Finance ministers share views on climate action

Finance ministers share views on climate action

The Coalition of Finance Ministers for Climate Action met on 6 April 2021 on the margins of the 2021 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF). The meeting stepped up calls for green growth investments as part of a global shift toward an inclusive and resilient recovery from the coronavirus (COVID-19) pandemic. The Coalition also shared perspectives on policies to make progress towards decarbonisation and manage climate-related financial stability risks.

Lord Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment, presented preliminary findings from a forthcoming Coalition study on green recovery strategies and recommended fiscal policies for boosting economic growth while pursuing national and global climate objectives—two goals that are increasingly recognised as going hand in hand.

Speaking live in a session on the roles of ministries of finance and central banks in co-ordinating climate risk management, the president of the European Investment Bank, Werner Hoyer, discussed lessons learned to identify and manage climate-related financial risks as well as opportunities and approaches for effective climate and nature-related financial risk management.

The Coalition welcomed eight new members—Belgium, Burkina Faso, Japan, Korea, Kyrgyzstan, Malaysia, Rwanda, and the United States—boosting its ranks from 52 to 60 member countries and demonstrating the growing global interest in using economic policy to combat climate change.

The Spring Meetings of the World Bank Group and the IMF bring together central bankers, ministers of finance and development, private sector executives, civil society, media and academics to discuss issues around the global economy, international development and the world's financial markets in the midst of the coronavirus (COVID-19) pandemic.

Sources: 

Minister-level meeting of the Coalition of Finance Ministers for Climate Action

President Hoyer discusses co-ordinating climate risk management at Spring Meetings of the World Bank and the IMF

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