At the 9th ministerial meeting of the Coalition of Finance Ministers for Climate Action held this Friday in the margins of the World Bank Spring meetings in DC, Mozambique’s Minister of Economy and Finance, Max Tonela, advocated for an inclusive energy transition where “ all countries contribute to the green transition discussions”, not only the big emitters but also countries like Mozambique that can significantly contribute towards accelerating the global decarbonization process.
Mozambique holds unique hydro resources which can contribute towards decarbonising the Southern Africa region and promote green industrialization for the production of low-carbon commodities.
“To realize these ambitions our government is establishing a Climate Finance Unit, which will support policies, strategies and regulations for the delivery of a carbon neutral development pathway”, Mr. Tonela said at the meeting.
IMF Managing Director Kristalina Georgieva and the World Bank’s President Davild Malpass were part of the event discussions , where Minister Tonela also highlighted the role of Article 6 of Paris Agreement to accessing international capital markets and involve private sector in the low carbon transaction finance “ We call upon countries to accelerate the operationalization of Article 6 of the Paris Agreement and put in place robust systems for low carbon projects in particularly vulnerable developing countries to benefit from international carbon markets.”
As the Coalition continues to grow, the role of the Ministries of Finance in raising the profile and mainstream climate action within their core functions was further highlighted with a view to continuously align climate action with sound economic policy.