Indonesian Finance Minister Attends the 4th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action
The Coalition of Finance Ministers for Climate Action brings together fiscal and economic policymakers from over 50 countries in leading the global climate response and in securing a just transition towards low-carbon resilient development.
Finance ministers of 52 countries have begun talking about whether to set themselves binding targets for integrating climate change into their stewardship of national economies.
The Coalition of Finance Ministers on climate Change met virtually on Monday (12/10) on the sidelines of the annual meetings. It includes most European countries, nine from Latin America, as well as Indonesia, Bangladesh, Nigeria, Ethiopia, and Canada - excluding the US, China, India, Japan, and Brazil.
On this occasion, the Indonesian Finance Minister, Sri Mulyani Indrawati commit to reducing greenhouse gas emissions during a pandemic Covid-19 through environmentally economic policies.
"We need to forever lock in the benefit of having cleaner air and build back better in the recovery phase and beyond.” said Sri Mulyani.
Sri Mulyani also added that over the last decade, Indonesia has taken decisive action to integrate climate change in planning and budgeting systems, improving its resilience against the adverse impacts of climate change, and it is capable to meet its ambitious target of reducing greenhouse gas emissions by over 29% by 2030. Since 2016, the Indonesian Government has developed and implemented a Climate Budget Tagging (CBT) Process to monitor and track expenditures on climate change actions in the national budget systems.
Overall, members agree to the six Helsinki Principles, striving to align policies with the Paris Agreement, promote carbon pricing, take climate into account in policymaking and budgeting and mobilize private climate finance.
"The Coalition is only a year old and was born as a non-binding coalition, but part of today's discussion was about whether it could become binding and start to establish targets," said Gabriel Yorio, deputy finance minister of Mexico.
1. Kepala Biro Komunikasi dan Layanan Informasi Kementerian Keuangan
2. United Nations Secretary-General