With a belief that finance ministers hold the key to unlocking climate action, governments from 26 countries joined forces in 2019 to create the Coalition of Finance Ministers for Climate Action (CFMCA). Today, it’s membership is comprised of fiscal and economic policymakers from 100 countries, supported by 21 institutional partners and 10 knowledge partners, including MIT’s Climate Policy Center (CPC).
A CPC flagship initiative, the Global Climate Policy Project (GCPP) at Harvard and MIT, will provide global Coalition members with expertise on carbon pricing, while learning more about how else they can help them achieve their goals.
“By joining the Coalition, MIT researchers can gain firsthand insight into the challenges finance ministries face in integrating climate considerations into economic and financial decision-making, as well as contribute cutting-edge analytical tools and research to support more informed, evidence-based policies,” says Arathi Rao, director of the GCPP.
The Coalition notes that climate action is not only necessary to mitigate risks, but predicts it could also spark $26 trillion globally in investments and the creation of 65 million more jobs by 2030.
To help the ministers identify climate risks and opportunities, the CPC’s other flagship initiative, Krystal Noiseux, Climate Pathways Project associate director, and her team are prepared to lead capacity-building workshops for Coalition members, helping them make data-informed decisions that lead to action.
“Finance ministers play a vital role by aligning fiscal, financial, and economic policies with climate goals, mobilizing investment and managing climate-related risks to growth and stability,” says Bethany Patten, CPC executive director. “We’re excited to partner with them as they work to make an impact around the world.”
