The Ministry of Finance of Ukraine Became a Member of The Coalition of Finance Ministers for Climate Action

On October 12, 2021, the Minister of Finance of Ukraine Sergii Marchenko participated in the Sixth Meeting of the Coalition of Finance Ministers for Climate Action during the IMF and World Bank Annual Meetings. The meeting was chaired by Minister of Finance of Finland Annika Saarikko and Minister of Finance of Indonesia Sri Mulyani Indrawati.

The Coalition welcomed its new members, among which is Ukraine, as well as Estonia, Hungary, Peru, and Slovakia.

The Finance Ministers discussed the role, which the ministries play in combating climate change effects, and the integration of the climate issue into economic and financial policies framework. In addition, member-states shared their vision on the reforms aimed to enable the transition to a low carbon environment, including the use of environmental budgeting tools and the implementation of carbon tax systems.

The Coalition 6th Meeting resulted in the adoption of the Joint Ministerial Statement, which outlines the need to introduce systemic changes in economic and financial policies, commitment to the Helsinki principles to achieve sustainable, resilient recovery, and key climate goals.

The Statement represents the unity of views on existing and potential climate change challenges and implementation of climate policies through macro-fiscal financing.

Ministers called on international partners to support climate change policy directions and implement the Helsinki Principles in cooperation with the Coalition members. Member states agreed with the proposal to intensify cooperation between Ministries of Finance and Central Banks of the participating countries in order to "green" the financial systems of the world economies.

Additional information

The Coalition of Finance Ministers for Climate Action was created in April 2019. As of October 2021, 65 countries are members of the Coalition. Finance Ministers are jointly elaborating strategies to get the climate issue integrated into economic and financial policies and ensure an equitable transition to a low-carbon environment.

The Coalition Secretariat is chaired by Kristalina Georgieva, Managing Director of the International Monetary Fund, and David Malpass, President of the World Bank. Active international partners include the Organization for Economic Cooperation and Development, the United Nations Development Program, the European Commission, the European Investment Bank, and others.

Coalition member countries represent different geographic regions and levels of economic development, accumulating together about 39% of CO2 emissions through energy consumption and 63% of the world GDP.

The Coalition of Ministers works within the framework of the six Helsinki Principles:

1) align policies with the Paris Agreement;

2) share experiences to provide mutual encouragement and promote a collective understanding of climate change policies;

3) work on measures that will lead to effective carbon pricing;

4) integrate climate change into macroeconomic policy, fiscal planning, budgeting, public investment management, and procurement;

5) mobilize private sources of climate finance, fostering increased investment and development of the financial sector that supports climate mitigation and adaptation;

6) participate in the preparation and implementation of nationally determined contributions under the Paris Agreement.