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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Time is running short for countries to decide the practical details of how the Paris Agreement will be brought to life, known as the Paris “rulebook”.
The world risks crossing the point of no return on climate change, with disastrous consequences for people across the planet and the natural systems that sustain them, the United Nations Secretary-General António Guterres warned on Monday, calling for more leadership and greater ambition for climate action, to reverse course.
China’s vision of a global energy system overemphasises the benefits of connectivity. Planners and investors also have to consider the potential impacts on biodiversity and local community livelihoods from different power generation methods and find ways to prevent them.
A new report analyses how the transition to a low-carbon economy – and the minerals and metals required to make that shift – could affect fragility, conflict, and violence dynamics in mineral-rich states.