Crystallin (Coalition Co-Chair Sherpa, Indonesia) closed the workshop by acknowledging the importance of this topic for the Coalition and the potential for countries to share experiences and best practices. She emphasized 1) the relevance of the adaptation and resilience topic for Members of the Coalition; 2) the role of MoFs in creating an enabling environment for mobilizing private sector adaptation and resilient investment; and 3) the importance of knowledge sharing on platforms, tools, and best practices in supporting the build-up of expertise in Member countries, including through workshops like this one and enhanced training efforts. The HP5 workstream has agreed to deepen its work on adaptation and resilience and private finance mobilization in the 2022 work program.


HP5 Hosts Latin America-Focused Workshop on Developing Subnational Green Bond Markets in Emerging Economies

September 23, 2021

LAC forest

Above: Parque Nacional Natural Farallones de Cali, Colombia. (Image credit: World Resources Institute. License CC BY-NC-SA 2.0)

On September 23, 2021, the HP5 workstream hosted a Latin America and Caribbean (LAC) focused workshop on ‘Developing Subnational Green Bond Markets in Emerging Economies: Challenges and Solutions for Ministries of Finance.’ The workshop was organized by the Inter-American Development Bank (IDB). This is the first region-focused workshop the Coalition has organized and others will soon follow.

Across emerging and developed countries, subnational infrastructure presents a great opportunity for the creation of green investment pipelines at the municipal, provincial, and state levels – despite such potential, subnational entities still struggle to access finance from capital markets. While the identification of portfolios of green projects does not seem to be a barrier, inability to access capital markets is a key limitation to subnational entities’ infrastructure financing potential. The LAC region is no exception in this case, with only a few green bonds issued by cities and sub-national governments – by Mexico City and Argentinian provinces. These issuances were well received by investors, but the challenges to replicating this capital raising are substantial.

This workshop provided an opportunity to discuss these challenges in emerging economies and explore a range of potential solutions. Germán Romero (Climate Change Advisor, Ministry of Finance, Colombia) opened the workshop by sharing the Colombian experience and instruments and tools his Ministry has used to help develop capital markets for subnational governments. Next, Gianleo Frisari (Senior Climate Change Economist, IDB) presented on green finance possibilities for cities and provinces. His presented was followed by Axel Radics (Lead Fiscal and Municipal Management Specialist, IDB) who presented the key findings from a forthcoming IDB paper he co-authored, ‘Developing conditions for sub-national capital markets in Latin America: a comparative study.’ His co-author Christine Martell (Professor, University of Colorado, Denver) then presented on the US experience, where municipal green bonds are a proven source of financing for local governments – drawing on some of the findings in her recently published a book, Information Resolution and Subnational Capital MarketsSteven Rubinyi (Team Lead, City Creditworthiness Initiative, World Bank) gave the final presentation on the offerings and experience of the World Bank City Creditworthiness Initiative, including a case study on the South African approach to developing subnational capital markets.

Participants then engaged in a roundtable discussion moderated by Isabelle Braly (Senior Financial Specialist, IDB). Pekka Moren (Coalition Sherpa Co-Chair, Finland) closed the workshop by acknowledging the importance of this topic for the Coalition and the potential for countries to share experiences and best practices. He emphasized the importance of 1) ensuring creditworthiness of issuers; 2) the role of MoFs in developing green capital markets; 3) the role of IFIs and MDBs in supporting these efforts locally; and 4) the importance of the Coalition in supporting the build-up of expertise in Member countries, including through workshops like this one and enhanced training efforts. The HP5 workstream has agreed to include a note on this topic in its 2022 work program to offer Members a synthesis of how to approach sub-national capital market development for green projects.