Coalition and OECD Paris Collaborative hold third joint workshop on Green Budgeting
Author: Coalition Secretariat
On March 25th, 2021, the Coalition of Finance Ministers for Climate Action organized a high-level workshop on green budgeting in co-operation with the OECD Paris Collaborative. Green budgeting is a key priority area on the Coalition’s agenda, and this is the third joint green budgeting event since the Coalition’s inception. The work builds on the various findings and discussions that have taken place at previous workshops and the efforts of the Institutional Partners (e.g. OECD, WB, IMF, UNDP), and provides a way forward for the Coalition’s work and all its member countries.
Coalition Hosts Online Debate with Nordic Investment Bank on “Path to Sustainable Recovery”
Author: Coalition Secretariat
On March 16th, 2021, the Coalition of Finance Ministers for Climate Action co-organized an online event with the Nordic Investment Bank (NIB) titled “Debate: Path to Sustainable Recovery”. The two-hour virtual debate addressed how countries can pursue a sustainable recovery in light of the ongoing pandemic and climate change challenges, and included discussion on COVID-19 response in the Nordic-Baltic region and the role of International Financial Institutes and Multilateral Development Banks in a sustainable recovery in a global context.
Coalition Hosts Stakeholder Dialogue with Dasgupta Review Team on the Economics of Biodiversity
Author: Coalition Secretariat
On Friday, March 12, 2021, the Coalition of Finance Ministers for Climate Action hosted Ant Parham and Emily McKenzie from Her Majesty’s Treasury, UK – both members of the Dasgupta Review team – who presented key findings from the Review. Members of the Coalition discussed approaches Ministries of Finance can take to integrate biodiversity considerations into policy and practice based on experiences from mainstreaming climate change into economic and financial policies. They also discussed the need to explore potential actions at the nexus of climate and biodiversity, as well as how to manage the conservation of critical biodiversity and ecosystem services that are global public goods.
Coalition Hosts First Stakeholder Dialogue with the IFRS Foundation
Author: Coalition Secretariat
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'. The participants agreed that it was a very informative session, and 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
Author: Coalition Secretariat
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.
The Coalition of Finance Ministers for Climate Action puts forward its 2021 Work Programme
Author: Coalition Secretariat
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. 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.
Press Release: The Coalition of Finance Ministers for Climate Action to Strengthen its Work for a Sustainable and Green Recovery
Author: Coalition Secretariat
The Coalition is stepping up its work to integrate the climate dimension in economic and financial policies.
Better Recovery, Better World: Resetting Climate Action in the Aftermath of the COVID-19 Pandemic
Author: Coalition Secretariat
The COVID-19 pandemic has unleashed suffering and economic crises of historic proportions, adding to the urgent existing need for accelerated transitions to low-carbon economies. Concerns were raised about how the economic fallout from COVID-19 would affect climate action. Following immediate action to manage the crisis, policy-makers need to design and implement recovery strategies that support sustainable growth over the medium and long term. The need for sound analysis, in line with the Helsinki Principles, is all the more critical given the challenging financial and economic circumstances. This Report is a working document. Opinions or points of view expressed are those of the authors and do not necessarily reflect the views of the Coalition or its members. The main findings of the Report will be presented to Finance Ministers at a later stage, after further preparatory work, with a view to gaining political guidance as well as direction for the Coalition’s further work priorities. The primary audience for this report is policymakers at Ministries of Finance and Economy that are responsible for economic policy and cross-sector coordination. The report will also be of great interest to other ministries, institutions and academia working to support strong, inclusive, and sustainable recoveries that will help address climate change.
Principle 1: Long-Term Strategies for Climate Change - A Review of Country Cases
Author: Coalition Secretariat
This report is a first step in the Coalition’s work under Helsinki Principle 1 to helping its member countries to design their long-term strategies. Such strategies are currently being developed. This is a very challenging task, requiring competencies, commitments, tools and governance structures to manage horizontal requirements of the work. Finance ministers are becoming more and more involved in the preparation of such strategies as economic implications of climate change and policy actions become visible. This Report approaches the topic through countries experiences, drawing from practical challenges and ways to overcome them.
Principle 6: Ministries of Finance and Nationally Determined Contributions - Stepping Up for Climate Action
Author: Coalition Secretariat
This report is a first step in the Coalition’s work under Principle 6 to support its Member Countries to design their Nationally Determined Contributions (NDCs) by strengthening the Finance Ministries’ involvement in the preparatory process. This work is closely related to the Helsinki Principle 1 on aligning policies and practices with the Paris Agreement commitments and Principle 2 on sharing experience and expertise in order to provide mutual encouragement and promote a collective understanding of policies and practices for climate action.