Coalition of Finance Ministers for Climate Action discusses work priorities and impact of pandemic on climate action

The Coalition of Finance Ministers for Climate Action held its annual meeting on Monday 12 October. At the virtual meeting, the finance ministers discussed the challenges of the COVID-19 pandemic for the work of the ministers, and how climate action can be taken into account in economic stimulus and recovery measures.

The ministers endorsed the Coalition’s annual report and adopted rules for giving the Coalition a more permanent structure and making it a significant partner in the solutions to climate-related challenges.

Coalition’s priorities for 2021

The finance ministers also reached agreement on the 2021 priorities of the Coalition of Finance Ministers for Climate Action.

• The Coalition will support the efforts of its member countries to achieve economic recovery through a sustainable, low emissions approach. The Coalition will take into account its member countries’ different situations and the impact of the COVID-19 crisis in addressing the climate change response.
• The Coalition will reinforce its commitment to the Helsinki Principles and will assemble concrete measures to implement them. The Coalition will develop economic policy instruments to mainstream climate action in economic policy preparation.
• The Coalition will build up climate-related work with research institutes, partners and stakeholders, and will support the presidency countries of the COP26 UN climate change conference in the preparations for the 2021 event in Glasgow.
• The Coalition will provide a firmer base for its activities with a secretariat, operating as part of the World Bank in cooperation with the International Monetary Fund.

Coalition jointly chaired by Finland and Chile

Finland had a key role at the annual meeting, as Minister of Finance Matti Vanhanen chaired the meeting jointly with Chile's Minister of Finance, Ignacio Briones.

“The Coalition sent a strong message that economic policy must support efforts to combat climate change. The COVID-19 pandemic does not change this objective. Measures to rebuild the economy should be designed to support the achievement of climate targets. The Coalition supports its members in achieving this objective,” says Minister of Finance Matti Vanhanen.

The Coalition was launched in Washington DC in April 2019 on Finland’s initiative. The Coalition has more than 50 member countries, each committed to a set of principles known as the Helsinki Principles. The objective is to bring considerations of climate change into decision-making about economic and financial policies.

The ministers will next meet in April 2021 in Washington DC.

Inquiries:
Pekka Morén, Senior Ministerial Adviser, tel. +358 2955 30290, firstname.lastname(at)vm.fi
Riikka Pakarinen, Special Adviser, tel. +358 29 5530 533, firstname.lastname(at)vm.fi