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19 October 2021

Monaco takes part in Coalition of Finance Ministers for Climate Action

Minister of Finance and Economy Jean Castellini took part in a new high-level meeting organised by the Coalition of Finance Ministers for Climate Action on Tuesday 12 October 2021, held in the margins of the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF).

The Coalition was launched two years ago and brings together finance ministers from 65 developed and developing countries to discuss and collaborate on economic planning strategies that take account of the challenges of climate change. Collectively, this group of countries, to which the Principality has belonged since late 2019, accounts for around 39% of greenhouse gas emissions and 63% of global GDP.

United Nations Secretary-General António Guterres, President of the World Bank Group David Malpass and Managing Director of the IMF Kristalina Georgieva called on the international community to step up its efforts to tackle climate change. They emphasised the vital role of their respective institutions, stressing the urgent need to integrate climate into economic and financial policies.

The Coalition’s institutional partners also discussed their visions and priorities for supporting the Coalition’s work.

In this context, Jean Castellini recorded a video message highlighting the importance of the Monaco Sustainable Finance initiative in partnership with the Monegasque financial industry, as well as the growth in sustainable investing within the Constitutional Reserve Fund, which is managed in line with ESG objectives.

Mr Castellini’s full speech is available at the following link:

https://www.financeministersforclimate.org/events/sixth-ministerial-meeting

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