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Green Public Financial Management

In: Contemporary Issues and Challenges in Public Financial Management

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  • Murray Petrie

Abstract

Green public financial management (PFM) can be defined as the integration of an environmentally sensitive perspective in PFM processes, reflecting a growing realization that fiscal policies are both a major contributor to environmental degradation and a critical lever to restore environmental sustainability. Since 2010 there has been rapid global uptake of a wide range of green PFM practices by countries at all levels of development. The chapter provides an overview of the evolution of international frameworks for green PFM and of country practices. It discusses the wide range of fiscal risks from climate change and approaches to mitigating the risks. Key entry points are identified for mainstreaming climate and environment in fiscal strategy and across the budget and public investment management cycles. Implementation challenges are considered including the problem of ‘greenwashing’ by governments, and approaches suggested to introducing green PFM reforms.

Suggested Citation

  • Murray Petrie, 2025. "Green Public Financial Management," Springer Books, in: Richard Allen & Philipp Krause (ed.), Contemporary Issues and Challenges in Public Financial Management, chapter 0, pages 269-314, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-81136-4_9
    DOI: 10.1007/978-3-031-81136-4_9
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