The global community can no longer afford to turn a blind eye to the climate change which is not only an environmental threat but also poses a huge macro-economic risk and has already led to losses of some $1.3 trillion, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Thursday
MOSCOW (Pakistan Point News / Sputnik - 15th October, 2020) The global community can no longer afford to turn a blind eye to the climate change which is not only an environmental threat but also poses a huge macro-economic risk and has already led to losses of some $1.3 trillion, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Thursday.
"We focus on climate change because it is macro-critical, posing profound threats to growth and prosperity. It is also people-critical and planet-critical. In the last decade, direct damage from climate-related disasters adds up to around $1.3 trillion. If we don't like this health crisis, we will not like the climate crisis one iota," Georgieva said in a speech.
Higher carbon prices and investment into the green technologies will help the global community to achieve zero emissions by 2050, the IMF chief noted, citing research.
"We have an historic opportunity to build a greener world also a more prosperous and job-rich one. With low interest rates, the right investments today can yield a quadruple dividend tomorrow: avert future losses, spur economic gains, save lives and deliver social and environmental benefits for everyone," Georgieva stressed.
Despite the efforts of the global community to reduce the greenhouse gas emissions and switch to greener sources of energy, oil will remain the leading fuel over the next 20 years, according to OPEC and the International Energy Agency forecast. Moreover, energy-related carbon dioxide (CO2) emissions will grow by 7 percent by 2045, OPEC said earlier this week.
