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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Peatlands cover about 3% of the Earth’s land area, store huge amounts of carbon, and provide habitats for diverse flora and fauna. The recent UN Environment Assembly in Nairobi, Kenya, has adopted its first ever resolution on peatlands. A groundbreaking step!
The European Commission, backed by 11 EU member states, refused to sign a declaration on “sustainable and smart gas infrastructure” tabled by the Romanian Presidency earlier this week because the text wasn’t ambitious enough on climate change, Euractiv has learned.
The Planetary Security Conference brings together experts, policy makers and politicians from around the world to discuss how best to tackle the security risks of climate change. The conference also reports on progress towards meeting the ambitions of The Hague Declaration which set out an action agenda for the community of practice on climate security. This year we spent some time interviewing some of the participants to get their insights into how climate change affects international and human security.
As the May 2019 EU elections loom and a new European Commission takes office, climate action can become a key driver of a reformed EU project for more solidarity, protection and innovation, writes Luca Bergamaschi, Senior Associate at E3G.