The CFMCA is a group of fifty-two finance ministers, engaged in efforts to address climate change through economic and financial policies according to the six Helsinki Principles. As part of the core mandate of Ministries of Finance, which is the design and implementation of sound macro-economic, fiscal and financial policies, the economic and social impacts of climate change are becoming increasingly relevant for the wellbeing of our society.
This report examines the implications of the COVID-19 pandemic crisis on climate policies from the angle of economic policies and offers a set of policy options for Finance Ministers. The COVID-19 pandemic has unleashed suffering and economic crises of historic proportions, adding to the urgent existing need for accelerated transitions to low carbon economies. Concerns were raised about how the economic fallout from COVID-19 would affect climate action. Following immediate action to manage the crisis, policy-makers need to design and implement recovery strategies that support sustainable growth over the medium and long term. The need for sound analysis, in line with the Helsinki Principles, is all the more critical given the challenging financial and economic circumstances. This Report is a working document. Opinions or points of view expressed are those of the authors and do not necessarily reflect the views of the Coalition or its members.