Coalition of Finance Ministers for Climate Action (CFMCA) Asia and the Pacific Regional Meeting

Developing countries in Asia need an estimated $1.1 trillion annually to meet their climate mitigation and adaptation requirements. However, only $333 billion are being invested in climate mitigation and adaptation, primarily sourced from sustainable debt instruments such as green bonds. Public sources contribute more than half of the amount, with the region's environmental track record hindering its ability to draw more private funds even as the environmental, social, and governance asset category expands globally.

With Asia and the Pacific facing such a gap in climate finance, ministries of finance across the region have a role to play in accelerating climate action.

On 27–28 August, the Coalition of Finance Ministers for Climate Action (CFMCA), a global alliance of fiscal and economic policymakers from over 90 countries, will hold a meeting in Manila, Philippines to advance climate action in the Asia and the Pacific. The meeting will bring together stakeholders from around the region to discuss the role of finance ministries in the nationally determined contribution (NDC) 2025 process, adaptation and resilience, nature finance, and national transition plans.

The meeting is organized by the Philippines’ Department of Finance, in partnership with the CFMCA, led by the Netherlands and Indonesia as co-chairs, the Asian Development Bank (ADB), the United Nations Development Programme, the United Nations Environment Programme, NDC Partnership, and the World Bank.

The meeting has the following objectives:

• Raise awareness among government and non-government stakeholders in the Asia and the Pacific about the CFMCA as a venue for advocating and amplifying positions on climate finance policies and tools that can advance climate action and socioeconomic development in the region.
• Support peer-to-peer exchanges between CFMCA member country deputies, as well as knowledge sharing between representatives from CFMCA member countries and countries in Asia and the Pacific that are not members of the Coalition.
• Activate CFMCA workstreams and identify follow-up deliverables across the six Helsinki Principles, which guide the coalition's commitment to climate action, as well as three supplementary areas of nature, transition finance, and adaptation.
• Kickstart additional events in the region that are either formally hosted by the CFMCA or closely related to the CFMCA’s mandate, such as the ASEAN Climate Finance Policy Platform.

The event is by invitation only.