IMF at COP28
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IMF role and objectives
- The IMF will continue dialogue on economic and financial sector policies to help members and the wider international community reach shared climate goals: particularly how to reduce emissions, increase climate finance, boost resilience, and ease the transition to low-carbon economies.
- The IMF’s mandate at COP28 focuses on aspects of the climate challenge for which fiscal and macroeconomic policies are an important component, including capturing opportunities of low-carbon, resilient growth.
- With global membership and a focus on macroeconomic growth and financial stability, the IMF aims to analyze national, regional, and global responses and foster cooperation in areas such as climate finance, carbon pricing, data, and technology transfer.
Pavilion and access
- The IMF shared a pavilion at COP28 with the World Bank Group and the Financial Times to create opportunities for dialogue and knowledge sharing.
- The COP28 joint pavilion was located at the Blue Zone in Expo City Dubai.
- Pavilion events were shared live on online platforms and available on demand on IMF.org or YouTube.
Pavilion program — scheduled events (dates and times preserved)
- December 1, 2023 | 5:00 - 5:45 PM GST (8:00 AM ET)
- Fireside Chat with IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga; moderated by Pilita Clark.
- December 2, 2023 | 11:00 - 11:45 AM GST (2:00 AM ET)
- Is the Paris Agreement Working? An IMF Assessment. High-level panel based on IMF staff stocktake; panelists include Kristalina Georgieva, Zhou Xiaochuan, Nicholas Stern; Moderator: Pilita Clark.
- December 3, 2023 | 9:00 - 9:45 AM GST (12:00 AM ET)
- Green Innovation and Technology Diffusion for Net Zero. Panel on accelerating technological innovation and diffusion; panelists include Ngozi Okonjo-Iweala and Fatih Birol; Moderator: Will Kennedy.
- December 4, 2023 | 4:00-4:45 PM GST (7:00 AM ET)
- RST and Climate Finance: Stocktaking and the Way Forward. Discussion of the Resilience and Sustainability Trust (RST) and catalyzing additional climate financing; panelists include Bo Li and Nigel Clarke; Moderator: Simon Jessop.
- December 5, 2023 | 4:00 - 4:45 PM GST (7:00 AM ET)
- The Right Data to Navigate the Green Transition and Maintain Economic Growth. Joint session with the World Bank on types of data needed for policy and finance decisions; panelists include Bert Kroese and Stephane Hallegatte; Moderator: Gavin Jackson.
- December 6, 2023 | 5:00-5:45 PM GST (8:00 AM Et)
- Energy Security and Climate Mitigation: Global Challenges for a Fragmented World. Panel on balancing short-term energy security with Paris Agreement goals; panelists include Antonio Spilimbergo and Meghan O’Sullivan; Moderator: Landon Derentz.
- December 8, 2023 | 3:00 - 3:45 PM GST (6:00 AM ET)
- Addressing Governance and Corruption Challenges in the response to Climate Change. Joint event with the World Bank on corruption vulnerabilities in the green transition; panelists include Shuang Liu and Tsakani Maluleke; Moderator: Laury Haytayan.
- December 9, 2023 | 11:00 - 11:45 AM GST (2:00 AM ET)
- Preparing for the Green Transition in Fossil Fuel Exporters. Panel on macroeconomic challenges and policy responses for fossil fuel exporters; panelists include Fahad Alajlan and Melissa C. Lott; Moderator: Eleni Giokos.
Key substantive themes and findings
- Rapid cuts in global emissions this decade are required to mitigate climate change; despite some progress since 2015, substantial gaps in ambition and implementation remain (as assessed in the IMF staff stocktake).
- Green innovation has slowed since the mid-2010s and diffusion of new technologies from advanced to lower-income countries is limited; accelerating innovation and diffusion is necessary to reach net-zero.
- Climate financing needs are large, especially in vulnerable emerging and developing economies; the IMF is innovating financing instruments such as the Resilience and Sustainability Trust to help countries address long-term structural challenges including climate change.
- Disruptions in global energy markets and rising geo-economic fragmentation pose risks to mineral supplies critical for the green transition; countries must balance short-term energy security with long-term mitigation goals.
- Investing in climate resilience requires large-scale financing and improved governance; addressing corruption vulnerabilities specific to the green transition is essential to preserve effectiveness and control costs.
- Fossil fuel exporting countries face uncertain hydrocarbon revenues, exports, and investment inflows during the transition; fiscal policy and diversification priorities are central to timely and coordinated responses.
- Credible and comparable climate and economic data are critical to understand economic and financial implications of climate change and to integrate high-quality data into policymaking; climate change data is uneven across countries and data gaps are urgent to address.
Policy directions and recommendations emphasized
- Increase policy ambition, mobilize more private funds, and accelerate innovation to meet climate goals.
- Scale up global flows of finance and technology and close ambition and implementation gaps equitably.
- Use the Resilience and Sustainability Trust to advance climate objectives and catalyze additional climate financing.
- Accelerate green innovation and speed diffusion of existing technologies internationally, including to lower-income countries.
- Strengthen data collection and comparability—integrate high-quality climate and economic data into decision-making for macroeconomic and financial stability analysis.
- Address governance and corruption risks in climate finance deployment through leveraging existing anti-corruption architecture and catalyzing coordinated coalitions.
- Design fiscal policy and diversification strategies for fossil fuel exporters to manage macroeconomic disruptions from the energy transition.
- Implement carbon pricing promptly to help achieve climate targets.
Tools, publications, and media linked to IMF engagement
- IMF Climate Indicator Dashboard provides standardized comparable data for country-level and cross-country macroeconomic and financial stability analysis related to climate change.
- Related IMF outputs cited in sessions include: Staff Climate Note(s), Staff Discussion Note(s), October 2023 Fiscal Monitor Analytical Chapter, October 2023 Global Financial Stability Report, October 2023 WEO Analytical Chapter, and publications in Finance & Development magazine.
- Videos and remarks from IMF participants (including Managing Director Kristalina Georgieva) were made available on IMF YouTube and covered themes such as carbon pricing urgency, inclusive green growth, and RST effectiveness.
References