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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How might a single threat, even one deemed unlikely, spiral into an evolving global crisis which challenges the foundations of global security, economic stability and democratic governance, all in the matter of a few weeks?
The former lead climate negotiator for the UK and the EU, Peter Betts, welcomes the decision to move COP26 to 2021 and discusses what is needed from the postponed climate summit.
Paris and Berlin have added their names to a growing list of EU capitals asking for the European Green Deal to be placed at the heart of the EU’s post-pandemic recovery plan.
Greenhouse gas emissions are down and air quality has gone up, as governments react to the COVID-19 pandemic. However, the head of the UN Environment Programme (UNEP), Inger Andersen, has cautioned against viewing this as a boon for the environment. In this First Person editorial from UN News, Ms. Andersen calls instead for a profound, systemic shift to a more sustainable economy that works for both people and the planet.