The Coalition of Finance Ministers for Climate Action brings together fiscal and economic policymakers from over 90 countries in leading the global climate response and in securing a just transition towards low-carbon resilient development.
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.
The Coalition has prepared a cross-thematic work program built around the six core elements of the Helsinki Principles, which underpin the commitment of Finance Ministers to align policy actions with the Paris Agreement (Helsinki Principle 1); promote capacity building, and mutual exchange of knowledge and expertise (Helsinki Principle 2); work towards measures that result in effective carbon pricing (Helsinki Principle 3); integrate climate change in macroeconomic management and public finance (Helsinki Principle 4); mobilize private climate finance and develop a financial sector that recognizes mitigation and adaptation (Helsinki Principle 5); and engage as a key stakeholder in the preparation and implementation of the NDCs (Helsinki Principle 6).
The Coalition’s vision is detailed under the Santiago Action Plan, which outlines how the initiative will make collective progress on the Helsinki Principles in 2020 and beyond. It reflects Members’ engagement to work actively towards common goals of mainstreaming climate change and lays out in detail the priority work areas and deliverables under the Helsinki Principles, keeping in mind countries’ realities and contexts. Released at the COP25 in December 2019, the Santiago Action Plan reiterates that a fundamental change is required to bring considerations of climate change into decision-making about economic and financial policies, and recognizes that Finance Ministers hold the keys to unlocking climate-fiscal reform. The Santiago Action Plan aims to help reaffirm commitments, accelerate action, and boost ambition to operationalize and implement fully the Paris Agreement.
