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

_IMF News, November 1, 2021_

## Source details

**Canonical URL:** [Remarks of the Managing Director at the COP26 World Leaders' Summit](https://www.imf.org/en/news/articles/2021/11/01/sp110121-cop26-world-leaders-summit-georgieva)

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## Bibliographic details
- Published: November 1, 2021

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### Context and overview
- Speaker: Kristalina Georgieva
- Event: COP26 World Leaders' Summit
- Theme: Finance and Resilience in a Changing Climate
- Date: November 1, 2021

### Key findings and projections
- 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."

### Policy recommendations (policymaker responsibilities)
- 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.

### IMF actions and instruments
- 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.

### Closing
- Emphasis on shared responsibility: "We all have a role to play."
- Acknowledgement of parallel work by the World Bank.

*Source: Remarks of the Managing Director at the COP26 World Leaders' Summit, November 1, 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/2021/11/01/sp110121-cop26-world-leaders-summit-georgieva_