How to Make the Management of Public Finances Climate-Sensitive–“Green PFM”

Author: Ozlem Aydin Sakrak, Bryn Battersby, Mr. Fabien Gonguet, Mr. Claude P Wendling, Jacques Charaoui, and Murray Petrie

This How to Note develops the “green public financial management (PFM)” framework outlined in an earlier Staff Climate Note (2021/002), illustrating through numerous country examples how to mainstream climate change concerns into PFM practices and processes.

Volume/Issue: Volume 2022 Issue 006

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Topics covered in this book

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Economics- Macroeconomics , Public Finance , Economics / General , Environmental Economics , Public Policy- Environmental Policy , Public financial management , green budgeting , green public financial management , mainstreaming , climate change adaptation , climate change mitigation , public finances , PFM function , view of Green PFM , PFM practice , PFM reform , Climate change , Budget planning and preparation , Climate policy , Global

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Summary

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.