Climate Innovation Challenge Workshop at 2023 Spring Meetings
The IMF held a workshop during the 2023 Spring Meetings to showcase two winners of the Climate Innovation Challenge: “PortWatch—Monitoring Disaster-Related Trade Disruptions from Space,” and “A Machine Learning-Based Toolbox for Climate Policy Analysis.” The workshop aimed to spotlight data-driven insights and solutions that help countries mitigate emissions and build resilience to climate change.
The event commenced with introductory remarks from Johannes Wiegand, Co-Chair of the IMF’s Climate Advisory Group and Advisor in the Strategy, Policy, and Review Department, and Bert Kroese, Director of the Statistics Department, IMF.
The first session showcased the PortWatch platform, which allows users to monitor local and global spillovers from natural disasters by leveraging insights on the international trade network and satellite-based vessel data.
The second session provided an overview and live demonstrations of a machine learning-based climate toolbox that helps identify and analyze dramatic changes in emission patterns and sheds light on potential game-changing emission mitigation policies.
Miroslav Delaporte, a Senior Advisor in the Swiss-led constituency at the World Bank, delivered the closing remarks on behalf of the Swiss State Secretariat for Economic Affairs (SECO), a sponsor of the Challenge.
Both solutions will be available online later this year.
Announcing the Winners
Congratulations to the winning teams!
- Model-Based Macroeconomic Frameworks for Assessing Climate Impact
- DMXi—Scenario Analysis to Integrate Climate Change in Your Country’s Macro Framework
- Monitoring Disaster-Related Trade Disruptions from Space
- Machine Learning-Based Toolbox for Climate Policy Analysis
- Adapting External Sector Assessments to Climate Change
The winning teams were selected based equally on the quality of their pitches, finalized bootcamp deliverables, and the following criteria: (i) relevance and potential impact; (ii) feasibility; (iii) innovation and additionality; (iv) team composition and engagement; and (v) support from stakeholders.
Winners will receive up to $50,000 in seed funding to develop a concrete proof of concept to further their ideas.
Meet the Top Eight Teams that Have Completed the Bootcamp
Machine Learning-Based Toolbox for Climate Policy Analysis
Adapting External Sector Assessments to Climate Change
Model-Based Macroeconomic Frameworks for Assessing Climate Impact
Monitoring Disaster-Related Trade Disruptions from Space
Reducing Our Carbon Footprint Through Green Procurement
DMXi—Introducing Scenario Analysis to Integrate Climate Change in Your Country’s Macro Framework
Tools to Advance Sustainable Travel
Hunger Monitoring from Space: Climate Shocks, Agricultural Stress, and Food Security
Top Nine Proposals
The IMF is pleased to announce the shortlisting of the top nine project proposals of the Climate Innovation Challenge. Congratulations to the teams!
The challenge received 45 proposals from country authorities, CSOs, IMF staff, and other IFIs around the world. The proposals were carefully evaluated against the challenge criteria by a panel of 23 IMF and external topic experts to shortlist the finalists.
The top nine finalists have been be invited to take part in the innovation training and solution development bootcamp starting in January. The teams that successfully complete the bootcamp will pitch their project proposals at the Final Pitch Event during the 2022 Spring Meetings, where the winning teams will be selected and announced.
List of top nine proposals:
- Machine Learning-Based Toolbox for Climate Policy Analysis
- Adapting External Sector Assessments to Climate Change
- Model-Based Macroeconomic Frameworks for Assessing Climate Impact
- Monitoring Disaster-Related Trade Disruptions from Space
- Reducing Carbon Footprint Through Green Procurement
- DMXi—Introducing Scenario Analysis to Integrate Climate Change in Your Country’s Macro Framework
- Tools to Advance Sustainable Travel
- Hunger Monitoring from Space: Climate Shocks, Agricultural Stress, and Food Security
- Road to Net-Zero: Occupational Mobility and Labor Reallocation Impacts of Climate Transition Shocks
About the Challenge
At the IMF, climate change is now at the heart of our work on economic and financial stability, growth, and jobs. Policy innovation is central to helping member countries reduce emissions, build resilience, and capture the opportunities for greener growth.
How might we integrate climate change into economic analysis to promote green policies?
To help answer this question, the IMF is organizing an innovation challenge on the economic and financial stability aspects of climate change. Country authorities/agencies, civil society organizations (including think tanks), and staff from the IMF, World Bank, and international organizations are invited to submit proposals that have the potential to enhance the IMF’s capacity development, policy advice, and operational impact in areas where economic and financial policies intersect with climate change.
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