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 50 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

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

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

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

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

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

Engage actively in the domestic preparation and implementation of Nationally Determined Contributions (NDCs) submitted under the Paris Agreement
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65

Member countries

39%

of global CO2 emissions

63%

of Global GDP

Member Countries

 

The Secretariat

Partners

Events

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

Coalition Hosts First Stakeholder Dialogue with the IFRS Foundation

February 25, 2021
HP5 Stakeholder Dialogue image
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
HP4 Workshop image
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.

The Coalition of Finance Ministers for Climate Action puts forward its 2021 Work Programme

January 27, 2021

 

The Coalition’s Work Programme for 2021 outlines the main priorities and planned activities under each Helsinki Principle workstream and key cross-cutting themes, based on the Santiago Action Plan and guidance provided by Finance Ministers. Activities and deliverables may be adjusted to adapt to changing circumstances.

The main objectives of the Coalition in 2021 are to deepen our understanding of climate-related economic and financial policies, boost the engagement of Finance Ministries on climate change, support a green and inclusive recovery/growth from the COVID-19 crisis, and increase collaboration among workstreams and institutional partners.

Some highlights of our planned activities for 2021 include efforts on: long-term strategy development, carbon pricing, macro-modeling, green budgeting, climate- and biodiversity-related financial risks, greening financial system roadmaps, and NDC enhancement. The Work Programme also includes a report on the cross-cutting theme of green and inclusive recovery/growth policies.

With growing global commitment to combatting climate change, 2021 is poised to be a pivotal year for action on climate change. Through its ambitious 2021 Work Programme, the Coalition seeks to build on increasing momentum and help accelerate climate action.

 

Secretariat and Partners

Submitted by Benjamin Holzman on Sun, 10/11/2020 - 03:47

 

Coalition Secretariat

The Secretariat to the Coalition of Finance Ministers for Climate Action is hosted at the World Bank Headquarters in Washington DC, and managed by the World Bank Group. The Secretariat provides day-to-day operational, technical and logistical support to the Co-chairs and Sherpas of the Coalition and plays a convening role for all ministerial and thematic engagements.