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LAC Platform Ministries Finance
LAC Platform for Ministries of Finance
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What is it?

The Platform of Ministries of Finance (MEFs) 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.

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Vision

Establish a specialized regional mechanism to support those responsible for Economic and Finance Ministries in Latin America and the Caribbean searching for knowledge, experiences, and concrete solutions to address the region's socioeconomic challenges associated with climate change and sustainable development.

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.​

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 within the MEFs. By recognizing the diverse capacities and challenges across countries, we aim to identify 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.
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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. 
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Tax revenues
  • Understanding the application of different carbon pricing schemes​
  • Tax management and fossil fuel subsidies​
  • Tariffs and greenhouse gas emission quotas
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Green financing
  • Specific financial instruments for financing NDCs and their potential updates​
  • Adaptation and mitigation plans​
  • Sectoral strategies​
  • Long Term Strategies
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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
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Technical Secretariat

The Inter-American Development Bank (IDB) will play 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 MEF to carry out its roadmap in priority areas of interest. The Technical Secretariat will work in coordination with the leading country of the Platform and the working groups to support and facilitate the work agendas of participating countries.​

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Pro Tempore Presidency

Every year, a country assumes the Pro Tempore 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 will be established based on the prioritized topics in the Work Plan to facilitate the development of the corresponding actions.

Current Pro Tempory Presidency​ Chile​ (July 2022 – July 2023)
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