Recognising the mounting role of Finance Ministries in delivering on the Paris Agreement, the World Bank has set up the Climate Action Peer Exchange (CAPE) to lift expertise and provide support to Finance Ministers. They are centre-stage to integrate cost-effective climate policies into national development strategies and budget processes, eliminate fossil-fuel subsidies, reflect the cost of externalities in energy prices, address equity and competitiveness in mitigation policies and put in place adequate fiscal buffers and financial contingency plans to ensure fiscal sustainability
On April 19, CAPE held its first Partnership Meeting at the World Bank headquarters in Washington, DC. The meeting included representatives from the governments of Morocco, Colombia, Nigeria, Nepal, Pakistan, the Philippines, Côte d’Ivoire, Fiji, Samoa, India, the Dominican Republic, Kenya, Senegal, Croatia, Bangladesh, Turkey, Sri Lanka, Germany, and France. CAPE brings together finance ministers, senior technical staff, and other relevant stakeholders to design climate-smart macroeconomic policies and develop financing strategies for implementing country NDCs.
A Steering Committee will oversee the CAPE, supported by a secretariat located at the World Bank. The World Bank is currently developing an online platform for CAPE members to access knowledge resources and interact in real time. Experts from a variety of organizations, including the IMF, UNFCCC, the OECD Global Commission on Economy and Climate, and the Brookings Institution, will provide technical expertise to ensure the overall quality and relevance of the work program. The government of Germany and the World Bank Group’s South-South Experience Exchange Facility are providing financial support.