Delighted to have contributed an article to the latest edition of the @IMFNews's Finance & Development magazine, which focuses on 'Rethinking Global Resilience'. It also includes great pieces by @JosephEStiglitz, @ian_goldin, @B_Eichengreen, @KevinAtSave, @genevie2587.
In my piece I call for a transformative policy response. Short-term crisis responses aimed at protecting jobs & boosting recovery need to be coupled with strategic goals of mitigating climate change and shoring up climate change adaptation and resilience.
imf.org/external/pubs/…
imf.org/external/pubs/…
There is no trade-off between choosing a sustainable recovery and economic progress. Many green technologies have matured, and low-carbon energy is, in most cases, cheaper now than fossil-fuel-based energy.
about.bnef.com/blog/scale-up-…
about.bnef.com/blog/scale-up-…
But many countries lack the means to finance a recovery & undertake critically needed investments in climate adaptation and mitigation. Many will require debt relief to respond effectively to the crisis & invest in climate-proofing their economies.
project-syndicate.org/commentary/deb…
project-syndicate.org/commentary/deb…
It is also imperative to align finance flows with a pathway toward low greenhouse gas emissions and climate-resilient development. Central banks & supervisors should align their current crisis responses to avoid locking in a high-carbon recovery.
See: eprints.soas.ac.uk/33106/1/INSPIR…
See: eprints.soas.ac.uk/33106/1/INSPIR…
The int'l community needs to ramp up support to climate-vulnerable countries. The financial risk of these countries is already high & likely to increase further as financial markets increasingly price climate risks & global warming accelerates.
eprints.soas.ac.uk/26038/1/Climat…
eprints.soas.ac.uk/26038/1/Climat…
If we don’t act now and make a concerted effort to significantly strengthen investment to mitigate and adapt to climate change, many countries will find themselves in permanent crisis mode.
transformative-responses.org/the-project/be…
transformative-responses.org/the-project/be…
We have a decade to transform our economies & avoid catastrophic global warming. Collective efforts at all levels—locally, nationally & internationally—and across all sectors—public & private—are needed to tackle climate change & build more resilient societies & economies. END.
