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Delighted to have contributed an article to the latest edition of the @IMFNews& #39;s Finance & Development magazine, which focuses on & #39;Rethinking Global Resilience& #39;. It also includes great pieces by @JosephEStiglitz, @ian_goldin, @B_Eichengreen, @KevinAtSave, @genevie2587. https://twitter.com/IMFNews/status/1300856264323469313">https://twitter.com/IMFNews/s...
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. https://www.imf.org/external/pubs/ft/fandd/2020/09/investing-in-a-green-recovery-volz.htm">https://www.imf.org/external/...
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. https://about.bnef.com/blog/scale-up-of-solar-and-wind-puts-existing-coal-gas-at-risk/">https://about.bnef.com/blog/scal...
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. https://www.project-syndicate.org/commentary/debt-for-climate-swaps-by-shamshad-akhtar-2-et-al-2020-08">https://www.project-syndicate.org/commentar...
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: https://eprints.soas.ac.uk/33106/1/INSPIRE-toolbox-for-sustainable-crisis-response-measures-for-central-banks-and-supervisors.pdf">https://eprints.soas.ac.uk/33106/1/I...
See: https://eprints.soas.ac.uk/33106/1/INSPIRE-toolbox-for-sustainable-crisis-response-measures-for-central-banks-and-supervisors.pdf">https://eprints.soas.ac.uk/33106/1/I...
The int& #39;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.
https://eprints.soas.ac.uk/26038/1/ClimateCostofCapital_FullReport_Final.pdf">https://eprints.soas.ac.uk/26038/1/C...
https://eprints.soas.ac.uk/26038/1/ClimateCostofCapital_FullReport_Final.pdf">https://eprints.soas.ac.uk/26038/1/C...
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.
https://transformative-responses.org/the-project/beyond-crisis-mode-building-a-resilient-society/">https://transformative-responses.org/the-proje...
https://transformative-responses.org/the-project/beyond-crisis-mode-building-a-resilient-society/">https://transformative-responses.org/the-proje...
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.