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.
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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 ]
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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 ]
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The IMF Should be an Analytical Partner on the UN Global Stocktake – Here’s Why
November 06, 2023By Rishikesh Ram Bhandary This is a critical policy moment just weeks ahead of the 28th United Nations Climate Change Conference (COP28) in Dubai where the first-ever assessment of how countries are meeting their climate pledges under the Paris Agreement –... [ More ]
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GDP Center Roundup – IMF/World Bank Group Annual Meetings, 2023
October 09, 2023By Sayuri Kataoka and Samantha Igo Policymakers are facing a critical inflection point: the window to act on climate change is rapidly closing, climate shocks and overwhelming debt service payments threaten to undo decades of progress and stymie future investments in... [ More ]
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Safeguarding Decades of Development: The International Monetary Fund’s Role in Addressing Loss and Damage
October 05, 2023Climate-induced loss and damage can affect the macroeconomic health and general well-being of climate vulnerable economies, rolling back decades of development gains. For members of the Vulnerable 20 Group of Finance Ministers (V20) alone, climate-induced losses amounted to 20 percent... [ More ]