Global finance ministers convene at COP28 to drive climate finance initiatives

Finance Ministers from around the world gathered at the UN Climate Change Conference COP28 in Dubai for a Ministerial Meeting focused on “The role of Finance Ministers in mobilising public and private climate finance.” Organised by the Coalition of Finance Ministers for Climate Action, the event was led by Co-Chairs Sri Mulyani Indrawati, Minister of Finance of Indonesia, and Sigrid Kaag, Minister of Finance of the Netherlands, the coalition updated.

In her opening remarks, Sigrid Kaag emphasised the pivotal role of Finance Ministers in effective climate action, stating, “Effective climate action, right decisions, and prioritisation rest on the shoulders of Ministers of Finance.” The meeting featured opening remarks from key figures, including Kristalina Georgieva, Managing Director of the International Monetary Fund; Axel von Trotsenburg, Senior Managing Director of the World Bank; Ambassador Majid Al Suwaid, COP28 Director General, and Simon Stiell, Executive Secretary, UNFCCC.

As countries engage in discussions on the Global Stocktake, highlighting substantial gaps in achieving Paris Agreement goals, Lord Nicholas Stern of the London School of Economics Grantham Research Institute presented the Coalition’s flagship report, “A Climate Finance Framework: Decisive action to deliver on the Paris Agreement.” The report’s key recommendations urged Finance Ministries to prioritise subsidies, focus on carbon pricing, and mobilise private sector finance.

A panel discussion followed, featuring Tatiana Rosito (Brazil), Benjamin Diokno (Philippines), and Charlotte Vere (United Kingdom), discussing policies to unlock investment opportunities and mobilise climate finance—this dialogue built on the Coalition’s first Climate Action Statement released during the Annual Meetings in Marrakech.

Highlighting the commitment of over 90 member countries and 26 institutional partners, the Coalition’s Climate Action Statement, unveiled during the WB-IMF annual meetings, outlines tangible actions planned by Ministries of Finance. Boasting more than 170 climate-focused measures, the CAS encompasses strategic planning, coordination, macroeconomic policies, green financing, carbon pricing, disclosure, taxonomy building, and reporting mechanisms.

In her closing remarks, Sri Mulyani Indrawati outlined the tasks and opportunities ahead for Finance Ministers in developing and implementing ambitious climate action. She also announced a collaboration with the NDC Partnership to provide targeted resources and expertise for Ministries of Finance actively engaging in developing NDCs and LT-LEDS. This collaboration aims to strengthen the global commitment to combat climate change and promote sustainable economic policies. (nsh)

Banner photo: Coalition of Finance Ministers for Climate Action

Like this article? share it

More Post

Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles