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The Portuguese Public Finance Council (CFP) participated in a special workshop for the Climate Experts Group of the OECD network for Parliamentary Budget Offices and Independent Fiscal Institutions (PBO/IFI) in Rome on January 21-22.
At the workshop, attended by Erica Marujo and João Leal, analyst and coordinator of the CFP, respectively, a preliminary tool (Edison) from the OECD was presented to integrate the impact of climate change into long-term budgetary sustainability analysis and how it can be applied in the national context.
The new European economic governance framework emphasizes the need for countries to include environmental risks in their public finance sustainability assessments.
Nationally, the CFP has been monitoring this issue for several years in its analyses and publications, such as “Climate change: macro-fiscal risks and challenges”. This document highlights that the impact of climate change on economic growth and other societal dimensions will be greater if policymakers do not adopt mitigation and adaptation measures that meet the Paris Agreement objectives.
In its latest report on “Fiscal Risks and Public Finance Sustainability”, the CFP identified climate change as a downside risk to economic growth and public finances. It noted that, despite Portugal adopting various agreements and plans to mitigate and adapt to climate change, the implementation and execution of these measures, including those outlined in the Climate Framework Law, have been slow and insufficient.
Date of last update: 22/01/2025
