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Risk to economic stability

Risk to economic stability 19 April 2019

‘Risk to economic stability’: 23 finance ministers pledge climate action (via Climate Home News)

By Megan Darby

Finance ministers from 23 countries have pledged to back climate action through their policy, tax and spending decisions, in a coalition launched on Saturday.

At the World Bank and International Monetary Fund (IMF) spring meetings in Washington DC, the coalition signed up to the “Helsinki Principles” for climate–friendly growth.

Representing a mix of developed and developing nations, they pledged to align their policies with the Paris Agreement and work towards effective carbon pricing. The principles warn that further warming posed “risks to economic growth and macroeconomic stability”.

“Climate change is a real threat nowadays but we can turn it into an opportunity,” said Felipe Larraín Bascuñán, finance minister for Chile, in a statement. “Economic growth is essential but reducing emissions is also essential. We need more ambition and concrete commitments that translate into action.”

Chile, the host of this year’s UN climate negotiations in December, and Finland are leading the initiative. The other countries taking part are Austria, Costa Rica, Cote d’Ivoire, Denmark, Ecuador, France, Germany, Iceland, Ireland, Kenya, Luxembourg, Marshall Islands, Mexico, Netherlands, Nigeria, Philippines, Spain, Sweden, Uganda, United Kingdom and Uruguay.

Read more via Climate Home News…