Monaco Minister of Finance & Economy attended the Coalition of Finance Ministers for Climate Change.
Updated: Nov 19, 2022
On the 12th October 2022, H.E. Jean Castellini, Adviser to the Government - Minister of Finance and Economy, participated in videoconference at the 8th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action held in Washington as part of the annual meeting of the International Monetary Fund (IMF). This international Body, born in 2019, brings together Finance Ministers from 77 countries and representatives of 25 major international institutions to promote the integration of climate issues in the economic and financial policies of member countries. All Ministerial Representatives convened on the current priority to tackle the energy crisis, reinforcing the commitment of the economic world to fight climate change.
As one of the main priorities, the need to embrace non-fossil energy sources in order to guarantee the economic growth was reiterated. Thus, the best economic tools and financing sources need to be implemented. Various declarations were made in view of the incoming 27th Conference of the Parties of the UNFCCC - COP 27 which will be setting in Egypt from the 6th until the 18th November 2022.
Monaco Minister of Finance and Economy, Jean Castellini pointed out in his key note: "The current international environment and rising energy costs have made us more aware of the needs to save energy and lessen our dependence on fossil fuels globally. The Principality has recently implemented new measures to enhance green Mobility such as promoting car sharing or free public transport services. They complement a whole array of existing subsidies established during the COVID crisis to facilitate green transition for both corporate and private individuals. Our Green Fund created several years ago to accompany energy transition domestically has helped finance investments in solar panels and wind farms in Monaco and abroad. Today they are strengthened by the implication of our national Reserve Fund to achieve the objectives set by H.S.H. Prince Albert II of Monaco to become one of the first countries to control up to 100% of green production electric capacities equivalent to the Principality's annual consumption by 2025.
Monaco has also decided both at political and financial levels to support actions to decrease ocean plastic pollution and our Sovereign wealth fund alongside existing investments in the Green Economy have stepped up its efforts on the Blue Economy as part of the Monaco Blue Initiative His Serene Highness has been sponsoring for several years.
These are clear example of the contribution of the Principality of Monaco to work concretely at home and beyond our borders for the promotion of a cleaner and safer word".
Official Video about the key note speech by H.E. Jean Castellini, Minister of Finance and the Economy at the Government of Monaco - © Coalition of Finance Ministers for Climate Action.
About UNFCCC and its origins.
The United Nations Framework Convention on Climate Change (UNFCCC) resulted from the Earth Summit held in Rio de Janeiro from the 3rd until the 14th June 1992. The corresponding environmental treaty was signed by 154 states at the UN Conference on Environment and Development (UNCED) within te Summit, entering into force on the 21st March 1994. The pivotal Charter is addressed to fight against "dangerous human interference with the climate system" through actions of mitigation able to stabilise greenhouse gas concentrations in the atmosphere. A dedicated Secretariat is based in Bonn (Germany). a series of scientific research and advanced meetings, negotiations and future policy agreements have been carried on so far to reinforce climate adaptation, ensure food production and encourage a sustainable economic development.
The Kyoto Protocol, signed in 1997 to cover a period of time from 2005 to 2020, acted as the first essential step towards the practical implementation of the Convention. The Paris Agreement, entered into force in 2016, took the place of the previous Protocol, involving up to 198 actors (2022). The Conference of the Parties (COP), playing the role of its decision-making body, meets annually to take stock of progress on the basis of the objectives set. The Treaty provides for three levels of responsibility according to the corresponding category: 1. developer countries; 2. developed countries with special financial responsibilities and 3. developing countries. States included in the 1st category (also called Annex 1 Countries) and in the 2nd category, in particular, are committed to adopt national policies, take measures and report on the mitigation of climate change, aiming to come back to 1990 emissions levels. The 3rd-category Countries are asked to produce national emissions inventories and submit them to the UNFCCC Secretariat. ***
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