IMF-Georgieva: Climate crisis causes serious disruption to lives and livelihoods

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“THE climate crisis already causes serious disturbance in life and him livelihood. With temperatures rising by just 1.1 degrees Celsius, half the earth’s population is experiencing uncertainty about water for at least one month a year. “And this is especially evident in this region,” said the IMF Managing Director. Kristalina Georgieva. THE Director-General of the IMF addressed the World Government Summit in Dubai at an event on the IMF’s latest report on Climate Change in the Middle East and Central Asia, entitled “Feeling the Heat: Adapting to Climate Change and Climate Change”. Asia “, as broadcast by the Bulgarian agency BTA.

“In the last two decades, the frequency and severity of climate-related disasters in the region have increased faster than anywhere else on earth. The financial and financial implications of these climatic effects pose a significant threat to development and prosperity in the region, according to his analysis IMF.

Climate disasters in the Middle East and Central Asia have hit and displaced 7 million people and caused more than 2,600 deaths and 2 billion. dollars in property damage. Extreme weather conditions usually reduce annual economic growth by 1-2 percentage points per capita. In the Caucasus and Central Asia sub-region, they caused a permanent loss of 5.5 percentage points of GDP, according to the report.

Today’s climate challenges they already have a heavy price. And even if significant global emissions reductions are taken into account by 2050, average summer temperatures could exceed 30 degrees Celsius in half of the countries in the region, Georgieva said.

The IMF’s steps for countries to adapt their economies and societies to this daunting challenge include:

“First, all countries need to drastically reduce emissions to stabilize global temperatures and make the adjustment challenge more manageable. To “keep 1.5 (degrees) alive” (s.s. the goal of limiting global warming to 1.5 degrees Celsius), global emissions should be halved by 2030. To get there, we are proposing a steadily rising price of coal – including equivalent non-tariff measures – along with green investments and actions to ensure a fair transition between and within countries. In this regard, the United Arab Emirates has led regional efforts by committing to investing more than $ 160 billion in renewable energy to achieve zero carbon emissions by 2050.

Second, priority to high value risk management measureswhich are justified in all future climate scenarios, while building the capacity to adapt to future changes.

Thirdly, integration of sovereigns adaptation policies national economic strategies, especially in a macroeconomic context, which should fully reflect climate risks.

These meters require extra effort, highlighted and added: needs for public investment in infrastructure may amount to up to 3.3% of GDP per year for individual countries in the region over the next 10 years, more than double the average of emerging markets.

However, it is noted that fiscal space is limited in many countries in the Middle East and Central Asia, especially in the aftermath of pandemic. Adapting to enhance resilience to future climate-related disasters requires a mix of domestic policy reforms and greater international support.

In terms of domestic policy, countries could start by mobilizing revenue, increasing efficiency, and re-prioritizing public spending. Internationally, it would be a good start for advanced economies to achieve (or exceed) the $ 100 billion-a-year funding target for climate at developing countries.

The IMF intensifies its commitment to climate, helping countries enhance their ability to integrate climate into their macroeconomic policies through analytical work, monitoring and capacity building. For example, in the coming World Economic Outlook will include a chapter on creating green jobs, said the head of the IMF.

The IMF establishes one new Durability and Sustainability Fund to address macro-critical long-term structural challenges in vulnerable member countries, including climate change.

In conclusion, Georgieva said that this year the international focus on climate issues is clearly focused on the Middle East. Egypt will host COP27 in November and in 2023 it will be the United Arab Emirates.

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