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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U.S. diplomats used to receive guidance about climate change and migration. The Government Accountability Office is recommending the State Department bring it back.
The report, requested by the US Congress in 2017, drew sharp criticism for being too thin on details and failing to show which bases are most at risk across the military.
The Katowice climate package brings minor progress, but COP 24 failed to deliver on the most fundamental issues such as raising ambition of national contributions, implementing human rights, and ensuring support for developing countries.
Brazil has demoted climate diplomacy as part of a foreign ministry shake-up, in Jair Bolsonaro’s first two weeks as president.