PAGE partner countries Senegal and Mauritius expressed interest in joining the coalition at the first African regional convening of the Coalition of Finance Ministers for Climate Action held in Kampala on 16-17 July 2024. The event underscored the need for innovative financial strategies to address the continent’s climate adaptation challenges. The discussions brought together 20 African Finance Ministries and centered on investing in sustainability for economic benefits, with highlights including green industrialization and collaboration between Finance and Environment Ministries.
17 July 2024
Africa’s Finance Ministers Unite for Climate Action
The interest of Mauritius and Senegal, two PAGE partner countries, to join the coalition showed a strengthened commitment to collective climate action and reaching a significant milestone for PAGE.
During the meeting, robust collaboration between Finance and Environment Ministries was emphasized as this synergistic approach is crucial for achieving impactful climate action. Through effective collaboration, these ministries can develop integrated policies that enhance adaptive capacity, boost resilience, and leverage the financial resources necessary for sustainable development. This collaboration is especially pertinent given Africa’s disproportionate vulnerability to climate change despite its minimal contribution to global carbon emissions.
One of the key recommendations from the meeting was the establishment of dedicated climate units within Finance Ministries. These units would be the driving force behind mobilizing domestic financial resources and attracting international climate finance. They would contribute to building a robust climate adaptation and resilience framework.
The discussions also highlighted that investing in Africa could not only boost the economy but also improve well-being and deliver climate benefits. Due to the continent’s vulnerability to climate change, Africa is a prime candidate for climate investment. As adaptation costs are expected to reach $35 billion yearly, it is essential to develop effective fiscal and economic policies.
PAGE was represented at the event by its technical team members. Luciana Fontes De Meira, member of the PAGE technical team and programme management officer in the Industry and Economy Division in UNEP, introduced the PAGE programme and facilitated a discussion on “The Role of Ministries of Finance in Green, Resilient and Inclusive Development”. She emphasized that climate change issues are fundamentally economic, necessitating their integration into economic and fiscal policy frameworks. Ministries of Finance play a crucial role in this regard, given their capacity to domestically mobilize resources to address climate challenges.
Disasters related to climate change reduce a country’s tax revenue while increasing public spending, making climate change a critical global issue that requires concerted efforts and significant investments in adaptation and resilience building.
Luciana Fontes de Meira, PAGE technical team member and Programme Management Officer, Industry and Economy Division, UNEP
Ozunimi Iti, member of the PAGE Technical Team and project manager in UNIDO, participated in an all-female panel discussing green industrialization and highlighted PAGE’s role in green industrialization. The discussion emphasized women’s importance in climate strategies, showcasing the importance of gender inclusivity in climate policy and exchanging ideas on sustainable development.
The outcomes of the regional meeting will contribute towards the Coalition’s headline Climate Action Statement that will be presented at the World Bank/IMF Annual Meetings in October 2024.
The convening is supported by UNEP, the NDC Partnership, Enabel, UNDP and the World Bank, and co-organized by the African Development Bank and the African Union.
The Coalition of Finance Ministers for Climate Action was created in 2019 and now has 92 members, including all the G7 countries, and 27 Institutional Partners. It brings together economic, fiscal and financial economic policymakers in leading the global climate response and in securing a just transition towards low-carbon resilient development.
Since 2013, the Partnership for Action on Green Economy (PAGE) had become a prominent alliance of five UN agencies – UNEP, ILO, UNDP, UNIDO and UNITAR, funding partners, and 22 partner countries that work together to transform economies into drivers of sustainability.
Sources: PAGE, Coalition of Finance Ministers for Climate Action