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IMF commits to sustained Climate financing

The International Monetary Fund (IMF) says addressing Climate change requires comprehensive and collaborative approach and should be based on adequate policies, investment, innovation and financing.

The Managing Director of the IMF, Kristalina Georgieva stated this at a special panel on scaling up resilience and sustainability financing at the Spring Meetings.

She said the IMF’s Executive Board approved the creation of the Resilience and Sustainability Trust almost a year ago in response to the extraordinary shocks presented by the pandemic and Russia’s war in Ukraine.

She said the creation of the fund was a clear signal that the IMF will not lose sight of the urgent need to address climate change, adding that five countries are already benefitting from the fund while applications from 44 countries were being considered.

The IMF Chief said the financial requirement for achieving net zero emission required trillions of dollars which Governments, especially those of developing economies, could not meet; hence the need to substantially scale up private finance in addition to transformative environmental policies.

Ms Georgieva said the IMF has put climate at the heart of its work, providing bilateral and multilateral surveillance to data, capacity development, policy analysis, and now programmes in the fight against climate change.

Writing by Biodun Dare; Editing by Daniel Adejo and Tony Okerafor