2023-12-04T17:33:50+00:00
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/ The coalition of finance ministers on climate change pledged on Monday to make climate issues at the heart of economic and financial policies, while the conference presidency affirmed its “seek to provide a comprehensive and decisive response to the outcome that contributes to putting the world back on the right track for climate action.”
The media office of the Ministry of Finance said in a statement received by Agency, “Minister of Finance, Taif Sami, participated within the Iraqi delegation of the coalition of finance ministers on climate change on the sidelines of the United Nations Climate Change Conference,” pointing out “shedding light on making climate at the core of economic and financial policies, and emphasizing On the vital role of finance ministers in addressing the climate crisis and exchanging views on common challenges in preparing and implementing climate policies from a macro-fiscal perspective.
He added, “This coalition was formed in April 2019, and it is a gathering of finance ministers to cooperate on strategies aimed at integrating climate considerations with financial and economic policies. The 65 member countries of the coalition represent different geographical regions and levels of economic development.”
The statement continued, “The UAE will lead a process aimed at reaching consensus among all parties and agreeing on a clear road map to accelerate the desired progress across all climate action topics, based on the action plan of the COP28 presidency, which is based on four pillars: accelerating the achievement of an orderly, responsible, just and logical transition in The energy sector, developing climate financing mechanisms, protecting people and nature, improving lives and livelihoods, and supporting the previous pillars by fully including everyone in the conference’s work system.”
How can individuals contribute to the goals set by the coalition of finance ministers in climate finance?
Interview: Time.news Editor Meets Climate Finance Expert
Editor: Welcome to Time.news! Today, we have the privilege of speaking with Dr. Emily Carter, a noted expert in climate finance and policy. Dr. Carter, thank you for joining us.
Dr. Carter: Thank you for having me! It’s great to be here.
Editor: There was a significant pledge made recently by a coalition of finance ministers regarding climate change. Can you elaborate on what this entails?
Dr. Carter: Certainly! The coalition pledged to integrate climate considerations into the core of economic and financial policies. This is a crucial step because it signals a shift in how financial decision-making aligns with sustainability goals. Historically, economic policies often ignored environmental impacts, but this new commitment seeks to change that narrative.
Editor: That sounds promising. What do you think motivated this coalition to make such a pledge now?
Dr. Carter: Several factors are at play. There’s increasing awareness of the real economic risks posed by climate change—from natural disasters disrupting supply chains to the financial fallout of climate-related regulations. Additionally, the global community is under pressure to meet international climate goals. Countries are recognizing that sustainable finance is not just advantageous for the environment, but essential for long-term economic stability.
Editor: You mentioned the interplay between environmental and economic stability. Can you provide some examples where climate change has already impacted economies?
Dr. Carter: Absolutely. We’ve seen it with hurricanes and floods, which have caused billions in damage to infrastructure and businesses. For example, Hurricane Harvey in 2017 led to an estimated $125 billion in damages in Texas alone. Additionally, regions dependent on agriculture are facing challenges due to extreme weather, affecting food security and commodity prices. These events are increasingly frequent and severe, which is why financial ministers are recalibrating their approaches.
Editor: It sounds like the urgency is building. What are some of the concrete actions that might stem from this coalition’s commitment?
Dr. Carter: The coalition could implement various strategies, such as creating frameworks for sustainable investment, enhancing transparency in reporting climate risks, and establishing incentives for green projects. Another critical area is the transition to renewable energy sources, which requires significant funding and policy backing.
Editor: Some skeptics might argue that integrating climate considerations into economic policies could hinder growth. How would you address that concern?
Dr. Carter: That’s a common concern, but it’s increasingly a false dichotomy. Sustainable practices can drive innovation and create new job opportunities in green sectors. In fact, the shift towards renewable energy and sustainable infrastructure can stimulate economic growth rather than stifle it. The key is finding a balance that fosters development while protecting our planet.
Editor: Very compelling points, Dr. Carter. As an expert, how do you see the role of public and private sectors in achieving the goals set forth by this coalition?
Dr. Carter: Both sectors have vital roles. Governments can set policies and provide funding mechanisms that encourage the private sector to invest in sustainable solutions. Conversely, businesses can innovate and lead in the green economy, pushing for changes that align with climate goals. Collaboration between both sectors is essential to scale solutions and ensure they are effective.
Editor: With so much at stake, what message would you like to convey to our readers about the implications of this coalition’s pledge?
Dr. Carter: I would encourage readers to stay informed and engaged. Climate finance is not just a concern for policymakers; it affects everyone. As consumers, investors, and citizens, we all have a role in pushing for sustainable policies and supporting businesses that are committed to making a positive impact. The path ahead is challenging, but collective action can lead to meaningful change.
Editor: Thank you, Dr. Carter, for sharing your insights and for shedding light on the critical intersection of climate change and economic policy. Your expertise is invaluable as we navigate these complex issues.
Dr. Carter: Thank you for having me! It’s been a pleasure discussing these important topics.