It does recognize that countries are developing plans for a net-zero future, and the shift to clean energy is gathering speed, but it makes clear that the transition is nowhere near fast enough yet to limit warming within the current ambitions. And to fit these ambitions, climate finance stands at the heart of this transformation.

As part of this gathering, the Ministerial Meeting of the Coalition of Finance Ministers for Climate Action (CFMCA) took place on the fifth day of COP28 underlining the critical necessity to mobilize climate science and socio-economic knowledge in support of Ministries of Finance coordinating role in the transition.

Key highlighting moments of this Ministerial Meeting of the CFMCA included the initial statement of Tatiana Rosito representing Brazil as new member joining the Coalition, followed by many other countries' testimonies; the presentation of the latest recommendations of the High-Level Advisory Group on Sustainable and Inclusive Recovery and Growth by Lord Nicholas Stern, Vera Songwe and Amar Bhatacharya; as well as high-level introductory remarks by Kristalina Georgieva (IMF), Axel Van Trotsenburg (The World Bank), Simon Stiell (UNFCCC) and Director General HE. Majid A. (COP28) as well as Indonesian and Dutch co-chair ministers HE. Sri Mulyani Indrawati and HE. Sigrid Kaag. Putting together C3A regional hubs (starting with the LAC region with ECLAC) and thematic hubs (initially on green innovation; fiscal and debt issues; nature and climate macro-modelling), C3A mobilized on that occasion a global knowledge network for a demand-driven set of activities that directly serve the Ministries of Finance.

Besides, as part of the COP28, C3A had the honor to be invited to participate in two side-events.
First, at the invitation of Ilkhom Norkulov, Deputy Minister of Economy and Finance of Uzbekistan, we were pleased to participate in the side-event entitled «Reducing vulnerabilities, protecting living standards and reaping opportunities of a new climate economy: Lessons from the Country Climate Development Reports (CCDRs) in Europe and Central Asia (ECA)», co-organized by the Ministry of Finance of Uzbekistan and the The World Bank. A great opportunity for C3A Central Asia Hub to show its capacity to support the Ministries of Finance and to delve deeper into these key policy challenges in order to define their own transition process in the current macroeconomic context.

Secondly, a side-event focusing on the African region where C3A was invited to organize a session on fiscal risks and climate change with a focus on quantitative tools. A central issue for Ministries of Finance that aligns with the objectives of the C3A Hub for Fiscal and Debt Sustainability. Another great opportunity for C3A to discuss the role of Ministries of Finance in the climate capacity building.