Uli Volz Profile picture
7 Apr, 6 tweets, 5 min read
Very pleased to have a chapter on 'The IMF and the Macro-Criticality of Climate Change' in this new @GDP_Center e-book edited by @KevinPGallagher & Gao Haihong.

A short thread. 👇1/

Download the e-book: bu.edu/gdp/files/2021…
I argue that the IMF ought to systematically integrate climate risks into its analytical & operational frameworks. As a starting point, the IMF’s macro models need to be significantly enhanced so they can be used to identify the main sources of macroeconomic & fiscal risks... 2/
...and assess the exposures of the private and public sectors to climate-related risks. This will provide a basis for designing tailored measures to mitigate such risks, while addressing potential trade-offs on sustainable development and inequality. 3/
Climate risks need to be systematically integrated into Article IV, FSAPs, and DSAs. The Fund can also play an important role by supporting climate vulnerable countries in climate-proofing public finances through technical assistance and capacity building. 4/
For background reading on the nexus between climate change and sovereign risk, see our recent @CSF_SOAS @ADBInstitute @wwfsg @427climaterisk report on "Climate Change and Sovereign Risk". 5/

See also this recent paper with @SaraJaneAhmed on 'Macrofinancial Risks in Climate Vulnerable Developing Countries and the Role of the IMF – Towards a Joint V20-IMF Action Agenda' for @V20Group. 6/6

eprints.soas.ac.uk/34348/1/Volz%2… @GCAdaptation @InsuResilience

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More from @UliVolz

2 Sep 20
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.

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.

Read 8 tweets

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