Like much of the financial system, the IMF was slow to grasp that climate change could be just as “macro-critical” as, say, advanced-economy interest-rate shocks, wars, or financial crises. That is now changing, but not quickly – or radically – enough.
PARIS/BOSTON – With their agreement at COP28 to “transition away from fossil fuels in energy systems,” countries have made genuine progress on tackling climate change. But there is still much to do to mobilize the level of financing needed to turn the commitment into reality. International organizations – especially the International Monetary Fund – must step up. Though the IMF was relatively slow off the mark in the race to combat climate change, it has made great strides under Managing Director Kristalina Georgieva. But it must take its climate leadership much further.
PARIS/BOSTON – With their agreement at COP28 to “transition away from fossil fuels in energy systems,” countries have made genuine progress on tackling climate change. But there is still much to do to mobilize the level of financing needed to turn the commitment into reality. International organizations – especially the International Monetary Fund – must step up. Though the IMF was relatively slow off the mark in the race to combat climate change, it has made great strides under Managing Director Kristalina Georgieva. But it must take its climate leadership much further.