This Tuesday, April 6, 2021, Jean Castellini, Government Counselor-Minister of Finance and the Economy participated in the meeting organized by the Coalition of Finance Ministers for Climate Action on the sidelines of the spring meetings of the World Bank and of the International Monetary Fund.

Launched two years ago, this coalition brings together the Finance Ministers of sixty developed and emerging states, in order to discuss and collaborate on economic planning strategies taking into account the challenges of the climate change. Collectively, this group of countries to which the Principality has been a part since the end of 2019 represents around 39% of greenhouse gas emissions and 63% of global GDP.

This virtual meeting was an opportunity for the Coalition members to renew their calls for the development of sustainable finance, and to stress the need for an environmentally friendly post-COVID-19 economic recovery.

In this context, Mr. Castellini presented the sustainable measures implemented by the Government, to promote a strong economic recovery and growth, while accelerating the transition to a low-carbon economy, including: the contribution of the Green Fund to the national plan for economic recovery, the encouragement of the key construction sector to innovate sustainably, the adoption of alternative means of transport on the national territory, and the desire to promote a tourism activity as virtuous and responsible as possible.

The Government Counselor-Minister of Finance and the Economy also affirmed the Principality’s willingness to amplify the sustainable investment strategies of its Reserve Fund.

« Today in a way consistent with our sovereign Prince, HSH Albert II and his foundation for the fight against climate change around the world, the Principality intends to broaden the scope of its sustainable investments in all asset classes to foster sustainable innovation and technologies and to mobilize the resources of its banking and asset management industry in the same direction »

Jean Castellini, Government Counselor-Minister of Finance and the Economy

This impetus for sustainable finance was officially launched on March 19, by the Government Advisor-Minister of Finance and the Economy, with the initiative « Monaco Sustainable Finance » that he coordinates with a joint working group made up of representatives of the AMAF and the State, to expanding the range of sustainable financial products in the Principality.

The participation of the Department of Finance and the Economy in the discussions of the Coalition of Finance Ministers for Climate Action is in line with the main priorities of the Prince’s Government, both in terms of the fight against climate change and conservation of the biodiversity and the oceans, inside and outside the Principality.

The full speech by Jean Castellini is available here

Article: Joana Foglia – Source : Department of Communication of the Princely Government of the Principality of Monaco