Chilean Finance Minister Ignacio Briones said on Monday at the plenary session of the 25th UN Climate Change Conference (COP25) in Madrid that it was important to address climate change through economic policies on a global level
MADRID (Pakistan Point News / Sputnik - 09th December, 2019) Chilean Finance Minister Ignacio Briones said on Monday at the plenary session of the 25th UN Climate Change Conference (COP25) in Madrid that it was important to address climate change through economic policies on a global level.Earlier in the day, climate-conscious finance ministers of over 50 countries launched an action plan at the COP25 meeting in the presence of Patricia Espinosa, the head of the UN Framework Convention on Climate Change (UNFCCC).
"This is a set of goals to be aligned with the Paris Climate Agreement and designed to bring the climate change urgency and the work of the ministers of finance... Over the coming decade mobilizing finance [ministries] to address climate change will be one of the most important challenges faced by the governments and the global community... Stability challenges of climate change are also of concern to financial policymakers," Briones said.
Espinosa, in turn, said that it was crucial to increase direct climate financing initiatives through direct investments, national level programs and private businesses.
"Finance ministers can play a decisive role in turning these goals into reality," the UNFCCC head said.
The Coalition of Finance Ministers for Climate Action was created at the initiative of Chile and Finland in April and has been joined by 51 other nations. During its first session on Monday, the group was trying to find ways of advancing transition to a low-carbon economy by making economic decision-making eco-friendlier.
