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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US leadership on climate action: what a nice surprise! However, Germany needs to quickly step up efforts – or stand to lose its reputation in climate mitigation and energy transition.
In 2018, many countries, including India, have been at the receiving end of the worst disasters the world has ever witnessed. It is imperative that they adopt a human security approach to achieve “freedom from hazard impacts” – nationally through a scientific disaster risk reduction strategy, and internationally through climate diplomacy.
Climate diplomacy has been picking up momentum in 2018. To celebrate Climate Diplomacy Week 2018, we collected our 10 best climate diplomacy stories of the year. Travel with us from Brussels to The Hague, Rio de Janeiro, New Delhi, Beijing and San Francisco.
San Francisco’s Global Climate Action Summit ended on 14 September with non-state actors sending a call to action to governments ahead of the crucial COP24 in December, while highlighting their pivotal role in reducing emissions and reaching climate targets.