Photo credit: The Guardian
Co-hosted with the COP29 Presidency, the Ministerial Meeting of the Coalition of Finance Ministers for Climate Action will take place on Finance Day of COP29 - November 14th, 2024, and will focus on the good practices and challenges of allocating and mobilizing financing for NDC implementation. Finance Ministers will be invited to share knowledge and lessons on NDC-related investment plans, regulations that support sustainable finance, coordination mechanisms such as country platforms, and systematic approaches targeting mitigation and adaptation financing. Moreover, Ministers will have the opportunity to share good practices for coordinating various stakeholders and resources while aligning them with strategic climate and development priorities. The discussion outcomes aim to inform the COP29 Action Agenda and contribute to advancing discussions on the road to COP30 in Belém.
Session format:
The Ministerial Meeting will take place in a plenary format, with three short panel sessions, focusing on addressing the following questions:
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What are the key challenges and opportunities for finance ministries to allocate public finance and mobilize private finance to achieve the mitigation and adaptation objectives of the NDCs?
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What are successful coordination mechanisms for development and implementation of NDCs, such as country platforms, and what is the role of the finance ministry?
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How can partner institutions, funding partners and the private sector best support countries on mobilizing financing for NDCs and NAPs?
Expected outcomes:
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Provide direct inputs from finance ministries to the COP29 outcome, including related to the Presidency's Action Agenda.
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Take stock on the progress since the Coalition’s Joint Call to Action and reinforce the importance of increased engagement of Finance Ministries in the 2025 NDCs.
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Chart a practical way forward on the role of finance ministries in successfully using country platforms or coordination mechanisms for NDC implementation and financing.
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Advancing understanding among the global finance and economic community of the finance component of NDCs 3.0, and specifically the role of finance ministries therein.
SIDE EVENTS:
- HP4: Empowering Ministries of Finance: Economic Analysis and Modelling to Drive Climate Leadership
November 14, 2024 | 9:30AM - 11:00AM | Baku, Benelux Pavilion (Blue Zone, Zone E, nr G7)
The event aims to share experiences and showcase the transformative potential of using economic modelling and analysis to assess policy options and drive climate action.
- How Ministries of Finance and Ministries of Environment Can Collaborate on National Adaptation Plans
November 14, 2024 | 10:15AM - 11:15AM | Baku, 6th Capacity Building Hub, Blue Zone, room 4
- Fiscal Resilience Initiative: Aligning Financial Flows with Climate Action in Southeast Asia
November 14, 2024 | 11:45AM - 1:15PM | Baku, Malaysian Pavilion, Lot-E11, Blue Zone