Developing a Ministry of Finance framework for climate action – formal consultation

About the Coalition of Finance Ministers for Climate Action 

The Coalition of Finance Ministers for Climate Action (COFM) was launched in 2019 by governments from 26 countries. Its work is organised around the six Helsinki Principles, which promote national climate action, especially through fiscal policy and the use of public finance. Mirroring the growing recognition of the pivotal role finance ministers play in addressing climate change, the number of member countries has since more than tripled to 79. 

The Grantham Research Institute’s work with the Coalition  

Nicholas Stern, Chair of the Grantham Research Institute, and Amar Bhattacharya, Visiting Professor in Practice at the Institute and a Senior Fellow at the Brookings Institution Center for Sustainable Development, were appointed as advisers to the Co-Chairs of the Coalition in 2019.

Both the Grantham Research Institute and the Brookings Institution are founding institutional partners supporting the work of the Coalition. Together, the two institutions have made contributions across a range of the Coalition’s workstreams. In particular, they have led the preparation of two reports on how members of the Coalition have been advancing climate action through economic recovery from the COVID-19 pandemic. The institutions have also been heavily engaged in the workstream on Helsinki Principle 2, including through assessing the availability of relevant training and advice for members of the Coalition, and improving the collaboration between Ministries and academia and the wider research community to enhance evidence-based policymaking.

Consultation: Developing a Ministry of Finance framework for climate action 

At a meeting of the Coalition of Finance Ministers for Climate Action at COP27, Nick Stern and the Coalition Co-Chairs officially launched a global consultation to obtain feedback on the draft of a forthcoming landmark report: Strengthening the Role of Ministries of Finance in Driving Climate Action.

The report sets out a practical framework for Ministries of Finance to galvanise action and drive investment in the zero-carbon, climate-resilient future by mainstreaming climate action into their core functions and capabilities. This is collaborative effort involving more than 30 contributors, including Coalition members, institutional partners and an expert advisory group and other key partners, led by the Grantham Research Institute.

The consultation can be found here

Publications

Building momentum for a strong recovery and sustainable transformation (February 2022)

Better recovery, better world: resetting climate action in the aftermath of the COVID-19 pandemic (July 2022)

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