The Coalition of Finance Ministers for Climate Action hosted its second Minister-level meeting on October 19, 2019, at the Annual Meetings of the World Bank Group and International Monetary Fund in Washington DC. Fifty countries have now endorsed a set of six principles, known as the Helsinki Principles, and have joined the Coalition. This includes twenty four new members that have joined since the Coalition's launch in April 2019.
Carbon taxes are one of the most effective carbon pricing instruments to address carbon emissions. For finance ministries, they serve as an administratively easy and self-sustainable resource for mobilizing domestic revenues whilst ensuring compliance with climate change commitments.
Following its successful launch at the WBG-IMF Spring Meetings in April 2019, the Coalition of Finance Ministers for Climate Action hosted its 2nd Sherpa meeting, from June 4-5, in Santiago, Chile. The meeting featured technical experts from 18 member countries, as well as representatives from partner institutions such as the NDC Partnership, UNEP, and UNFCCC. The Coalition engaged with countries leading action on the Helsinki Principles, and initiated the development of an Action Plan to organize its governance and streamline its activities.
In April 2019, at the Spring Meetings of the World Bank Group and International Monetary Fund, Finance Ministers from more than twenty countries launched a new coalition aimed at driving stronger collective action on climate change and its impacts.
Background At the 2018 WBG/IMF Annual Meetings in Bali, governments from 39 countries came together to discuss the role that Finance Ministers/Ministries play in driving climate action, and what could be done to strengthen these efforts. Several governments expressed strong support for the development of a Coalition of Finance Ministers that would promote domestic and global action focused on climate. In December, Minister Orpo from Finland agreed to work with Minister Larrain from Chile to co-lead the work on the Coalition by inviting other governments to meet to discuss how the