Finance ministers from 20 countries, including the UK, Ireland and Kenya have come together to launch the new Coalition of Finance Ministers for Climate Action.
The coalition, which is aiming to direct additional revenue opportunities to tackle climate change, has endorsed six common principles, known as the “Helsinki Principles,” to promote new fiscal policies on climate adaptation and mitigation. It will assist countries in mobilising the required funds to implement and reach national climate ambitions, setting out strategies for green investment and factor climate risks and vulnerabilities into economic planning.
The other countries that have endorsed the principles are: Austria, Chile, Costa Rica, Cote d’Ivoire, Denmark, Ecuador, Finland, France, Germany, Iceland, Luxembourg, Marshall Islands, Mexico, Netherlands, Nigeria, Philippines, Spain, Sweden, Uganda, United Kingdom and Uruguay.
“Finance ministries have a crucial role to play in accelerating the global shift to a low-carbon, climate-resilient growth model,” World Bank’s chief executive, Kristalina Georgieva, said.
“This Coalition demonstrates new levels of ambition from decision-makers in the fiscal policy arena and provides an important platform for Finance Ministers to share best practice on the jobs and growth benefits of the new climate economy.”
After joining a new global coalition to drive action on climate change, British Chancellor Philip Hammond called on global financial leaders to place climate adaptation and mitigation at the heart of future economic policies and planning.
After signing the UK up to the coalition, Chancellor Philip Hammond used his speech at the annual IMF and World Bank Spring Meetings in Washington over the weekend to urge global financial leaders to develop international partnerships that foster economic opportunities by combatting climate changed.
“Britain is at a turning point and our future is bright. We must work together with our partners across the world to create a safer, more prosperous and more sustainable economy for future generations,” he said.