The International Monetary Fund is exploring ways to help its members to address climate change policy challenges as global warming threatens to undermine productivity and growth, affecting the fiscal positions of governments and their debt trajectories.
Climate change is expected to affect asset valuations, with repercussions for financial stability, and also redistribute income around the globe, which will influence trade patterns and exchange rate valuations.
This will make it critical for the fund to play a bigger role in climate-related activities, the Washington-based lender said in a statement on Saturday.
The fund is discussing a paper that proposes strategies on how the multilateral institution can play a role in promoting policy co-ordination between countries to mitigate climate change, the fund said.
"To live up to its mandate ... the IMF needs to assist its members with addressing these challenges," it said. "The time has come for a systematic and strategic integration of macro-critical aspects of climate change into the IMF’s core activities."
In April, the fund urged countries to take swift action on climate change to avert future disasters, accelerate the push for greener economies and boost the economic recovery from the Covid-19 pandemic.
A policy mix of carbon taxes and green investment stimulus could increase the level of global output in the next 15 years by about 0.7 per cent and create about 12 million new jobs through 2027, IMF managing director Kristalina Georgieva said at the time.
The new IMF paper proposes covering climate change-related policy challenges comprehensively during economic consultations with countries.
The fund aims to ensure it discusses these issues with all members every five to six years, but more frequently with the largest emitters of greenhouse gases and countries particularly vulnerable to climate change.
It also suggests expanding coverage of climate risk to all financial stability assessments and a substantial scaling up of climate-related capacity development activities.
The IMF's executive directors welcomed the proposed strategies and agreed that climate change is a "global existential threat that poses critical macroeconomic and financial policy challenges" for member countries in the coming years.
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The five pillars of Islam
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
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Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
New Zealand 176-8 (20 ovs)
England 155 (19.5 ovs)
New Zealand win by 21 runs
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The specs
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
