Joint announcement: New global initiative to deepen knowledge exchange between central banks and finance ministries to manage climate risks.
São Paulo, Brazil – November 7, 2025 — The Network for Greening the Financial System (NGFS) and the Coalition of Finance Ministers for Climate Action (CFMCA) have launched a new joint dialogue platform to deepen knowledge sharing between central banks and finance ministries on the macroeconomic dimensions of climate change and the transition to a low-carbon economy.
Climate change and the low-carbon transition are reshaping the macroeconomic and financial landscape, affecting the missions of both central banks and finance ministries. In the face of intensifying physical climate risks, evolving transition dynamics, and growing demands for investment in resilience and decarbonization, exchange between monetary and fiscal authorities is more important than ever.
Announced on the margins of COP30 in Belém, the initiative will convene senior fiscal and monetary officials for regular, informal exchanges on how climate and nature-related developments are influencing macroeconomic conditions, inflation, debt sustainability, financial stability, investment needs, and growth prospects. The dialogue series is designed to share approaches, deepen mutual understanding, and support coherent macroeconomic planning for the transition, while fully respecting the distinct mandates and independence of central banks.
The initiative responds to the recognition that climate change is not only an environmental concern but also a core economic challenge. Finance ministries and central banks are increasingly engaging with similar transition-related analytical questions, and this series will provide them with structured opportunities for direct and productive exchange.
Launch and Next Steps
The launch event, held at the Sustainable Innovation Forum in São Paulo, marked the first in a series of roundtables aimed at fostering practical knowledge exchange between monetary and fiscal authorities.
Following the launch, a series of thematic dialogues will take place over the course of 2026, each hosted by a participating institution and structured around key macroeconomic dimensions of climate change and a resilient, low-carbon transition. These sessions will incorporate real-world case studies, practitioner perspectives, and opportunities for moderated discussion.
Quotes:
Dr. Sam Mugume Koojo, Deputy to the Uganda Finance Minister, Co-Chair of Coalition of Finance
Ministers for Climate Action
“Central banks and finance ministries are each working to understand the economic implications of the climate transition. This dialogue gives us the space to compare approaches, strengthen our analytical foundations, and identify where coordinated action can support a resilient and orderly transition”
Ralien Bekkers, Deputy to the Netherlands Finance Minister, Co-Chair of Coalition of Finance Ministers for Climate Action
“Climate change is increasingly shaping the macroeconomic environment we manage every day—from investment decisions and debt planning to monetary and financial stability. Finance ministries have a responsibility to help ensure the transition is orderly and economically sound. Working closely with central banks, while respecting our distinct mandates, allows us to learn from one another and helps ensure that no critical issues fall between institutional responsibilities.”
Fundi Tshazibana, Deputy Governor of the South African Reserve Bank, Chief Executive Officer of the Prudential Authority, and NGFS Vice Chair
"Strengthening financial and economic resilience to mitigate the effects of climate change requires collective efforts. This initiative provides a strategic platform for finance ministries and central banks to engage, each bringing their unique capabilities and perspectives to the discussion. Within our distinct mandates and tools, we can strengthen both our institutional and global responses to this critical issue."
Yann Marin, NGFS Secretary General, Deputy Director for Financial Stability at Banque de France
“Climate change and nature degradation are increasingly macro-critical. This dialogue platform offers a unique opportunity to exchange perspectives with finance ministries, ensuring that our respective approaches are informed and coherent. By creating space for dialogue between central banks and finance ministries, we strengthen our collective ability to navigate the transition in a way that supports stability, resilience, and sustainable growth.”
About the CFMCA
The Coalition of Finance Ministers for Climate Action was established in 2019. It brings together 100 Ministries of Finance that are committed to integrating climate considerations into economic and financial policies and to advancing climate-informed fiscal planning and public financial management. The Coalition serves as a platform for Finance Ministries to exchange experience, develop common approaches, and strengthen capacity to support the transition toward a resilient and sustainable economy. The Coalition is currently co-chaired by the Ministries of Finance of the Netherlands and Uganda. The Secretariat is jointly hosted by the World Bank Group and the International Monetary Fund. In addition to its member countries, the Coalition works with 21 Institutional Partners and a wide network of Knowledge Partners that contribute technical expertise and support collaborative initiatives.
About the NGFS
The Network for Greening the Financial System (NGFS) was launched at the Paris One Planet Summit on 12 December 2017. It represents a group of central banks and supervisors willing to share best practices, contribute to the development of environmental and climate risk management in the financial sector, and mobilize mainstream finance to support the transition toward a sustainable economy. The NGFS brings together 146 central banks and supervisors and 23 observers. The NGFS is chaired by Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank, with the support of the Vice Chair, Fundi Tshazibana, Deputy Governor of the South African Reserve Bank and Chief Executive Officer of the Prudential Authority. The Secretariat, headed by Yann Marin, is provided by the Banque de France.