Climate change and policy responses to climate change pose significant risks to financial and fiscal stability, poverty and inequality, and the long-run growth prospects of the world economy. In August 2021, the sixth UN-appointed Intergovernmental Panel on Climate Change (IPCC) report raised the alarm that global warming will accelerate at a pace unparalleled in human history over the coming decade, all but ensuring an increase beyond 1.5°C from pre-industrial levels. This news came during a summer marked by extreme weather events unprecedented in their frequency and severity, leaving economies and communities across the globe are already reeling at just a 1.1°C increase.
As the only multilateral, rules-based institution charged with promoting the stability of the international financial and monetary system in order to enable longer-run growth, the International Monetary Fund (IMF) has a central role to play in the transition to a low carbon and resilient global economy.
To that end, the Task Force on Climate, Development and the International Monetary Fund is a consortium of experts from around the world utilizing rigorous, empirical research to advance a development-centered approach to climate change at the IMF. It is imperative that the global community support climate resilience and transitions to a low-carbon economy in a just manner, and the IMF’s role in supporting a globally coordinated response is vital. In its inaugural report, the Task Force proposes three essential elements and five guiding principles to inform such a strategy.Read the Strategy Report
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October 14, 2021
In August, the International Monetary Fund (IMF) allocated $650 billion in Special Drawing Rights (SDRs), the international reserve asset of the IMF, to support liquidity and foster global economic resilience in the wake of COVID-19. To further these recovery efforts, [ More ]
October 12, 2021
By Samantha Igo and Ember Larregui The past few months have been marked by extreme weather events unprecedented in their frequency and severity, racking up nearly $298 billion in damages so far this year. In the face of the pandemic and... [ More ]
Webinar Summary: Securing a Development-Centered Approach to Climate Policy at the International Monetary FundOctober 08, 2021
By Rishikesh Ram Bhandary On Tuesday, October 5, the Boston University Global Development Policy (GDP) Center co-hosted a webinar discussion with seven institutions from around the world on establishing a development-centered climate policy at the International Monetary Fund (IMF). The discussion was... [ More ]
October 04, 2021
By Rishikesh Ram Bhandary The International Monetary Fund (IMF) recently approved a global allocation of $650 billion in Special Drawing Rights (SDRs) to support global liquidity, address the ongoing COVID-19 pandemic and foster resilience of the global economy. While a substantial step... [ More ]
October 03, 2021
By Rishikesh Ram Bhandary In July of 2021, the International Monetary Fund (IMF) released a draft of its climate change strategy, a substantial step towards incorporating and preparing for the inevitable impacts of climate change. As the Fund bears the mandate... [ More ]