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Delivered by Armida Salsiah Alisjahbana

24 May 2022

ES_ESCAP

Mr. Pekka Moren, Special Representative of the Finance Minister on Climate Action, Finance Ministry, Finland

Distinguished speakers, colleagues, ladies and gentlemen,

It is indeed my pleasure to welcome you to this high-level side event on “What can Finance Ministers do for climate change?”

The event is co-hosted by ESCAP and the Government of Finland, which is currently the co-Chair of the Coalition of Finance Ministers for Climate Action, together with Indonesia.

Nowadays, this is not an easy time for finance ministers because of many challenges

First, the COVID-19 pandemic caused major disruptions socioeconomic including the fiscal front, as well as when the global economy started to recover from the pandemic, the Ukraine crises has its impact on energy,food as well as finance

Colleagues,

On climate change, in which the big issue here in our region in Asia-Pacific,

there has been little progress in curbing carbon emissions. If a business-as-usual scenario continues, economies across the globe will face severe impact of climate change including exacerbation on the disaster we have been witnessing and also occurring,

We believe that finance ministers can play a leading role in spearheading climate action as well as initiatives because Finance Minister know the

the risks and economic consequences of climate change but at the same time, they are key to unlock opportunities for investments to address them while creating economies opportunities withstanding.

Finance ministers can also play a leading role in using fiscal policy tools such as carbon taxes and emissions trading systems to cut carbon emissions, as well as advocate for a better alignment of public budgets with climate action and support the expansion of green financing instruments. Many initiatives that the Finance Minister are absolute key.

Therefore, the coalition of Finance Ministers for Climate Action is a very important global initiative to contribute to the global climate response and secure a just transition towards low-carbon and resilient economies.

Their work is driven by the Helsinki Principles, which emphasize the importance of aligning macroeconomic policy, fiscal planning, budgeting, public investment management and procurement practices with the Paris Agreement.

In this regards, we at ESCAP has been looking at all these ideas and how to translate it further. We also support research , publications including the latest one, the Economic and Social Survey of Asia and the Pacific.

Therefore, I am very pleased to have with us a distinguished panel of policymakers from countries that are members of the Coalition, together with experts with substantive knowledge on how to align macroeconomic and financial policies with climate action.

I look forward to the discussion about the potential and challenges of implementing the Helsinki Principles, in the Asia-Pacific region.

Thank you very much.

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