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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As December’s UN climate summit in Poland rapidly approaches, it is shaping up to be a race against time to prepare the so-called Paris rulebook, which will govern how the landmark climate agreement will actually be implemented.
Members of the European Parliament voted on Wednesday (10 October) in favour of increasing the EU’s Paris Agreement emissions pledge by 2020. They also urged the European Commission to make sure its long-term climate strategy models net-zero emissions for 2050 “at the latest”.
A new USAID report focuses on the intersection of climate exposure and state fragility worldwide. It finds that the factors that make a country vulberable to large-scale conflict are similar to those that make it vulnerable to climate change. The report thus offers a way for global audiences with an interest in climate and security to identify places of high concern.
A big difference. That was the conclusion the Intergovernmental Panel on Climate Change (IPCC) came to when it assessed the differences between a 1.5°C and a 2°C warmer world in a landmark special report published in early October. The leading scientific authority on climate change found that the world is likely to pass the 1.5 °C mark between 2030 and 2052 if current emission trends are not interrupted.