Coalition of Finance Ministers Launched for Climate Action

Coalition of Finance Ministers for Climate Action
Coalition of Finance Ministers for Climate Action

At the Spring Meetings of the World Bank Group and International Monetary Fund on April 13, Finance Ministers from more than 20 countries launched a new coalition aimed at driving stronger collective action on climate change and its impacts.

The newly formed Coalition of Finance Ministers for Climate Action endorsed a set of six common principles, known as the “Helsinki Principles,” that promote national climate action, especially through fiscal policy and the use of public finance.

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The Helsinki Principles – so-called as they were conceived by a group of Governments represented at a meeting led by Finland and Chile in Helsinki in February – are designed to support Finance Ministers to share best practices and experiences on macro, fiscal, and public financial management policies for low-carbon and climate-resilient growth.

The Coalition will help countries mobilize and align the finance needed to implement their national climate action plans; establish best practices such as climate budgeting and strategies for, green investment and procurement; and factor climate risks and vulnerabilities into members’ economic planning.

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Rakesh Raman