Monaco takes part in 8th Coalition of Finance Ministers for Climate Action meeting

©Direction de la Communication - Michael Alesi

Minister of Finance and Economy Jean Castellini took part via videoconference in the 8^thMinisterial Meeting of the Coalition of Finance Ministers for Climate Action, held in Washington, D.C., on Wednesday 12 October to coincide with the annual meeting of the International Monetary Fund (IMF).

Established in 2019, the Coalition brings together finance ministers from 77 countries and representatives from 25 major international institutions to promote the integration of climate issues as part of the economic and financial policies of member countries.

The ministers agreed to note that the fight against climate change had found new justification, if such were required, in the need to counter the energy crisis that the world is currently experiencing. Actively promoting the transition to non-fossil fuel sources of energy is now an integral part of the policies designed to chart a return to economic growth. There is therefore a need, which is now more important than ever, to ensure that the right instruments and the best sources of financing are put in place.

Mr Castellini recorded a video message, highlighting the importance of the Monaco Sustainable Finance initiative, as well as the sustainable investments made within the Constitutional Reserve Fund.

The Ministry of Finance and Economy’s involvement in these high-level discussions forms part of the preparations for COP 27, which will be held in Egypt from 6 to 18 November this year.

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

https://www.youtube.com/watch?v=2Wd9tU_Cu_8&t=1s

For more information, see:

https://www.financeministersforclimate.org/events/8th-ministerial-meeting