Contribute to understanding and incorporating climate change into the economic and fiscal policy of the region. Achieving this goal requires a more comprehensive and holistic understanding of how climate change affects the areas of intervention and mandate of the ministries of economy and finance.
The Regional Climate Change Platform of Economy and Finance Ministries aims to strengthen regional dialogue on shared concerns in climate matters and facilitate the exchange of experiences in the development and implementation of climate policies with a fiscal and economic focus.
Additionally, it seeks to build a regional collaboration network that provides the necessary technical support for each country to progress in the implementation of their climate and development objectives according to their own needs and priorities. Established in August 2022 with IDB support, the Platform is comprised of and led by the 26 regional member countries of the Bank, which account for more than 98% of greenhouse gas (GHG) emissions and more than 90% of GDP in Latin America and the Caribbean.
To provide a specialized regional mechanism to support finance ministries in Latin America and the Caribbean in the search for knowledge, experiences, and tangible solutions to address the socioeconomic challenges associated with climate change and sustainable development.
Contribute to a national vision of development and climate change tailored to each ministry of economy and finance and aligned with the social and economic priorities of the national agenda. This vision will draw upon successful global examples to enhance the design, implementation, and evaluation of public climate policies. By recognizing the diverse capacities and challenges across countries, the Platform aims at identifying climate agendas driven by economic and social dimensions. These agendas will enable the ministries to develop internal capabilities and will be firmly rooted in the unique realities of each country.
Develop a unified regional vision for economic and climate sustainability to strengthen our position among other economic blocs. This requires a clear national vision that contributes to constructing a regional perspective, prioritizing relevant issues in international forums for all countries in the region.
Macro-fiscal management
- Macro-fiscal policies and climate change
- Management of fiscal risks associated with climate events and risks of the energy transition to low-carbon economies
- Macroeconomic projections and modeling.
Public spending
- Budget scoreboards
- Climate, green and sustainable budgets
- Climate-related disaster spending
- Evaluation of policies with climate change components and the Sustainable Development Goals (SDGs).
- Quantification of NDCs, investments in sustainable and resilient infrastructure.
Tax revenues
- Understanding the application of different carbon pricing schemes
- Tax management and fossil fuel subsidies
- Tariffs and greenhouse gas emission quotas
Green financing
- Specific financial instruments for financing NDCs and their potential updates
- Adaptation and mitigation plans
- Sectoral strategies
- Long Term Strategies
Financial sector
Disclosure of information related to sustainable finance, including:
- Climate and Environmental, Social, and Governance (ESG) factors
- Green and sustainable bonds
- Elaboration of taxonomy for the financial market
The Inter-American Development Bank (IDB) plays a key role in the Platform by providing a Technical Secretariat responsible for facilitating, coordinating, and mobilizing technical support, capacity building, knowledge dissemination, technical assistance, connections, and necessary financing for each ministry to carry out its roadmap in priority areas of interest. The Technical Secretariat work in coordination with the leading country of the Platform and the working groups to support and facilitate the work agendas of participating countries.
Every year, a country assumes the Presidency of the Platform for a period of twelve months. The Technical Secretariat will provide technical support to the leading country in implementing the Work Plan and monitoring its progress. Technical working groups have been established based on the prioritized topics in the work plan for each year to facilitate the development of the corresponding actions.
Current president pro tempore: Ministry of Finance – Chile (since August 2023)
Los ministerios de economía y finanzas (MEF) desempeñan un rol en la respuesta de los gobiernos al cambio climático. (Available in Spanish)
Getting to net-zero emissions is essential to achieve the goals of the Paris Agreement. A key question is how much carbon pricing can help reduce emissions.
There is no turning back now, the ministries of economy and finance are at the heart of climate action.
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- The Platform receives funding from the International Climate Initiative (IKI) of the German Federal Ministry of Economic Affairs and Climate Action.
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