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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Climate Diplomacy Week is a perfect opportunity to highlight positive climate action, set new goals and engage more and new actors in the fight against the devastating impacts of climate change. Each year, the week has its own character. Climate Diplomacy Week 2018, from 24-30 September, was marked by action – throughout the world, civil society participated in inspiring educational activities and engaged the wider public in the climate cause.
In a move that underscored Donald Trump’s isolation on trade and climate change, the two major economies inserted a reference to the Paris Agreement into Ceta.
Fourteen Latin American and Caribbean countries made history at the UN General Assembly on September 27 by signing the Escazú Agreement, a regional accord on public participation and access to information and justice in environmental affairs. It is the first region-wide agreement of its kind and has been touted a big step forward in recognising the rights of environmental defenders. Signatories now need to ratify the Agreement internally before it can enter into force.
Though India is now pushing for BIMSTEC, geography dictates that it cannot ignore SAARC. South Asia is extremely vulnerable to a range of climate impacts, ranging from shrinking glaciers and water scarcity to floods and rising sea levels. Responding to these risks is a complex task, also because often impacts affect more than one country and their severity exceeds the capacity of national governments. Climate change creates new challenges for regional organisations, and simultaneously increases their relevance.