Coalition of Finance Ministers for Climate Action presented its action plan at the UN Climate Change Conference
Cooperation between Finance Ministers to mitigate climate change advanced as the Climate Coalition of Finance Ministers presented its action plan at the UN Climate Change Conference in Madrid on 9 December.
The Climate Coalition of Finance Ministers participated in the UN Climate Change Conference for the first time. The Coalition is chaired by Finnish Minister of Finance Mika Lintilä and Chilean Minister of Finance Ignacio Briones Rojas. At the Madrid Conference, Finland was represented by the State Secretary Kimmo Tiilikainen.
"Through the coalition, we build expertise, create channels for cooperation and seek viable solutions. It is particularly important to ensure that the transition to a carbon-neutral economy is as cost-effective as possible, while taking into account the impacts on the economy and society as widely as possible. Next we will start discussions on real policy issues,” says Minister of Finance Mika Lintilä.
The objective of the coalition is to bring climate change into part of the planning of economic policy and financing arrangements. The Finance Ministers adopted their action plan in Washington on 19 October. The action plan covers three main areas:
- pricing solutions for carbon emissions
- integrating climate considerations into economic policy, and
- the role of private funding in climate change mitigation and adaptation.
The Climate Coalition of Finance Ministers for Climate Action was established in Washington in April on Finland's initiative. The coalition consists of 51 member countries that are committed to the Helsinki principles. The member countries cover about 30 per cent of the world's gross domestic product and about 18 per cent of the world's greenhouse gas emissions.
The ministers will next meet in Washington in April. The April meeting will discuss carbon pricing, that is, emissions trading systems, carbon taxes and fossil fuel subsidies.
Pekka Morén, Senior Ministerial Adviser, tel. +358 2955 30290, pekka.moren(at)vm.fi
Eeli Jaakkola, Financial Specialist, tel. +35 2955 30160, eeli.jaakola(at)vm.fi
Niina Nurkkala, Special Adviser to the Minister of Finance, tel. +358 50 347 2661, niina.nurkkala(at)vm.fi