The World Bank launches Climate Action Peer Exchange (CAPE) to support green innovation for finance ministries

Over the past four years, the Partnership for Action on Green Economy has benefitted from robust support from finance ministries in creating sustainable green economic policies. From eliminating fossil fuel subsidies, to implementing carbon pricing policies and integrating climate policies in budget processes and national development plans, finance ministries play a critical role in addressing climate change.

In recognition of this vital role, the World Bank and the Morocco COP22 Presidency created the Climate Action Peer Exchange (CAPE), a new initiative that supports knowledge exchange and innovation among finance ministries on climate action. CAPE brings together finance ministers, technical experts, and other relevant stakeholders to discuss climate-smart macroeconomic policies and fiscal-policy measures for mitigating the impact of climate change.  CAPE held its first Partnership Meeting at the World Bank headquarters in Washington, DC on 19 April. The meeting brought together representatives from several governments to share success stories and their countries’ ambitions on climate policy.

Looking to the future, CAPE will further strengthen its support for finance ministries by developing an online knowledge sharing platform for CAPE members and organize learning events around the world. Formed upon the understanding that knowledge sharing opportunities can support better policymaking, CAPE will continue to encourage discussion between countries to help members deliver their nationally determined contributions (NDCs) and effectively mitigate climate impacts.

To find out more about CAPE and their work, please read the recent blogpost by the World Bank on the Green Fiscal Policy Network website.