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.
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Experts React – G20 Calls for a Resilience and Sustainability Trust at the IMF
October 14, 2021In 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 ]
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GDP Center Roundup – IMF/World Bank Group Annual Meetings, 2021
October 12, 2021By 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 ]
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Webinar Summary: Securing a Development-Centered Approach to Climate Policy at the International Monetary Fund
October 08, 2021By 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 ]
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How a Well-Designed Resilience and Sustainability Trust Could Foster Climate-Resilient Economies
October 04, 2021By 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 ]
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How the IMF Can Help Facilitate Green, Just Transitions Around the World
October 03, 2021By 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 ]