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Mr. Fabien Gonguet, Mr. Claude P Wendling, Ozlem Aydin Sakrak, and Bryn Battersby
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.
Ozlem Aydin Sakrak and Bryn Battersby

Title Page STAFF CLIMATE NOTES Climate-Sensitive Management of Public Finances—“Green PFM” Fabien Gonguet, Claude Wendling, Ozlem Aydin, and Bryn Battersby IMF STAFF CLIMATE NOTE 2021/002 Copyright Page ©2021 International Monetary Fund Climate-Sensitive Management of Public Finances—“Green PFM” IMF Staff Climate Note 2021/002 Fabien Gonguet, Claude Wendling, Ozlem Aydin, and Bryn Battersby DISCLAIMER: The IMF Notes Series aims to quickly disseminate succinct IMF analysis on critical economic issues to member countries and the

International Monetary Fund. Fiscal Affairs Dept.
Countries have committed, through the Paris Agreement and the Sustainable Development Goals (SDGs), to pursue climate targets and policies that would limit global temperature rise to well below 2 degrees Celsius, compared to pre-industrial levels. A shift toward green public investment will help to mitigate greenhouse gas (GHG) emissions. In addition, substantial public investment will be necessary to build public infrastructure that makes economies more resilient to climate change and related natural disasters. Climate change mitigation and adaptation challenges thus compound preexisting needs for public investment to foster the economic recovery from the pandemic and to meet the SDGs in a broader range of areas, often in a context of limited fiscal space. Against this backdrop, a priority for all countries is to manage their public investment efficiently and effectively. To help countries improve the institutions and processes for infrastructure governance (the planning, allocation, and implementation of public investment), the IMF developed in 2015 the Public Investment Management Assessment (PIMA), which has already been applied in over 70 countries. However, the current PIMA does not provide a sufficiently tailored assessment of how public investment management can support climate change mitigation and adaptation. To fill this gap, this paper introduces a new module to the to the current Public Investment Management Assessment (PIMA) framework, the “Climate-PIMA” (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure.
International Monetary Fund. Fiscal Affairs Dept.

on Climate Resilience. September 2019 . Gonguet , F. , C. Wendling , O. Aydin , and B. Battersby . 2021 . Climate-Sensitive Management of Public Finances—“Green PFM.” IMF Staff Climate Note 2021/002 ( Washington : International Monetary Fund ). IMF . 2015 . Making Public Investment More Efficient . June ( Washington ). IMF . 2018 . Public Investment Management Assessment—Review and Update . May ( Washington ). IMF . 2019 . Fiscal Monitor: How to Mitigate Climate Change . October ( Washington ). IMF

International Monetary Fund

. Glauber , Joseph , and David Laborde . 2022 . “ How Will Russia’s Invasion of Ukraine Affect Global Food Security?” IFPRI Blog, February 24. International Food Policy Research Institute , Washington, DC . Gonguet , Fabien , Claude Wendling , Ozlem Aydin , and Bryn Battersby . 2021 . “ Climate-Sensitive Management of Public Finances—’Green PFM.’” IMF Staff Climate Note 2021/002 , International Monetary Fund , Washington, DC . Ha , Jongrim , M. Ayhan Kose , and Franziska Ohnsorge . 2021 . “ Inflation during the Pandemic: What

International Monetary Fund. African Dept.

/011, International Monetary Fund, Washington, DC. 19 Gonguet, Fabien, Claude Wendling, Ozlem Aydin Sakrak, and Bryn Battersby. 2021. “Climate-Sensitive Management of Public Finances—’Green PFM.’” IMF Staff Climate Note 2021/002, International Monetary Fund, Washington, DC.

Mr. Christoph Duenwald, Mr. Yasser Abdih, Mrs. Kerstin Gerling, Vahram Stepanyan, Abdullah Al-Hassan, Gareth Anderson, Ms. Anja Baum, Mr. Sergejs Saksonovs, Lamiae Agoumi, Chen Chen, Mehdi Benatiya Andaloussi, Sahra Sakha, Faten Saliba, and Jesus Sanchez
Climate change is among humanity’s greatest challenges, and the Middle East and Central Asia region is on the frontlines of its human, economic, and physical ramifications. Much of the region is located in already difficult climate zones, where global warming exacerbates desertification, water stress, and rising sea levels. This trend entails fundamental economic disruptions, endangers food security, and undermines public health, with ripple effects on poverty and inequality, displacement, and conflict. Considering the risks posed by climate change, the central message of this departmental paper is that adapting to climate change by boosting resilience to climate stresses and disasters is a critical priority for the region’s economies.
Mr. Christoph Duenwald, Mr. Yasser Abdih, Mrs. Kerstin Gerling, Vahram Stepanyan, Abdullah Al-Hassan, Gareth Anderson, Ms. Anja Baum, Mr. Sergejs Saksonovs, Lamiae Agoumi, Chen Chen, Mehdi Benatiya Andaloussi, Sahra Sakha, Faten Saliba, and Jesus Sanchez

-Sensitive Management of Public Finances—‘Green PFM.’ ” IMF Staff Climate Note 2021/002 , International Monetary Fund , Washington, DC . Government of Pakistan . 2021 . “ Pakistan: Updated Nationally Determined Contributions 2021 .” UN Framework Convention on Climate Change, New York . Hallegatte , Stephane . 2021 . “ The Real Economic Impact of Natural Disasters: Accounting for Distributional Impacts and Implications for Poverty .” Presented at E-Axes Forum webinar . Hallegatte , Stephane , Jun Rentschler , and Julie Rozenberg . 2019 . Lifelines