K. Georgieva: Climate change threatens economic stability

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IMF chief Kristalina Georgieva has called on leaders attending the UN summit in Glasgow to appear “more ambitious” in their policies to prevent climate change. He points out that this change poses “a very serious threat to financial and economic stability.”

Shortly before traveling to the United Kingdom to attend the UN summit, Ms Georgieva, in a text posted on the International Monetary Fund blog, noted that “the threat of climate change requires more ambitious action globally”.

“If they do not change, global policies will mean that carbon dioxide emissions in 2030 will be much higher than needed to keep its target (to reduce global warming) to 1.5 ° Celsius.” “, Writes the official.

“In order to achieve these reductions, people who make political decisions and will be present at COP26 will have to fill two critical gaps: that of ambition and that of politics.”

The director general of the IMF mainly calls on “developed economies to reduce their emissions faster for reasons of justice and historical responsibility”.

“Even if the current commitments for 2030 are met, this will only represent one to two to three of the reductions needed to meet the temperature targets,” he said.

“However, whatever the distribution of the reductions between the groups of countries, everyone should do more.”

It urges rich countries to honor their commitment to provide $ 100 billion a year to those with the lowest incomes since 2020 to offset the cost of abandoning fossil fuels.

“The latest figures show that we remain below this target,” he said.

According to her, the generalization of the price of carbon dioxide should “play a central role” as it can give impetus to “emission reductions”.

“The global price of a ton (of carbon dioxide) of carbon must exceed $ 75 by 2030 in order for the temperature to remain below 2 ° C,” said the head of the International Finance Corporation in Washington.

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