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Tag Archives: Climate change

Asia-Pacific, the Gigantic Domino of Climate Change

By Vitor Gaspar and Chang Yong Rhee Forget the poetic flap of a butterfly’s wings in Beijing causing rain in Central Park. Climate issues in Asia-Pacific are measured in superlatives. The world’s biggest population. Two of the three largest carbon dioxide-emitting countries and the largest share of emissions globally. The most exposed to extreme weather events. Some of the smallest and most vulnerable countries. Also, the fastest-growing part of the global economy and many of the leaders in...

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The Future of Asia: What a Difference a Year Can Make

By Chang Yong Rhee and Katsiaryna Svirydzenka  中文, 日本語 The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance. Japan is back to planning the delayed 2020 Summer Olympics, while China focuses on the Beijing 2022 Winter Games. Having been hit by COVID-19 first, Asia is also recovering first. At the pandemic’s first anniversary, is the region back to full health? Asia must remain agile and...

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CHART OF THE WEEKBlowing Hot and Cold

By Jiaxiong Yao When it’s cold we reach for the heater, and when it’s hot we turn on the air conditioning. A warming globe could reduce the need for heating in cold seasons and increase the demand for cooling when it’s hot. In principle, there is a sweet spot where it is neither too cold nor too hot to demand much electricity. The question is: where are we now relative to this sweet spot, and what are the implications? My recent IMF staff working paper uses satellite data to examine the...

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A New Vision for the US Climate Agenda

By Ian Parry  عربي, 中文, Español, 日本語, Português, Русский  Over the next decade, global greenhouse gas emissions need to be cut by 25– 50 percent to be on track for meeting the 2015 Paris Agreement goal of containing global warming to 1.5–2°C. The United States intends to do its part. Its climate plan pledges US carbon neutrality by 2050, with a 2030 emissions target to be announced shortly. The United States will need to act decisively to help deliver the global emissions reductions needed...

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The Haves and Have-nots Of the Digital Age

By Gita Bhatt Accelerated by the pandemic, the digital future is coming at us faster than ever before, and maybe faster than we can imagine. In this issue of Finance & Development magazine, we explore the possible consequences—the good, the bad, and the gray. For millions, technology has been a lifeline, changing the way we work, learn, shop, and entertain ourselves. In a year like no other, it has spurred game-changing digital shifts. Governments moved quickly, using mobile solutions to...

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Structural Factors and Central Bank Credibility Limit Inflation Risks

By Gita Gopinath After ending last year with unexpectedly strong vaccine success and hope that the pandemic and economic distress it caused would recede, we woke up to the reality of new virus variants and the unpredictable, winding road that it can lead the world down. Something similar has happened with the discourse on inflation. At the end of last year, after a historic collapse of the global economy estimated at -3.5 percent, inflation was below target in 84 percent of countries. This...

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Data PointsDenmark’s Ambitious Green Vision

By Nicoletta Batini and Miguel Segoviano Denmark aspires to become one of the most climate-friendly countries in the world. In June, its Parliament overwhelmingly passed a new climate law that aims to reduce greenhouse gas emissions by 70 percent below 1990 levels by 2030, with net zero emissions targeted for 2050. This is an even more ambitious goal than the EU’s target to cut emissions by 55 percent over the same time period. 70% Amount by which Denmark plans to reduce greenhouse gas...

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How Governments Can Create a Green, Job-rich Global Recovery

By Kristalina Georgieva and Rajiv J. Shah عربي, 中文, Français, 日本語, Português, Русский  Climate change and the COVID-19 crisis have a great deal in common. Both are human tragedies and economic catastrophes: The pandemic has taken more than a million lives, thrown hundreds of millions out of work, and is projected to wipe out $28 trillion in output over the next five years; climate change’s effects, meanwhile, are upending lives and livelihoods. Both crises are most devastating for...

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Chart of the WeekFirms’ Environmental Performance in Times of Crisis

By Pierre Guérin, Fabio Natalucci, Felix Suntheim عربي, 中文, Español, Français, 日本語, Português, Русский  Leaders are often called upon to “rise to the challenge” in times of crisis. As firms and their leaders rise as best they can amid the ongoing health and economic crises, yet another crisis lies on the horizon. A looming environmental crisis, obscured by the exigency of the pandemic, requires action be taken by firms (and others). So how will business leaders and companies respond? Our...

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Finding the Right Policy Mix to Safeguard our Climate

By IMF Staff عربي, 中文, Español, Français, 日本語, Português, Русский  Unaddressed, climate change will entail a potentially catastrophic human and economic toll, but it’s not too late to change course. Global temperatures have increased by about 1°C since the pre-industrial era because of heat-trapping green-house gases accumulating in the atmosphere. Unless strong action is taken to curb emissions of these gases, global temperatures could increase by an additional 2–5°C by the end of this...

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