Policy discussion panel: ‘What role(s) for finance ministries in climate action?’
This event is being held in partnership with UCL Institute for Innovation and Public Purpose
Finance Ministries hold wide-ranging powers spanning economic strategy, investment, tax, spending, and financing policy and are uniquely positioned to drive the green transition. This Discussion Panel draws inspiration from the work of the Coalition of Finance Ministries for Climate Action and aims to discuss a number of key issues pertaining to the role(s) Finance Ministries play in driving climate action, focusing on the capabilities required to drive climate action.
As center-of-government bodies at the crux of coordinating economic, fiscal and financial policymaking, responsible for managing well over US$20 trillion in public spending globally, Ministries of Finance are crucial to a successful whole-of-government approach to climate action. The 80+ members of the Coalition of Finance Ministers for Climate Action have signed the Helsinki Principles, which define the roles Finance Ministries should play in the just transition to a low-carbon and climate resilient economy and acknowledge the wide range of policy levers that are under their purview.
Yet, too few Finance Ministries have expressed clear-cut policy commitments or formulated strategies in relation to climate targets. There are various challenges, including strengthening their technical and coordination capabilities, that Ministries need to address. Simultaneously, increasing climate-related shocks are amplifying fiscal and coordinating pressures. While Finance Ministries are indeed strategically positioned to drive the green structural transformation and steer required investments at an unprecedented scale, we would like to unpack a number of key issues that are essential to these roles. These include: What are the key capabilities MoF need to successfully implement climate policies? What is their role within a whole-of-government approach to climate action and how can coordination be strengthened? Do MoF need an explicit mandate to act on climate change and if so, what should it look like?
This Discussion Panel is co-organised by the UCL IIPP – in partnership with the Grantham Research Institute on Climate Change and the Environment (London School of Economics) – and builds on the forthcoming report for the Coalition of Finance Ministries for Climate Action titled ‘Strengthening the Role of Finance Ministries in driving climate action’ prepared by the Grantham Research Institute, and shaped by nearly 30 Ministries of Finance, over 30 experts and partners of the Coalition of Finance Ministers, and 40 consultation submissions from the private and third sectors.
- Nick Godfrey: Senior Advisor and Senior Visiting Fellow, Grantham Research Institute on Climate Change and the Environment, The London School of Economics
- Anika Heckwolf: Policy Analyst, Grantham Research Institute on Climate Change and the Environment, The London School of Economics
- Pekka Moren: Head of International Financial Affairs, Ministry of Finance, Finland and Special Representative/ Sherpa to the Coalition of Finance Ministers for Climate Action
- Carola Morena Valenzuela: Head of Financial and Foreign Affairs, Ministry of Finance, Chile
- Thierry Watrin: Green Economy Advisor, Ministry of Finance and Economic Planning, Rwanda
Dr Olga Mikheeva: Honorary Senior Research Fellow, UCL Institute for Innovation and Public Purpose
How to attend
This is a free online event but you will need to register in advance here