Climate-Sensitive Management of Public Finances—"Green PFM” PDF Download

Author: Mr. Fabien Gonguet
Publisher: International Monetary Fund
ISBN: 1513583042
Category : Business & Economics
Languages : en
Pages : 21

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Book Description
Public financial management (PFM) consists of all the government’s institutional arrangements in place to facilitate the implementation of fiscal policies. In response to the growing urgency to fight climate change, “green PFM” aims at adapting existing PFM practices to support climate-sensitive policies. With the cross-cutting nature of climate change and wider environmental concerns, green PFM can be a key enabler of an integrated government strategy to combat climate change. This note outlines a framework for green PFM, emphasizing the need for an approach combining various entry points within, across, and beyond the budget cycle. This includes components such as fiscal transparency and external oversight, and coordination with state-owned enterprises and subnational governments. The note also identifies principles for effective implementation of a green PFM strategy, among which the need for a strong stewardship located within the ministry of finance is paramount.

Author: Ozlem Aydin Sakrak
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 38

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Book Description
This How to Note develops the “green public financial management (PFM)” framework briefly outlined in an earlier Staff Climate Note (2021/002, published in August 2021). It illustrates, how climate change and environmental concerns can be mainstreamed into government’s institutional arrangements in place to facilitate the implementation of fiscal policies. It provides numerous country examples covering possible entry points for green PFM – phases in the budget cycle (strategic planning and fiscal framework, budget preparation, budget execution and accounting, control, and audit), legal framework or issues that cut across the budget cycle, such as fiscal transparency or coordination with State Owned Enterprises or with subnational governments. This How to Note also summarizes practical guidance for implementation of a green PFM strategy, underscoring the need for a tailored approach adapted to country specificities and for a strong stewardship role of the Ministry of Finance.

Author: Murray Petrie
Publisher: Springer Nature
ISBN: 3030837963
Category : Business & Economics
Languages : en
Pages : 225

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Book Description
This book addresses the increasingly urgent question: How can governments be made more accountable for the quality of their environmental stewardship? It explores: Enhanced national State of the Environment reporting and integration of environmental outcomes in key national indicators. Mainstreaming environmental goals, targets, and risks by integrating them in fiscal policy and the annual budget—a government’s most important policy instrument. Promoting sustainability by progressively exposing and eliminating harmful tax and expenditure policies, putting a price on pollution, and providing environmental public goods. Civil society environmental monitoring. The book combines in-depth assessment of the latest climate/green budgeting literature and country practices with discussion of how to implement green fiscal policies. The framework is deliberately ambitious given the severity, scale, and urgency of climate change and biodiversity loss. The book will be of interest to ministry of finance, budget, and planning officials, to environment sector agencies, oversight institutions, international organizations, civil society organizations, and to academics and students in the fields of environmental studies, development studies, economics, public finance, and public policy.

Author: Ms. Manal Fouad
Publisher: International Monetary Fund
ISBN: 1513594222
Category : Business & Economics
Languages : en
Pages : 103

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Book Description
This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.

Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498310796
Category : Business & Economics
Languages : en
Pages : 109

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Book Description
This paper discusses the role of, and provides practical country-level guidance on, fiscal policies for implementing climate strategies using a unique and transparent tool laying out trade-offs among policy options.

Author: Francesca Caselli
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 26

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Book Description
This paper studies the impact of green fiscal rules – designed to protect climate-related spending –on debt dynamics. Simulations of green rules that exempt green spending from the rule limits for an emergingmarket economy illustrate that they can lead to unsustainable debt dynamics when the net zero emissions goal is pursued mostly using spending-based instruments (e.g., investment and subsidies). Or the rule would need to implicitly assume a large fiscal adjustment in the non-green budget, which would undermine its credibility. It will be needed to build broad public consensus for a more comprehensive fiscal strategy that tackles the difficult policy tradeoffs that will be required and takes into account long-term effects. A more appropriate mix of climate policies, including actively employing carbon pricing, should be pursued within the overall setting of fiscal and debt objectives. Developing ‘green’ medium-term fiscal frameworks would help to integrate climate change considerations into fiscal policy design in a more comprehensive manner.

Author: Marco Kerste
Publisher: VU Uitgeverij
ISBN: 9086595596
Category : Business & Economics
Languages : en
Pages : 224

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Book Description
Sustainability thinking is rapidly gaining traction. It offers an inspiring vision for the future of the world and provides significant business and investment opportunities. Based on insights from over 300 empirical studies, this book explores the possibilities in the field of renewable energy finance, carbon trading, and sustainable investing. In addition, it describes innovative finance mechanisms – such as green bonds and peer-to-peer lending – that may further spur environmental and social sustainability. By taking an empirical, fact-based approach, this book aims to provide investors, business executives, and policymakers with a more thorough understanding of how sustainable finance can create value for business and society. Key words: Sustainable finance, renewable energy finance, cleantech, green investing, sustainable investments, responsible investments, carbon trading, carbon finance, ESG, impact investing.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264595147
Category :
Languages : en
Pages : 181

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Book Description
Green budgeting is emerging at subnational levels as an important tool for regions and cities to use to align their expenditure and revenues with their green objectives, and enhance the transparency and accountability of their climate and environmental action. It is also a tool that subnational governments can use to prioritise low-carbon investments and identify funding gaps, as well as to mobilise additional sources of both private and public climate finance.

Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 81

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Book Description
This technical report discusses the results of the Public Investment Management Assessment (PIMA) of the Democratic Republic of Congo (DRC) undertaken in March 2022. Despite some recovery in the 2000s, the levels of public investment in the DRC remain well below the average for comparator countries, and access and quality of infrastructure are very poor, with major risks of deterioration. While the government aims to meet part of these needs by creating fiscal space, successful infrastructure development will hinge on improvements in investment efficiency, which can be achieved by strengthening public investment management practices. Public investment management in the DRC suffers from weaknesses across the whole project cycle, both on paper (legal and regulatory framework) and in practice. Efficient project management is hampered by administrative and legal fragmentation, which leads to dilution of capacity, and by budget credibility issues. This report proposes seven high-priority recommendations that could greatly improve public investment management in the short to medium term. The report also includes the results of the climate module of the PIMA evaluation, which reflect that the DRC’s commitments in the fight against climate change are beginning to feed into public investment management practices.

Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 62

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Book Description
Samoa is highly exposed to natural hazards such as tropical cyclones, earthquakes, tsunamis, droughts, and floods. These damage economic growth and impact debt sustainability adversely. Increasing frequency and intensity of coastal storms are likely to amplify damage to infrastructure and livelihoods. Slow-moving climate stresses such as sea level rise and increasing heat hazard are also likely to impact potential growth in the main economic sectors such as agriculture, fisheries, and tourism.