{
  "title": "2021 Comprehensive Surveillance Review— Background Paper on Integrating Climate Change into Article IV Consultations",
  "publication": "Policy Papers, May 18, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-background-paper-on-integrating-climate-change-into-460303",
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  "summary": "While the IMF has been involved in the climate debate since at least 2008, a systematic account of how to integrate climate change into surveillance has been lacking to date. This paper seeks to fill the gap.",
  "publishDate": "2021-05-18",
  "series": "Policy Papers",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- The paper addresses a gap: a systematic account of how to integrate climate change into IMF surveillance has been lacking to date.\n- It argues that domestic policy challenges related to climate change are valid topics for Article IV consultations wherever these challenges cross the threshold of macro-criticality.\n- It distinguishes between:\n  - Climate change adaptation and domestic policies to deliver a country’s Nationally Determined Contribution under the Paris climate accord — covered by the IMF’s bilateral surveillance mandate.\n  - Climate change mitigation — characterized as a global policy challenge and therefore falling under multilateral surveillance.\n- The paper proposes a pragmatic approach that focuses especially on the mitigation efforts of the 20 largest emitters of greenhouse gases."
    },
    {
      "heading": "Findings and analytical conclusions",
      "content": "- The IMF has been involved in the climate debate since at least 2008, but lacked a systematic approach for integrating climate change into surveillance.\n- Domestic climate policy issues (for example, adaptation for climate vulnerable countries and policies to meet Nationally Determined Contributions) can be treated as macro-critical and thus appropriate for Article IV consultations when they meet that threshold.\n- Mitigation policy is framed as a global public good problem and therefore principally within multilateral surveillance responsibilities.\n- The pragmatic approach emphasizes targeted engagement with the 20 largest greenhouse gas emitters on mitigation policies."
    },
    {
      "heading": "Policy recommendations and operational approach",
      "content": "- Focus bilateral Article IV surveillance on domestic climate challenges that are macro-critical for the country concerned (including adaptation and delivery of NDCs).\n- Treat mitigation as primarily a multilateral surveillance issue, with the IMF directing mitigation-related advice and monitoring where global spillovers and collective outcomes matter.\n- Prioritize engagement on mitigation policies with the 20 largest emitters of greenhouse gases as part of a pragmatic sequencing of IMF surveillance activities."
    },
    {
      "heading": "Subject and keywords",
      "content": "- Subject: Carbon tax, Climate change, Climate policy, Environment, Greenhouse gas emissions, Monetary policy, Natural disasters, Political economy, Taxes\n- Keywords: Carbon tax, Climate change, climate change mitigation, Climate policy, Global, Greenhouse gas emissions, IMF's mitigation policy advice, Natural disasters, policy challenge, surveillance mandate, transparency policy\n\nInternational Monetary Fund. Strategy, Policy, & Review Department \"2021 Comprehensive Surveillance Review— Background Paper on Integrating Climate Change into Article IV Consultations\", Policy Papers 2021, 032 (2021).\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2021/05/18/2021-comprehensive-surveillance-review-background-paper-on-integrating-climate-change-into-460303"
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    "Published: May 18, 2021",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9781513582689.007",
    "The paper addresses a gap: a systematic account of how to integrate climate change into IMF surveillance has been lacking to date.",
    "It argues that domestic policy challenges related to climate change are valid topics for Article IV consultations wherever these challenges cross the threshold of macro-criticality.",
    "It distinguishes between:",
    "The paper proposes a pragmatic approach that focuses especially on the mitigation efforts of the 20 largest emitters of greenhouse gases.",
    "The IMF has been involved in the climate debate since at least 2008, but lacked a systematic approach for integrating climate change into surveillance.",
    "Domestic climate policy issues (for example, adaptation for climate vulnerable countries and policies to meet Nationally Determined Contributions) can be treated as macro-critical and thus appropriate for Article IV consultations when they meet that threshold.",
    "Mitigation policy is framed as a global public good problem and therefore principally within multilateral surveillance responsibilities.",
    "The pragmatic approach emphasizes targeted engagement with the 20 largest greenhouse gas emitters on mitigation policies.",
    "Focus bilateral Article IV surveillance on domestic climate challenges that are macro-critical for the country concerned (including adaptation and delivery of NDCs).",
    "Treat mitigation as primarily a multilateral surveillance issue, with the IMF directing mitigation-related advice and monitoring where global spillovers and collective outcomes matter.",
    "Prioritize engagement on mitigation policies with the 20 largest emitters of greenhouse gases as part of a pragmatic sequencing of IMF surveillance activities.",
    "Subject: Carbon tax, Climate change, Climate policy, Environment, Greenhouse gas emissions, Monetary policy, Natural disasters, Political economy, Taxes",
    "Keywords: Carbon tax, Climate change, climate change mitigation, Climate policy, Global, Greenhouse gas emissions, IMF's mitigation policy advice, Natural disasters, policy challenge, surveillance mandate, transparency policy",
    "**Policy Paper**"
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