Finance minister Sigrid Kaag to co-chair Coalition of Finance Ministers for Climate Action
From 1 April 2023, Minister of Finance Sigrid Kaag will co-chair the Coalition of Finance Ministers for Climate Action (CFMCA). This was announced by the Coalition on 12 October 2022 at a meeting in the margins of the annual meeting of the International Monetary Fund (IMF) and the World Bank Group.
Platform
The Coalition of Finance Ministers for Climate Action, a platform established in 2019, promotes climate action by finance ministries by enabling them to share climate policy information and experiences. The Coalition focuses on areas including aligning finance ministries’ policies with the Paris Agreement commitments, setting effective pricing measures for greenhouse gases, and ensuring that climate change has a place in macroeconomic policymaking, budgetary decision-making, public investment and procurement. Attention is paid in all these activities to climate change adaptation in society and the economy, and the role of private financers.
Growing involvement
The Netherlands has been involved in the Coalition from the beginning, along with 15 other countries. More than 75 countries are now members. A large group of institutions such as the World Bank Group, IMF and the Organisation for Economic Co-operation and Development (OECD) are also affiliated with the Coalition.
Greater impact
Over the next two years, finance minister Sigrid Kaag aims to work with her co-chair, the finance minister of Indonesia, to boost the influence of the Coalition of Finance Ministers for Climate Action and involve more countries in the platform’s work.
For more information on the Coalition of Finance Ministers for Climate Action, visit: www.financeministersforclimate.org.