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News | October 12, 2022 | 18:02
Finance Minister Sigrid Kaag will serve as co-chair of the Coalition of Finance Ministers for Climate Action (CFMCA) from April 1, 2023. The announcement was made on October 12, 2022 at a meeting on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group.
platform
The Alliance of Finance Ministers for Climate Action is a platform established in 2019 to promote climate action among finance ministries by enabling them to share climate policy information and experiences. The Alliance’s focus areas include aligning finance ministries’ policies with Paris Agreement commitments, developing effective greenhouse gas pricing measures, and ensuring climate change has a seat at the table in macroeconomic policymaking, budgetary decision-making, public investment and procurement. All of these activities focus on social and economic adaptation to climate change, and the role of private financiers.
Growing engagement
The Netherlands has been a member of the alliance since its inception, along with 15 other countries. Today, the alliance has more than 75 member countries. A large number of institutions, such as the World Bank Group, the International Monetary Fund and the Organization for Economic Cooperation and Development (OECD), have also joined the alliance.
A bigger impact
Over the next two years, Finance Minister Sigrid Kaag plans to work with her co-chair, her Indonesian counterpart, to increase the profile of the Finance Ministers’ Alliance for Climate Action and engage more countries in the platform’s work.
For more information on the Finance Ministers’ Alliance for Climate Action, visit: www.financeministersforclimate.org.
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