Monaco’s Jean Castellini has joined finance ministers from across the globe in a meeting designed to foster economic growth strategies that take into account the environment and the challenges for all nations associated with climate change.
Launched two years ago, the Coalition of Finance Ministers for Climate Action is a meeting of 60 nations’ finance ministers to deliberate and find ways to work together on economic planning strategies that are beneficial in the fight against climate change.
These minister’s countries represent approximately 39% of greenhouse gas emissions and 63% of global gross domestic product.
The virtual meeting on Tuesday was an opportunity for the coalition to renew their calls for the development of sustainable finance, and to stress the need for an eco-friendly post-Covid recovery.
Monaco’s Finance Minister Jean Castellini gave a video speech on the importance of promoting strong economic recovery and growth, while accelerating the transition to a low carbon economy.
“For decades Monaco has thrived to maintain its public finances in order and to invest its budget surpluses in a reserve fund whose creation was enacted in our 1962 constitution,” he said in his address. “For over 20 years, our fund has invested part of its assets in sustainable investment funds.
“Today, in a way consistent with our Sovereign, Prince 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 mobilise the resources of its banking and asset management industry in the same direction.”
In March, the government announced the creation of a new working group comprising members of the government and the Monaco Association for Financial Activities (AMAF), for a new initiative called ‘Monaco Sustainable Finance’.
The minister also highlighted the “green recovery” measure put in place by the Principality, in particular the Green Fund, as part of the national recovery plan, a fund that works “by encouraging sustainable innovation in building and construction, by favouring alternative means of transportation in our territory and by promoting sustainable and virtuous tourism in all possible ways.”