JAKARTA (Antara) – Finance Minister Sri Mulyani Indravati has highlighted the role of finance ministers in ensuring that their countries meet the Nationally Determined Contribution (NDC) target to combat climate change.
Indravati made the comments while chairing the 11th Ministerial Meeting of Finance Ministers for Climate Action (CFMCA) in Washington DC on Wednesday (April 17) with Dutch Finance Minister Steven van Veyenberg.
„The role of finance ministers is essential in ensuring that every country achieves its NDC target,” Indravati noted in her statement on Friday (April 19).
Apart from guaranteeing funding, Indravati emphasized the need for finance ministers to participate in the preparation, revision and implementation of the NTC. He added that finance ministers should formulate stable and healthy macroeconomic and fiscal policies.
The role of finance ministries in promoting NDC implementation, phasing out environmentally harmful subsidies and mobilizing the global market to finance the green transition were discussed at the ministerial meeting.
Indravati noted that the meeting was an important platform for finance ministers to share their best practices.
„Including Ministries of Environmental Affairs as the national focal point for the implementation of the UNFCCC (United Nations Framework Convention on Climate Change) in their respective countries,” he noted.
Apart from the CFMCA meeting, the Minister attended the IMF Spring Meetings in Washington DC where he spoke about the ongoing volatility of regional and global economies due to geopolitical tensions in the Middle East and other parts of the world.
Indravati also delivered her keynote address at a high-level event on „Leading the Low-Carbon Transition to Neutral Transition: The Critical Role of Finance Ministries” at the Brookings Institution in Washington DC.
In her speech, Indravati said that energy transition is a complex process as political and social aspects need to be considered in its implementation.
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