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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498334938
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
This paper reviews the fiscal implications of climate change, and the potential role of the Fund in addressing them. It stresses that: • The potential fiscal implications are immediate as well as lasting, and liable to affect—in differing forms and degree—all Fund members. • Climate change is a global externality problem, calling for some degree of international fiscal cooperation... • ...and has features—an intertemporal mismatch between the (early) costs of action to address climate change and (later) benefits, pervasive uncertainties and irreversibilities (including risk of catastrophe), and sharp asymmetries in the effects on different countries—that raise difficult technical and ethical issues, and hinder policy coordination. • In addition to itself impacting the public finances, climate change calls for deploying fiscal instruments to mitigate its extent and adapt to its remaining effects.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498334938
Category : Business & Economics
Languages : en
Pages : 54
Get Book
Book Description
This paper reviews the fiscal implications of climate change, and the potential role of the Fund in addressing them. It stresses that: • The potential fiscal implications are immediate as well as lasting, and liable to affect—in differing forms and degree—all Fund members. • Climate change is a global externality problem, calling for some degree of international fiscal cooperation... • ...and has features—an intertemporal mismatch between the (early) costs of action to address climate change and (later) benefits, pervasive uncertainties and irreversibilities (including risk of catastrophe), and sharp asymmetries in the effects on different countries—that raise difficult technical and ethical issues, and hinder policy coordination. • In addition to itself impacting the public finances, climate change calls for deploying fiscal instruments to mitigate its extent and adapt to its remaining effects.
Author: Mr.Alexei P Kireyev
Publisher: International Monetary Fund
ISBN: 1484380819
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
This paper reviews the significant macro-fiscal challenges posed by climate change in Djibouti and the costs of mitigation and adaptation policies. The paper concludes that Djibouti is susceptible to climate change and related costs are potentially large. Investing now in adaptation and mitigation has large benefits in terms of reducing the related costs in the future. Reforms to generate the fiscal space are therefore needed and investment for mitigation and adaptation to climate change should be built into the long-term fiscal projections. Finally, concerted international efforts and stepping up regional cooperation could help moderate climate-related macro-fiscal risks.
Author: Mr. Zamid Aligishiev
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
Adaptation to climate change is an integral part of sustainable development and a necessity for advanced and developing economies alike. How can adaptation be planned for and mainstreamed into fiscal policy? Setting up inclusive coordination mechanisms and strengthening legal foundations to incorporate climate change can be a prerequisite. This Note identifies four building blocks: 1. Taking stock of present and future climate risks, identifying knowledge and capacity gaps, and establishing guidance for next steps. 2. Developing adaptation solutions. This block can be guided by extending the IMF three-pillar disaster resilience strategy to address changes in both extreme and average weather and would cover the prevention of risks, the alleviation of residual risks, and macro-fiscal resilience. 3. Mainstreaming these solutions into government operations. This requires strengthening public financial management institutions by factoring climate risks and adaptation plans into budgets and macro-frameworks, and in the management of public investment, assets and liabilities. 4. Providing for transparent evaluations to inform future plans. This involves continually monitoring progress and regularly updating adaptation plans.
Author: Mrs.Mai Farid
Publisher: International Monetary Fund
ISBN: 1513516957
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies. Most pressing is the use of carbon taxes (or equivalent trading systems) to implement the emissions mitigation pledges submitted by 186 countries for the December 2015 Paris Agreement while providing revenue for lowering other taxes or debt. Carbon pricing in developing countries would effectively mobilize climate finance, and carbon price floor arrangements are a promising way to coordinate policies internationally. Targeted fiscal measures that are tailored to national circumstances and robust across climate scenarios are needed to counter private sector under-investment in climate adaptation. And increased disclosure of carbon footprints, stress testing of asset values, and greater proliferation of hedging instruments, will facilitate low-emission investments and climate risk diversification through financial markets.
Author: Miria A. Pigato
Publisher: World Bank Publications
ISBN: 9781464813580
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
This report provides actionable advice on how to design and implement fiscal policies for both development and climate action. Building on more than two decades of research in development and environmental economics, it argues that well-designed environmental tax reforms are especially valuable in developing countries, where they can reduce emissions, increase domestic revenues, and generate positive welfare effects such as cleaner water, safer roads, and improvements in human health. Moreover, these reforms need not harm competitiveness. New empirical evidence from Indonesia and Mexico suggests that under certain conditions, raising fuel prices can actually increase firm productivity. Finally, the report discusses the role of fiscal policy in strengthening resilience to climate change. It provides evidence that preventive public investments and measures to build fiscal buffers can help safeguard stability and growth in the face of rising climate risks. In this way, environmental tax reforms and climate risk-management strategies can lay the much-needed fiscal foundation for development and climate action.
Author: Taha Chaiechi
Publisher: Springer Nature
ISBN: 9811652600
Category : Political Science
Languages : en
Pages : 699
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Book Description
This edited volume presents the conference papers from the 1st International Conference on Business, Economics, Management, and Sustainability (BEMAS), organized by the Centre for International Trade and Business in Asia (CITBA) at James Cook University. This book argues that the orthodox methods of external risks, climate change adaptation plans, and sustainable economic growth in cities are no longer adequate. These methods, so far, have not only ignored the ongoing structural changes associated with economic development but also failed to account for evolving industries’ composition and the emergence of new comparative advantages and skills. Specifically, this book looks at the vulnerable communities and exposed areas, particularly in urban areas, that tend to experience higher susceptibility to external risks (such as climate change, natural disasters, and public health emergencies) have been largely ignored in incremental adaptation plans. Vulnerable communities and areas not only require different adaptive responses to climate risk but also possess unlocked adaptive capacity that can motivate different patterns of sustainable development to achieve the goals of the 2030 Agenda. It is essential, therefore, to view transformative growth and fundamental reorientation of economic resources as integral parts of the solution. Social disorganisation and vulnerability are other undesired outcomes of the unpredictable and widespread external economic shocks. This is due to a sudden and tough competition between members of society to acquire precious resources, most of which may be depleted during unprecedented events such as natural disasters or pandemics resulting in an even more chaotic and disorganised conditions.
Author: Matthew E. Kahn
Publisher: International Monetary Fund
ISBN: 1513514598
Category : Business & Economics
Languages : en
Pages : 59
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Book Description
We study the long-term impact of climate change on economic activity across countries, using a stochastic growth model where labor productivity is affected by country-specific climate variables—defined as deviations of temperature and precipitation from their historical norms. Using a panel data set of 174 countries over the years 1960 to 2014, we find that per-capita real output growth is adversely affected by persistent changes in the temperature above or below its historical norm, but we do not obtain any statistically significant effects for changes in precipitation. Our counterfactual analysis suggests that a persistent increase in average global temperature by 0.04°C per year, in the absence of mitigation policies, reduces world real GDP per capita by more than 7 percent by 2100. On the other hand, abiding by the Paris Agreement, thereby limiting the temperature increase to 0.01°C per annum, reduces the loss substantially to about 1 percent. These effects vary significantly across countries depending on the pace of temperature increases and variability of climate conditions. We also provide supplementary evidence using data on a sample of 48 U.S. states between 1963 and 2016, and show that climate change has a long-lasting adverse impact on real output in various states and economic sectors, and on labor productivity and employment.
Author: Emanuele Massetti
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
This Staff Climate Note is part of a series of three Notes (IMF Staff Climate Note 2022/001, 2022/002, and 2022/003) that discuss fiscal policies for climate change adaptation. A first Note (Bellon and Massetti 2022, henceforth Note 1) examines the economic principles that can guide the integration of climate change adaptation into fiscal policy. It argues that climate change adaptation should be part of a holistic, sustainable, and equitable development strategy. To maximize the impact of scarce resources, governments need to prioritize among all development programs, including but not limited to adaptation. To this end, they can use cost-benefit analysis while ensuring that the decision-making process reflects society’s preferences about equity and uncertainty. A second Note (Aligishiev, Bellon, and Massetti. 2022, henceforth Note 2) discusses the macro-fiscal implications of climate change adaptation. It reviews evidence on the effectiveness of adaptation at reducing climate change damages, on residual risks, and on adaptation investment needs, and suggests ways to integrate climate risks and adaptation costs into national macro-fiscal frameworks with the goal of guiding fiscal policy. It stresses that lower-income vulnerable countries, which have typically not contributed much to climate change, face exacerbated challenges that warrant increased international support. This third Note considers how to translate adaptation principles and estimates of climate impacts into effective policies.
Author: Leonardo Martinez-Diaz
Publisher: U.S. Commodity Futures Trading Commission
ISBN: 057874841X
Category : Science
Languages : en
Pages : 196
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Book Description
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Author: Ruud A. de Mooij
Publisher: International Monetary Fund
ISBN: 1475508387
Category : Business & Economics
Languages : en
Pages : 218
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Book Description
Efforts to control atmospheric accumulations of greenhouse gases that threaten to heat up the planet are in their infancy. Although the IMF is not an environmental organization, environmental issues matter for its mission when they have major implications for macroeconomic performance and fiscal policy. Climate change clearly passes both these tests.
