The International Monetary Fund is to start factoring in climate change to its macroeconomic models from next year, Climate Home has learned. That means its much-cited World Economic Outlook could expose how moves to curb greenhouse gas emissions threaten growth in oil-exporting countries, for example. The Washington DC-based IMF is the world’s leading authority on financial stability, boasting significant influence in the 188 countries it counts as members.
In May, it released a controversial study suggesting fossil fuel subsidies were worth US$5.3 trillion a year. In August, it urged Saudi Arabia to diversify its economy away from oil. Christine Lagarde, head of the organisation, has repeatedly called for carbon pricing to encourage green investment.
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This year’s annual UN climate conference, COP25 in Madrid, became the longest on record when it concluded after lunch on Sunday, following more than two weeks of fraught negotiations. It had been scheduled to wrap up on Friday.
On 29 November in Rabat, adelphi partnered with the United Nations Convention to Combat Desertification (UNCCD) to hold a regional dialogue on climate change and fragility risks in North Africa and the Sahel.
As the second week of COP25 begins in Madrid, it is time to stress once more the importance of building momentum for adaptation. There is obviously a need for adaptation planning, implementation and financing. However, so far only seventeen countries have presented National Adaptation Plans (NAP) - despite international partners providing important support.
The momentum for climate action we are witnessing is extraordinary. Throughout 2019, millions of people took the streets all around the world to join the youth climate movement's school strike. Yet at this year’s most important climate politics meeting, the UN Climate Action Summit in New York, most governments were far from committing to sufficient action to avert dangerous climate change. Dr. Beatrice Mosello and Dr. Virginie Le Masson explain how to move things forward.