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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Stories of clear skies and wildlife conquering urban areas might provide much needed comfort during these uncertain times as the health crisis unfolds. But in Brazil, where climate and environmental issues already lack attention and resources, the pandemic underscores the next crisis.
Solutions to the current COVID-19 crisis need to be aligned to those of the climate crisis for a global transformation towards more sustainability, resilience, equity, and justice. Climate diplomacy has the tools to achieve these objectives simultaneously.
In the central Sahel, states are mobilising to combat the impact of climate change as way of reducing conflict. But to respond suitably to growing insecurity, it is important to look beyond a simplistic equation linking global warming and resource scarcity to outbreaks of violence.
Between food losses and critical shortages, COVID-19 and climate change are testing a food system that critics say has lost its resilience to crises.