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.
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. The global community must support climate resilience and transitions to a low-carbon economy in a just manner, and the role of the IMF in supporting a globally coordinated response is vital.
A new report provides an independent, preliminary assessment of the IMF’s efforts to mainstream climate change. The assessment is evaluated through the development-centered lens articulated in the Task Force’s initial strategy report and advances actionable policy recommendations for the IMF and its stakeholders. The report finds that, while modest progress has been made, the IMF must show greater leadership on climate change and development in three key areas: multilateral surveillance, bilateral surveillance and its lending toolkit.
Read the ReportLatest Work
Don't Miss a Publication-
How the IMF Can Strengthen the Resilience and Sustainability Trust to Promote a Just, Global Climate Transition
April 16, 2024By Jwala Rambarran and Fahmida Khatun Developing countries require considerable capital investments to accelerate the shift to low-carbon economies, enhance resilience to climate shocks, address loss and damage, restore biodiversity loss and navigate the cross-border spillovers associated with the global climate... [ More ]
-
Achieving Catalytic Impact with the Resilience and Sustainability Trust
April 16, 2024The Resilience and Sustainability Trust (RST) at the International Monetary Fund (IMF) fills a major gap in both the climate finance and balance of payments architectures. However, the RST will lack effectiveness without significant reform. When viewed against the resource... [ More ]
-
Experts React – IMF Managing Director Kristalina Georgieva Receives a Second Term
April 15, 2024On April 12, just prior to the 2024 International Monetary Fund (IMF)/World Bank Group Spring Meetings in Washington, D.C., the IMF Executive Board voted to renew Kristalina Georgieva as IMF Managing Director for a second five-year term starting in October. [ More ]
-
Economic and Fiscal Implications of Climate Change for Vulnerable Countries in Central America and the Caribbean
November 27, 2023Climate vulnerable countries, such as those in Latin America and the Caribbean, are currently locked in a cycle of debt and climate: extreme weather events are driving up debt burdens, shrinking already-limited fiscal space and leading to higher costs of... [ More ]
-
6 Charts on Climate Impacts in 6 Central American and Caribbean Countries
November 27, 2023By Samantha Igo Within 24 hours in late October, Hurricane Otis, in defiance of forecasting models, increased windspeed by 115 mph and made landfall in Acapulco, Mexico as a Category 5 hurricane. In addition to the devastating loss of life, insurance... [ More ]