## Inaugural GCA Ministerial Dialogue on Adaptation Action: Opening Remarks by Kristalina Georgieva

_IMF News, January 25, 2021_

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**Canonical URL:** [Inaugural GCA Ministerial Dialogue on Adaptation Action: Opening Remarks by Kristalina Georgieva](https://www.imf.org/en/news/articles/2021/01/25/sp012520-ministerial-dialogue)

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## Bibliographic details
- Published: January 25, 2021

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### Key messages
- Urgent collective action is required: "we need all hands on deck."
- Three core points:
  - This is the year for action.
  - Policies matter.
  - The IMF is stepping up.

### "This is the year for action" — findings and projections
- In the emergency response to Covid 19, only a tiny fraction of G20 spending was climate-related.
- IMF analysis: a coordinated green infrastructure push, combined with the right carbon price signal, could boost global GDP in the next 15 years on average by 0.7 percent.
- A coordinated green push would also:
  - create millions of jobs, addressing pandemic-related job losses and rising automation;
  - bring health benefits.
- Current investment shortfall in climate resilience is most pronounced in the developing world:
  - According to the Global Center for Adaptation, spending there is 5- to 10-times less than what is needed.

### Policies — priorities and recommendations
- Increased resources are important, but policies matter even more.
- Policy focus should include:
  - Arresting and reversing the growth of carbon emissions.
  - Eliminating harmful subsidies.
  - Providing forward guidance on carbon price.
  - Securing a just transition that compensates affected people and parts of the economy.
  - Anchoring transition policies in building resilience to climate shocks.

### The IMF's planned actions
- The IMF regards climate change as a fundamental risk to macroeconomic and financial stability and is scaling up efforts:
  - increasing coverage of climate actions in annual country economic assessments – the Article IV consultations;
  - incorporating climate risks in financial sector assessments;
  - scaling up capacity development to support member countries with climate-related skills;
  - launching a new data initiative to help countries track climate change risks and policies.

### Closing emphasis
- Climate action is characterized as "win-win-win-win: good for health, growth, jobs, and the planet."
- Call to collective effort: "Working together, we can do it."

*Source: Inaugural GCA Ministerial Dialogue on Adaptation Action: Opening Remarks by Kristalina Georgieva (January 25, 2021).*

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## References

- [https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)
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_Source: https://www.imf.org/en/news/articles/2021/01/25/sp012520-ministerial-dialogue_