Sri Mulyani Urges Global Finance Ministers for Enhanced Role in Climate Change Initiatives
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18 April 2024 07:22 WIB
TEMPO.CO, Jakarta - Indonesia’s Finance Minister, Sri Mulyani Indrawati, as the Co-Chair of the Coalition of Finance Ministers for Climate Action, urged finance ministers of member nations to be more involved in developing climate strategies, the coalition said in a written statement.
The Coalition highlighted a concerning gap: a large majority of coalition members’ finance ministries are not involved in developing their country's climate strategies or Nationally Determined Contributions (NDCs).
The Coalition issued a Call to Action to strengthen the engagement of Ministries of Finance in developing, implementing, and financing new national climate plans or NDCs, due in 2025. This Call to Action, launched during the 11th Ministerial Meeting of the Coalition hosted by the World Bank and the IMF, is a response to the dire warnings of the 2023 Global Stocktake. It is a rallying cry for countries to seize the upcoming NDC submission in 2025 to alter the climate crisis trajectory significantly.
“Ministries of Finance have a critical role to play in ensuring that Nationally Determined Contributions (NDCs) incorporate a broad set of economic considerations and advance socioeconomic well-being. However, 73% of coalition Finance Ministries are not currently involved in development of their country's NDCs,” said Sri Mulyani.
Coinciding with the fifth anniversary of the Coalition of Finance Ministers for Climate Action, the statement stresses these ministries' pivotal role in mobilizing the economic transformations required to counter climate threats effectively. The Coalition for Finance Ministers for Climate Action, operational since 2019, represents a significant portion of global emissions and GDP. The members are pledged to the Helsinki Principles, emphasizing national climate action through fiscal policies.
The Coalition of Finance Ministers for Climate Action, now encompassing 92 members, including the G7, and the NDC Partnership, a global alliance of over 200 members, are at the forefront of this global climate mobilization. They promote economic policies to foster a fair transition towards sustainable development.
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