Managing Director Georgieva’s Remarks at the Global Steering Group Global Impact Summit
IMF News, September 10, 2020
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- Published: September 10, 2020
Major themes and findings
- The global economy is undergoing a "massive transformation."
- The COVID-19 crisis has caused societies and economies to "cocoon" and undergo fundamental change; "The actions we take now—this year and next—will determine what kind of world emerges."
- A job-rich recovery and fighting climate change are mutually supportive: "many jobs of the future will be in the green economy."
- Sustainable finance and impact investing are important tools to shape a post-COVID world and support financial stability: "financial stability will depend on environmental and social sustainability."
Policy recommendations and action priorities
- Governments and investors must:
- "identify what are the viable businesses of tomorrow that should be supported."
- "with great care, how they support workers in businesses that are no longer viable—to make a transition to jobs in sectors that are due to expand."
- ensure what emerges is "resilient, sustainable" and helps "deal with the shocks of a changing climate already imposed upon us."
- Price in and advance sustainability across the financial sector and government policy: "it’s important that both the financial sector and governments act to price in and advance sustainability."
- Rely on impact data to guide policy and investment:
- "It can help governments ensure that polluters pay."
- "It can drive progress in all the areas we must work on to build a greener, smarter, fairer recovery for everyone."
IMF actions and examples cited
- The IMF included "a chapter on sustainable finance" in the Global Financial Stability Report last year to reflect the view that sustainability matters for financial stability: "We have done it because it is clear that financial stability will depend on environmental and social sustainability."
Selected quotations
- "We can build a job-rich recovery now that powers a sustainable, resilient global economy for the long term."
- "In short, it can help us emerge from the COVID into a more beautiful world."
- Quoted inspiration: Dr. Maya Angelou — "We delight in the beauty of the butterfly, but rarely admit the changes it has to go through to achieve that beauty."
Managing Director Georgieva’s Remarks at the Global Steering Group Global Impact Summit — Washington, D.C., September 10, 2020