At the 2018 WBG/IMF Annual Meetings in Bali, more than 40 governments came together to discuss the role that Finance Ministers/Ministries play in driving climate action, and what could be done to strengthen these efforts. Several governments expressed strong support for the development of a Coalition of Finance Ministers that would promote domestic and global action focused on climate. In December, Minister Orpo from Finland agreed to work with Minister Larrain from Chile to co-lead the work on the Coalition by inviting other governments to meet to discuss how the Coalition should be structured and what it should focus on over the next 1-2 years.
The Sherpa meeting in Helsinki will focus on the drafting of key documents to guide the Coalition, including a set of common principles on the use of fiscal policy and public finance to support climate action. Good practices in areas such as environmental fiscal reform, climate-informed budgeting and planning, public investment management, and mobilization of private finance would be discussed at the Helsinki meeting. The guiding principles at the heart of the Coalition are designed to inspire and support ambitious climate action in areas where Finance Ministries have influence.