Coalition of Finance Ministers for Climate Action agreed on its action plan in Washington
Finance ministers of as many as 50 countries are committed to the Helsinki principles.
On 19 October, finance ministers met in Washington to discuss the priorities of the work of the international Coalition of Finance Ministers for Climate Action. The ministers agreed on an action plan covering the following areas:
- evaluation and planning of the effects related to the transition to a carbon-free economy
- strengthening the climate expertise of finance ministries
- pricing of carbon emissions
- integration of climate change into economic policy planning
- harnessing the financial sector to support sustainable investments.
“In the Coalition, we focus on finding the most effective means from the tools of finance ministers for climate change mitigation and adaptation to climate change. It is particularly important to ensure that the transition to a carbon-neutral economy is as cost-effective as possible and that the impacts on income distribution are also taken into account. We have every opportunity to make sustainable growth into a success story, in which the required changes are above all investments in growth and wellbeing,” says Minister of Finance Mika Lintilä, one of the chairs of the Coalition.
The Coalition was founded in April. In addition to Minister Lintilä, it is chaired by Chile's Finance Minister Felipe Larraín Bascuñán.
The cooperation is based on the Helsinki principles. The objective is to bring climate change into part of the planning of economic policy and financing solutions.
Number of members growing fast
The number of members in the Coalition has risen rapidly: in April there were 26 members and now 50 countries are committed to the Helsinki principles. The member countries cover 30 per cent of the world's gross domestic product. The most recent countries are Switzerland, New Zealand, Ethiopia, Jamaica, Greece and Madagascar.
The ministers will next meet in Chile in December. They will present their action plan to the Santiago Climate Change Conference. Finance ministers have not previously been represented at UN climate conferences.
Pekka Morén, Senior Ministerial Adviser, tel. +358 2955 30290, pekka.moren(at)vm.fi
Niina Nurkkala, Special Adviser to the Minister, tel. +358 50 347 2661, niina.nurkkala(at)vm.fi