Coalition of Finance Ministers for Climate Action
The Coalition of Finance Ministers for Climate Action brings together fiscal and economic poli-cymakers from around the world and seeks to ensure fiscal and economic planning is part of the global response to climate change. The aim is to harness the expertise and fiscal and economic policy tools of the finance ministries of member countries in combating climate change. These tools include taxation, budgeting, financing and public procurement. The Coalition is currently chaired by Finland and Indonesia.
The Coalition of Finance Ministers for Climate Action was launched in Washington in April 2019 on Finland’s initiative. The Coalition has 65 member countries, each committed to a set of principles known as the Helsinki Principles. The member countries together account for about 63 per cent of the world’s gross domestic product (GDP) and about 39 per cent of the world’s greenhouse gas emissions.
The objectives of the Coalition’s work are set out in the six Helsinki Principles:
- Align policies and practices with the Paris Agreement commitments;
- Share experience and expertise with each other in order to provide mutual encouragement and promote collective understanding of policies and practices for climate action;
- Work towards measures that result in effective carbon pricing;
- Take climate change into account in macroeconomic policy, fiscal planning, budgeting, public investment management, and procurement practices;
- Mobilise private sources of climate finance by facilitating investments and the development of a financial sector which supports climate mitigation and adaptation;
- Engage actively in the domestic preparation and implementation of Nationally Determined Contributions (NDCs) submitted under the Paris Agreement.
Senior Ministerial Adviser
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