first_imgThe Coalition will help countries mobilise and align the finance needed to implement their national climate action plans; establish best practices such as climate budgeting and strategies for, green investment and procurement; and factor climate risks and vulnerabilities into members’ economic planning. Climate change is a real threat The French financeminister, Bruno Le Maire notedthat the role that finance can and must play in the transition to a low carboneconomy is often underestimated. RELATED ARTICLESMORE FROM AUTHOR Finance Ministersfrom more than twenty countries launched a new coalition aimed at driving stronger collectiveaction on climate change and its impacts. “Finance ministrieshave a crucial role to play in accelerating the global shift to a low-carbon,climate-resilient growth model,” said World Bank CEO, Kristalina Georgieva.  Chile’s minister also noted that economic growth is essential but reducing emissions is also essential. UNDP China, CCIEE launch report to facilitate low-carbon development BRICS “Many countries have already developed interesting initiatives at a national or regional level such as green bonds in France or the Emissions Trading System in the EU. Sharing experiences can only be useful,” stated Le Maire. According to Georgieva, 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.” Featured image: Stock Finance and Policycenter_img The World Bank will serve as secretariat for the Coalition and will partner with various institutions to provide strategic and technical support to governments, including the International Monetary Fund, the Organization for Economic Cooperation and Development, UNFCCC Secretariat, UN Development Programme, other UN agencies and the NDC Partnership. TAGSCarbon footprintClimate changeUNWorld Bank Previous articleSA Minister calls for more investments in clean coalNext articleAmazon to procure 229MW of wind power by 2021 Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Bascuñán continued: “Beyond traditional tools likecarbon pricing or the phasing out of fossil fuels we can stimulate and signalthe private sector to invest in innovative solutions, incorporate this risk andexternalities into the investment decision making process.” The newly formed Coalition of finance ministers for Climate Action endorsed a set of six common principles, known as the “Helsinki Principles,” which promote national climate action through fiscal policy and the use of public finance. Low carbon, solar future could increase jobs in the future – SAPVIA The Helsinki Principles were conceived by a group of governmentsrepresented at a meeting led by Finland and Chile in Helsinki in February – andare designed to support finance ministers to share best practices andexperiences on macro, fiscal, and public financial management policies forlow-carbon and climate-resilient growth. AFD and Eskom commit to a competitive electricity sector Generation “The Coalition mustrely on analytical work and sharing of experiences to achieve solutions thatwork in practice.” “Climate change is a real threat nowadays but we can turn it into an opportunity,” said Felipe Larraín Bascuñán, minister of finance, Chile. “The Coalition will be successful, if it helps us plan concrete, effective policy measures to address the climate crisis nationally, regionally and globally,” said Petteri Orpo, minister of finance, Finland. last_img