Today in Madrid, 51 finance ministries re-committed to fighting climate change together through the Coalition of Finance Ministers for Climate Action. Established in April 2019, the Coalition is aimed at driving stronger collective action on climate change and its impacts. With these commitments in Madrid, the Coalition looks to make further progress on its objectives, which include helping countries mobilize and align the finance needed to implement their national climate action plans; establishing best practices such as climate budgeting and strategies for, green investment and procurement; and factoring climate risks and vulnerabilities into members’ economic planning. Read more about the Coalition here: https://www.worldbank.org/en/news/press-release/2019/04/13/coalition-of-finance-ministers-for-climate-action.
Following is quote from Leo Martinez-Diaz, Global Director, Finance Center, World Resources Institute:
“This important announcement shows that a growing number of finance ministers are taking climate action seriously. Finance ministries must step up as champions of climate action at this critical moment in history. Climate change will touch everything finance ministers care about: economic growth and productivity, financial stability, fiscal health, and social equity. As key players in national policymaking, finance ministries should, among other things, play a central role in enhancing Nationally Determined Contributions (NDCs) and help their countries build resilience against the impacts of climate change. They should also learn from one another. This Coalition is well positioned to make these changes happen.”