On June 22^nd, an official side event of the Paris Summit was jointly organized by the Coalition and the C3A program, titled “Leveraging Capacities for Finance Ministries on Climate Action”, which featured a panel discussion by Co-Chairs Sherpas Masyita Crystallin and Ralien Bekkers, Juergen Voegele (World Bank), Amar Bhattacharya (Brookings), Fatima Denton (UNU-INRA), Tom Heller (CPI), and Morgan Despres (ECF/NGFS). The panel brought forward an important role of Finance Ministries in the net zero transition, focusing on fiscal policies, removing harmful subsidies, and taking a more active part in private sector net zero alignment (read on this here). This hybrid side event also formally launched the C3A program, introduced by members of the Scientific Advisory Board and member countries. You can watch the recording here.

The Co-Chairs of the Coalition of Finance Ministers for Climate Action, Sigrid Kaag, Minister of Finance the Netherlands and Sri Mulyani, Minister of Finance Indonesia, emphasize the key role that Finance Ministers play in advancing climate action. They acknowledge the necessity of economic strategies, fiscal policies, budget management, and financial regulation to expedite progress in addressing climate change. Recognizing that climate -related issues may be unfamiliar to many working in these fields, they stress the urgent need to enhance knowledge and bolster institutional capacity.

To this end, the co-chairs announce the commitment of the Coalition to amplifying support for capacity building in close collaboration with global, regional, and local partners. This will be done through; 1) the development of a bespoke demand driven program aimed at finance ministers, called Capacity Creation Coalition for Climate Action (C3A), and 2) a capacity-building catalogue that showcases the rich network of capacity building programs of the Coalition’s Institutional Partners.

These efforts would represent the actual implementation of the coalition's recently published guide on strengthening the role of Ministry of Finance in driving climate action.