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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