Remarks of the Managing Director at the COP26 World Leaders' Summit

IMF News, November 1, 2021

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Canonical URL: Remarks of the Managing Director at the COP26 World Leaders' Summit

Adaptation needs for developing countries alone—by the end of this decade—are going to need to spend somewhere between $140 and $300 billion a year.
If emissions reductions continue to lag, adaptation needs "are going up and up" and "that is going to rise sharply."

Understand vulnerabilities through good assessments that inform investment decisions.
Ensure existence of:
- early warning systems,
- resilient infrastructure,
- social protection programs so "when families are hit, help is on the way."
Eliminate barriers to adaptation, including:
- access to insurance for everyone,
- prohibition on excessive risk taking so societies are better protected.
Provide incentives for the private sector to deliver:
- climate resilient agriculture,
- smart cities,
- other climate-resilient investments.

The IMF works with vulnerable countries to help them assess risks and put in place strategies to mitigate them.
The IMF has received support to create a new financial instrument: the Resilience and Sustainability Trust.
- Purpose: provide long-term financing on concessional terms to vulnerable countries, small island states, countries affected by droughts and floods.
- Intended outcome: ensure these countries "can have the financial resources necessary to be strong in the face of climate shocks to come."
The IMF has placed adaptation on an equal footing with mitigation in its work.

Source: Remarks of the Managing Director at the COP26 World Leaders' Summit, November 1, 2021.