This virtual workshop was organized to familiarize BCOP members with the recent international experience and advice in the role of Ministries of Finance in climate actions and to collect BCOP members’ feedback on the on their interest in a potential BCOP’s knowledge product on this topic. In an online survey on priority budgeting topics conducted in the summer of 2022, one of the most commonly selected topics chosen by the representatives of BCOP countries was green/environmentally responsive budgeting.
Presentations were delivered by the representatives of the Coalition of Finance Ministers for Climate Action and the World Bank. A Framework and Guide for Ministries of Finance was presented by the Coalition of Finance Ministers for Climate Action. It lays out a framework and guide for how Finance Ministries might mainstream climate action into their core functions and build the necessary capabilities to act. The report highlights a number of transformative actions, which, if embraced by Ministries of Finance, would help to send a strong, clear signal that the world economy is poised to follow a low-carbon, climate-resilient direction. The World Bank presented advice on entry points for climate change governance. This included recommended governance solutions for different challenges, throughout the planning and implementation cycle of different PFM areas. Preconditions for adequate climate change budget tagging/green budgeting were also discussed.