{ "title": "Remarks by the Managing Director at the First High-Level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance", "publication": "IMF News, November 9, 2022", "sourceUrl": "https://www.imf.org/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial", "canonical": "https://www.imf.org/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial", "overlayPath": "/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/index.md", "summary": "We know the investment needs for climate adaptation and mitigation are very large – far exceeding the $100 billion that advanced economies have committed to provide to developing counties. But if we don’t know much will be required, we cannot gauge our progress towards delivering it.", "publishDate": "2022-11-09", "sections": [ { "heading": "Context and event", "content": "- Speaker: Kristalina Georgieva (Managing Director)\n- Event: First High-Level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance\n- Location and date: Sharm El-Sheikh, Egypt; November 9, 2022" }, { "heading": "Measurement needs for climate investment", "content": "- Finding: Investment needs for climate adaptation and mitigation are very large—far exceeding the $100 billion that advanced economies have committed to provide to developing counties.\n- Recommendation: Develop better measures of net investment needs for both mitigation and adaptation.\n- Mitigation measurement considerations:\n - Account for estimated energy savings and the avoided need for fossil fuel technologies.\n - Reach agreement on how to measure mitigation efforts across countries and progress towards NDCs.\n- Adaptation measurement considerations:\n - Agree on a shared definition of what constitutes an adaptation measure versus a business-as-usual investment.\n - Agree on how to estimate investment needs (example choices cited):\n - Base estimates on ex-ante land management measures to minimize the impact of sea level rise.\n - Or use the larger cost associated with ex-post coastal defenses.\n - Rationale: Shared standards would make adaptation finance discussions more productive and meaningful, avoiding double-counting or under-counting." }, { "heading": "Definitions and methodologies for climate finance", "content": "- Recommendation: Establish a common definition—or at least a shared understanding—of what constitutes climate finance.\n- Recommendation: Agree an agreed methodology for calculating climate finance provided, mobilized, and received.\n- Stated support: Full support for attention brought by the co-chairs of the New Collective Quantified Goal on Climate Finance ad hoc work program.\n- Emphasis: Ensure not only the quantity, but also the quality of climate finance, and improved access, predictability, and transparency." }, { "heading": "Country actions, policies, and mobilizing finance", "content": "- Recommendation: Each country must implement strong climate policies and frameworks to create an investment environment that directs capital towards low carbon opportunities.\n- Examples of public investments and policies that facilitate private investment:\n - Public investment in green infrastructure (e.g., power grids that accommodate renewables; charging stations for electric vehicles).\n - Measures that price carbon directly or policies achieving equivalent outcomes (examples: feebates or regulations).\n- Fiscal and revenue implications:\n - These policies can reduce emissions and create important revenues to ease the transition.\n - Quantitative illustration: IMF analysis shows that $100 billion climate finance would be approximately equal to 15 percent of the revenues generated by a $75 carbon tax in advanced economies." }, { "heading": "IMF actions and instruments", "content": "- IMF commitments:\n - Put climate into IMF surveillance, data, and capacity development.\n - Launch a lending tool aimed at mobilizing climate finance.\n- Instrument highlighted: The Resilience and Sustainability Trust (RST)\n - Purpose: Offers financing to support national reforms, particularly those that help cut emissions and boost resilience.\n - Aim: Alongside robust macro-fiscal policies, the RST aims to help catalyze climate financing from other public sources as well as from the private sector.\n- Role: IMF will step up and play its part in collective efforts to define, measure, and mobilize climate finance." }, { "heading": "Closing message", "content": "- Core argument: Measurement and definition challenges for climate finance require collective action; no country or institution can solve them alone.\n- Call to action: Use fora such as the ministerial dialogue to promote informed debate and accelerate climate action.\n\nSource: Remarks by the Managing Director at the First High-Level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance (Sharm El-Sheikh, Egypt; November 9, 2022).\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Arab Republic of Egypt and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial" } ], "bullets": [ "[Markdown version](/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/index.md)", "[Structured JSON version](/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/index.json)", "[Bundle manifest](/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/bundle-manifest.json)", "Published: November 9, 2022", "Speaker: Kristalina Georgieva (Managing Director)", "Event: First High-Level Ministerial Dialogue on the New Collective Quantified Goal on Climate Finance", "Location and date: Sharm El-Sheikh, Egypt; November 9, 2022", "Finding: Investment needs for climate adaptation and mitigation are very large—far exceeding the $100 billion that advanced economies have committed to provide to developing counties.", "Recommendation: Develop better measures of net investment needs for both mitigation and adaptation.", "Mitigation measurement considerations:", "Adaptation measurement considerations:", "Recommendation: Establish a common definition—or at least a shared understanding—of what constitutes climate finance.", "Recommendation: Agree an agreed methodology for calculating climate finance provided, mobilized, and received.", "Stated support: Full support for attention brought by the co-chairs of the New Collective Quantified Goal on Climate Finance ad hoc work program.", "Emphasis: Ensure not only the quantity, but also the quality of climate finance, and improved access, predictability, and transparency.", "Recommendation: Each country must implement strong climate policies and frameworks to create an investment environment that directs capital towards low carbon opportunities.", "Examples of public investments and policies that facilitate private investment:", "Fiscal and revenue implications:", "IMF commitments:", "Instrument highlighted: The Resilience and Sustainability Trust (RST)", "Role: IMF will step up and play its part in collective efforts to define, measure, and mobilize climate finance.", "Core argument: Measurement and definition challenges for climate finance require collective action; no country or institution can solve them alone.", "Call to action: Use fora such as the ministerial dialogue to promote informed debate and accelerate climate action.", "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)", "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/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)" ], "alternates": { "markdown": "/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/index.md", "json": "/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/index.json", "bundleManifest": "/en/news/articles/2022/11/10/sp110922-md-cop27-ministerial/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T01:37:57.338Z" }