Global Event | From Guide to Action: Strengthening the Role of Ministries of Finance in Driving Climate Action - video
08.00 Washington / 14:00 The Hague / 17.30 Delhi / 19.00 Jakarta (1 hour 15 minutes)
Ministries of Finance hold significant levers to accelerate the climate action needed to deliver on the goals of the Paris Agreement and drive the transition to sustainable, inclusive and resilient development and growth. Yet to date, the full power of the macroeconomic, fiscal and financial policy tools at their disposal remains untapped.
This event guides you through our new framework which demonstrates how Ministries of Finance can unleash their full potential to drive climate action. The event was organised on behalf of the Coalition of Finance Ministers for Climate Action, a group of 86 Ministries of Finance and 26 Institutional Partners.
To help Ministries of Finance to mainstream climate action into their core functions and capabilities, the Coalition recently launched a flagship guide for Ministries and Ministers of Finance, ‘Strengthening the Role of Ministries of Finance in Driving Climate Action’. Based on over 140 inspiring country case studies of climate action, the guide offers concrete steps for Ministries of Finance to strengthen their role in driving the transition to a zero-carbon, climate-resilient economy. It shows that in taking bold climate action, Ministries of Finance can tackle escalating risks, achieve macro stability, enhance resilience, create growth and development opportunities, and deliver clean, secure and affordable energy.
Lord Nicholas Stern introduced the guide, setting the stage for a panel of Finance Ministers and high-level experts, including Janet Yellen (Secretary of the Treasury, United States) and Azucena Arbeleche (Minister of Economy and Finance, Uruguay), to showcase examples of climate action and initiatives designed to empower Ministries of Finance to take ambitious action.
The panel focused on how to translate the guide into concrete steps for spearheading climate action. This entails boosting awareness of the critical role of Ministries of Finance, strengthening capacity-building initiatives and knowledge and research networks to support policy design, and fostering ongoing participation by Ministries of Finance in global and national climate processes.
Welcome remarks were provided by Masyita Crystallin, Co-chair Sherpa, Ministry of Finance, Indonesia and Ralien Bekkers, Co-chair Sherpa, Ministry of Finance, Netherlands.
- Lord Nicholas Stern, Grantham Research Institute
- Janet Yellen, Secretary of the Treasury, United States
- Azucena Arbeleche, Minister of Economy and Finance, Uruguay
- Morten Bødskov, Acting Minister for Finance, Denmark
- Pekka Moren, Special Representative of Minister of Finance, Finland
- Thierry Watrin, Green Economy and Climate Change Advisor to the Minister of State in Charge of Economic Planning, for the Ministry of Finance and Economic Planning of Rwanda.
- Diego Mesa, Senior Climate Economist, International Monetary Fund.
- Pablo Saavedra, Vice-President, EFI Global Practice, World Bank.
- Joaquim Levy, Director Banco Safra, former Ministry of Finance, Brazil
- Jay Shambaugh, Under Secretary for International Affairs, Treasury, United States (chair, ministerial panel)
The summary of the guide is available at: https://www.financeministersforclimate.org/reports.
The guide is a product of a collaborative effort by more than 30 Ministries of Finance and 70 other partners and contributors. The work has been led by Finland and Rwanda. The Grantham Research Institute has acted as a key institutional partner supporting the work.