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 the world's biggest polluter, what China decides to do with its energy policy matters to the whole planet. And while progress on the domestic front has rightly won Beijing praise from climate scientists, China is the world's largest funder of coal plants overseas. Is the country employing double standards?
To shift humanity onto a sustainable path and secure peace, transformative change is required – globally. The UN’s 17 SDGs serve as critical guardrails. But what is the role of foreign policy in the implementation of these goals and what are the side-effects that diplomacy must be aware of? At the UN High-level Political Forum, experts analysed the geopolitical implications of the SDGs and discussed why foreign policy need to engage with them.
“Climate change is inextricably linked to some of the most pressing security challenges of our time,” said Deputy Secretary-General Amina Mohammed, echoing many permanent and temporary members of the United Nations Security Council. This debate, brought forward under the Swedish Presidency of the Council, aimed at bringing forth the nexus between climate change and security, not only in a context-specific manner like previously acknowledged but for the globe as a whole.
Understanding climate risks is crucial to ensuring effective and sustainable conflict prevention. On 11 July, Sweden will hold the first meeting in the UN Security Council since 2011 on climate-related security risks, to better understand how climate change impacts security, and enhance UN responses across the conflict cycle.