Coalition of Finance Ministers pledges to prioritize climate in economic policies at COP28

Coalition of Finance Ministers pledges to prioritize climate in economic policies at COP28

Shafaq News/ On Monday, the Coalition Of Finance Ministers For Climate Action vowed to place climate considerations at the forefront of economic and financial policies.

The commitment was made during the United Nations Climate Change Conference (COP28), with the conference presidency expressing its dedication to providing a comprehensive and decisive response to contribute to global climate action.

Iraq's Minister of Finance, Taif Sami, participated in the coalition's discussions as part of the Iraqi delegation.

According to a statement by the Iraqi Finance Ministry, the discussions focused on integrating climate concerns into economic and financial policies, emphasizing the pivotal role finance ministers play in addressing the climate crisis.

The coalition members exchanged views on common challenges related to the formulation and implementation of climate policies from the perspective of macro-public finance.

The coalition, formed in April 2019, comprises finance ministers collaborating on strategies to align climate considerations with financial and economic policies. Its 65 member countries, representing diverse geographical regions and economic development levels, address climate challenges collectively.

"The UAE, holding the conference presidency, outlined its commitment to achieving consensus among all parties and establishing a clear roadmap to accelerate progress across various climate action areas. The presidency's action plan for COP28 is structured around four pillars: expediting a responsible transition in the energy sector, developing climate financing mechanisms, safeguarding people and nature, and enhancing lives and livelihoods. The presidency aims to foster inclusivity by fully involving all stakeholders in the conference's operational framework." The Iraqi statement said.

This year, the United Nations' annual climate change conference, known as COP28, commenced in Dubai, hosted by the United Arab Emirates (UAE). The conference brings together global leaders, ministers, and negotiators to formulate strategies for addressing climate change challenges.

Participating governments, signatories to the UN Framework Convention on Climate Change, the Kyoto Protocol, and/or the Paris Agreement engage in crucial discussions.

The event, scheduled from November 30 to December 12, 2023, also draws thousands of representatives from civil society, the private sector, international organizations, and the media.

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