DUBAI, UAE, Dec. 6, 2023 /PRNewswire/ — The results of the Global Stocktake and the socioeconomic impacts of climate-related events across the globe call for an urgent transformation of our economies and the mobilization of climate finance at speed and scale. Such transformative change requires increased leadership across the whole of government.
As countries advance their Nationally Determined Contributions (NDCs), they are striving to engage the whole of government to achieve the goals of the Paris Agreement and ensure sustainable development.
“The leadership of Ministries of Finance is critical to mainstream climate into economic and development strategies and create the enabling environments for implementation and increased ambition, bringing a long-term view that goes beyond the 2025 NDCs and informing Long-term Low Emissions Development Strategies (LT-LEDS),” says Sigirid Kaag, Minister of Finance of the Netherlands and Co-Chair of the Coalition.
“Bringing together a diverse range of countries, the Coalition and Partnership can play a critical role in providing a reliable assessment of climate finance needs, ambition and flows to support NDCs and LT-LEDS, and just transition, not just rhetoric, but real Paris-aligned financing pathways with common, but differentiated responsibilities,” says Sri Mulyani Indrawati, Minister of Finance of Indonesia and Co-Chair of the Coalition.
Finance Ministers are central to setting and implementing the climate agenda and are uniquely positioned to:
- Set ambition and align NDCs and LT-LEDS with development strategies and economic growth and fiscal projections;
- Inform mid-century decarbonization pathways;
- Integrate climate considerations into economic and fiscal policies;
- Ensure the prioritization of climate actions within the country’s budget allocation process;
- Improve the enabling environments to mobilize finance from public and private sources; and
- Assess the efficiency of climate-related expenditures and inform climate policy decision-making.
The Partnership and the Coalition of Finance Ministers for Climate Action will offer targeted resources and expertise for Ministries of Finance to actively engage in the development of NDCs and LT-LEDS.
“Strong engagement by Ministries of Finance, and the collaboration between the NDC Partnership and the Coalition is instrumental in the formulation and execution of ambitious, yet implementable NDCs and LT-LTEDS and in driving sustainable development,” Dr. Jeanne d’Arc Mujawamariya, Minister of Environment of the Republic of Rwanda.