The Coalition of Finance Ministers for Climate Action which was launched in April 2019, at the Spring Meetings of the World Bank Group and International Monetary Fund, aims at driving stronger collective action on climate change and its impacts. The Coalition abides by 7 principles called the Helsinki Principles which promote national climate action, especially through fiscal policy and the use of public finance. These principles are designed to support Finance Ministers to share best practices and experiences on macro, fiscal, and public financial management policies for low-carbon transformation.
On December 9, 2019, the Finance Ministers’ Coalition for Climate Action will gather at COP25 to launch the Santiago’s Action Plan. The Santiago Action Plan lays out the work priorities of the Coalition of Finance Ministers for Climate Action for the year 2020. This is intended to advance the Coalition towards the goals of the Helsinki Principles, which are the key areas for policy engagement of the Coalition. The action plan recognizes that a fundamental change is required to bring considerations of climate change into the mainstream decision-making about economic and financial policies. The action plan has been developing over time through the work of the Coalition sherpas and with the assistance of institutional supporters, and reflects the Coalition’s active engagement of its goals.
During the meeting, Inger Andersen, Executive Director of the UN Environment Programme, will launch the Green Finance Measures Database, a database of 390+ policy and regulatory measures across 60 developed and developing countries, initiated by the United Nations Environment Programme’s (UNEP) Inquiry into the Design of a Sustainable Financial System in collaboration with the Green Growth Knowledge Partnership.