OECD Secretary-General Report to G20 Finance Ministers and Central Bank Governors on the Establishment of the Inclusive Forum on Carbon Mitigation Approaches

At the 12-13 October 2022 meeting in Washington, the OECD Secretary-General presented to the G20 finance ministers and central bank governors an update on the establishment of the Inclusive Forum on Carbon Mitigation Approaches (IFCMA).

The G20 countries account for around 80% of greenhouse gas emissions and, without coordination, the diversity of mitigation policies adopted by countries on the basis of their individual level of development and circumstances may result in negative spillovers.

The OECD launched the Inclusive Forum on Carbon Mitigation Approaches (IFCMA), which aims for the participation of a diverse set of countries – developed, emerging and developing – on an equal footing., similar to the OECD/G20 Inclusive Framework on BEPS and the Global Forum on Transparency and Exchange of Information for Tax Purposes.In the transition to greener economies & to enable countries to meet ambitious emissions reduction targets, there is a need for greater multilateral dialogue, informed & facilitated by technical and objective analysis.This will help ensure that carbonmitigation efforts are effective & avoid negative international spillovers, such as carbonleakage. To date, there is no global, comprehensive & systematic international analysis of policies to address climatechange in terms of their effectiveness.

The IFCMA will foster exchange among countries, facilitate easier access to systematic data& analysis to support better understanding of the combined effect of diverse policy approaches & enable countries to share their climatechange mitigation policy experiences.By improving mutual understanding of the expected impact of a full range of policy approaches to reduce emissions, the IFCMA will help governments to enhance national actions, including under Nationally Determined Contributions (NDCs), taking into account their different starting points and circumstances.The IFCMA will undertake technical and objective analyses of the effectiveness of the range of climate change mitigation policies across countries at different stages of development. The initiative will not serve as a standard-setting body, nor will it “rank” countries. The IFCMA will develop a rigorous assessment of cross-country and country-level mitigation policies by taking stock of price-based and non-price-based climate change mitigation policies & assessing the impact of different policy approaches on greenhouse-gas emissions.

The work of the IFCMA will be carried out in close co-ordination with other relevant international organisations to exploit synergies and avoid duplication, including the UN, IMF, WorldBank&IEA, by collecting data, developing tools & providing results in consultation with country experts.The IFCMA will also build on the work of other fora such as the Coalition of FinanceMinisters for ClimateAction and existing OECD initiatives such as the International Programme for Action on Climate.

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p/o Virginie Gastine Menou

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