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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In his address on this year’s World Cities Day, UN-Secretary General António Guterres recognised that “cities have borne the brunt of the pandemic” and called upon governments to “prepare cities for future disease outbreaks”. Authorities cannot waste this opportunity to build back better by simultaneously addressing the increasing economic hardship for the urban poor and climate change impacts. This will help prevent not only future health risks but also the increased risk of urban violence and insecurity.
The new group will try to advance climate policies, even as some of its members are likely to clash. Critics say the group’s efforts won’t go far enough.
With climate change increasingly affecting food production in South Asia, it is time to focus on making food markets more resilient to climate shocks.
Michael Keating, Executive Director at the European Institue of Peace (EIP), argues that peacebuilding and conflict resolution must not disregard the impacts of the climate crisis on livelihoods, social cohesion and conflict resolution.