The Helsinki Principle 2 workstream has published a new report, Strategies for Mainstreaming Climate Action in Ministries of Finance: Governance, Capacities, and Research Practices.
The active engagement of Ministries of Finance in national efforts to address climate change is critical from a horizontal, economy-wide perspective, as they are responsible for implementing economic, fiscal, and financial policies. It is therefore vital that climate change considerations are mainstreamed in their work. Yet mainstreaming climate into economic and financial policies requires significant changes in approach and investments in capacity. Ministries of Finance will need to evolve strategies, expertise, tools and management practices accordingly.
This report assesses the current situation in Finance Ministries in addressing climate change and mainstreaming climate action, explores the concrete steps needed for increased climate mainstreaming -- including mapping existing options, boosting training programs, and expanding IP engagement -- and provides findings on actions by MoFs and the role of the Coalition to take this agenda forward.