{
  "title": "Managing Director Georgieva’s Closing Remarks EU Environment Ministers Videoconference",
  "publication": "IMF News, July 13, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/07/13/sp071320-managing-director-georgievas-closing-remarks-eu-environment-ministers-videoconference",
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  "summary": "As prepared for delivery",
  "publishDate": "2020-07-13",
  "sections": [
    {
      "heading": "Context and opening",
      "content": "- As prepared for delivery\n- July 13, 2020\n- Thank you to Minister Schulze for convening this important meeting at the start of Germany’s EU Presidency.\n- Europe is identified as “a leader when it comes to environmental sustainability and in the fight against climate change” and “will play an important part in driving a green recovery.”"
    },
    {
      "heading": "Three main points",
      "content": "- First: use of public money and accelerating green investments\n  - Governments are “leaning forward with large fiscal measures” and “it is important that this public money is used wisely.”\n  - Priorities for public support:\n    - Accelerate green investments.\n    - Ensure high-emitting businesses that benefit from public support undertake to reduce their emissions.\n    - Support job-rich activities that are climate positive, examples given:\n      - sustainable agriculture\n      - reforestation\n      - reducing energy intensity through building insulation\n\n- Second: pricing carbon and phasing out fossil fuel subsidies\n  - Current and required carbon prices:\n    - “Globally, carbon trades today at around $2 per ton, but to achieve the goals of the Paris Agreement it needs to be at the level of $75 per ton.”\n  - Policy rationale:\n    - “Driving the carbon price up is essential.”\n    - For Ministers of Finance facing higher debt and higher deficits, acting on carbon “can make an important contribution to fiscal sustainability.”\n    - “Carbon pricing is the junction where fiscal sustainability meets environmental sustainability.”\n  - Fossil fuel subsidies:\n    - “Globally, fossil fuel subsidies are a big issue.”\n    - “Now—when commodity prices are low—is the moment to phase out these subsidies.”\n\n- Third: pricing climate risk and financial sector action\n  - Need for financial institutions to:\n    - disclose climate related risks\n    - price these risks accordingly\n  - IMF commitments and actions:\n    - “We are including climate action as part of our financial sector assessments.”\n    - “We are going to provide the necessary inputs to Ministries of Finance on pricing carbon and pricing risk.”\n    - “We are integrating transformations into our surveillance work.”\n    - “As we engage in program design, we are stressing opportunities for a green recovery.”"
    },
    {
      "heading": "Closing message",
      "content": "- Emphasis on urgency: “if you don't like pandemic crisis, you are not going to like the climate crisis one iota.”\n- Call to action: “So, let's do the right thing and seize this opportunity to act.”\n\nIMF Communications Department — Managing Director Georgieva’s Closing Remarks EU Environment Ministers Videoconference, July 13, 2020\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Germany and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/07/13/sp071320-managing-director-georgievas-closing-remarks-eu-environment-ministers-videoconference"
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    "Published: July 13, 2020",
    "As prepared for delivery",
    "July 13, 2020",
    "Thank you to Minister Schulze for convening this important meeting at the start of Germany’s EU Presidency.",
    "Europe is identified as “a leader when it comes to environmental sustainability and in the fight against climate change” and “will play an important part in driving a green recovery.”",
    "First: use of public money and accelerating green investments",
    "Second: pricing carbon and phasing out fossil fuel subsidies",
    "Third: pricing climate risk and financial sector action",
    "Emphasis on urgency: “if you don't like pandemic crisis, you are not going to like the climate crisis one iota.”",
    "Call to action: “So, let's do the right thing and seize this opportunity to act.”",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Germany and the IMF](http://www.imf.org/external/country/DEU/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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