Top Posts
Report: Absa’s Mauritius Unit to Nearly Quadruple Green...
Report: Heatwave in southern Europe pushes temperatures above...
Shettima says Nigeria to plant 20 billion trees
Earthquake hits Northern Iran amid tensions with Israel
Flash Flood: Ogun appeals to residents not to...
VP seeks collaboration to tackle Illegal migration, climate...
Fashion brands accused of shortcuts on climate pledges
BRICS countries develop shared position on climate finance
Europe launches climate change commission
Macron rebukes climate change deniers Ahead of Nice...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

IMF says $168tr investments needed to tackle climate change

by admineconai August 20, 2022
written by admineconai August 20, 2022
555

The International Monetary Fund (IMF) has said that between $84 trillion to about $168 trillion will be needed over the next 28 years to address climate change-related issues and its attendant vulnerability shocks across the globe.

In an article yesterday, IMF Managing Director, Kristalina Georgieva and Tobias Adrian, Head of the IMF Capital Markets Departments, said that governments would be required to play a more catalytic role in propelling private sector funding to deal with climate change.

Read also: World Bank backs carbon credit blockchain registry

In the article titled; ‘Public Sector must play a major role in catalysing Private Climate Finance,’ both Georgieva and Adrian argued that climate change remains one of the “most critical macroeconomic and financial policy challenges that IMF members face in coming decades.

They explained that the recent spikes in the cost of fuel and food and the resulting risks of social unrest, underline the importance of investing in green energy and boosting resilience to shocks.

“It will require massive global investments to address the climate challenge and vulnerabilities to shocks,” the duo argued in the article, adding that estimates ranging “from $3 trillion to $6 trillion per year until 2050,” will be required to fix the attendant challenges.

The IMF chiefs- In underscoring the magnitude and urgency of the climate change problem- said that the current level at about $630 billion devoted to climate change is “just a fraction of what’s really needed.

“That’s why we need a major shift to harness public and, especially, private financing,” they said. “With $210 trillion in financial assets across firms or roughly twice the gross domestic product of the entire world, the challenge for policymakers and investors is how to direct a big share of these holdings to climate mitigation and adaptation projects,”.

Story was adapted from The Nation.

Climate changeIMFInvestments
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
World Bank backs carbon credit blockchain registry
next post
Heatwave kills 38 in northern Algeria

Related Posts

Report: Absa’s Mauritius Unit to Nearly Quadruple Green...

June 30, 2025

Report: Heatwave in southern Europe pushes temperatures above...

June 30, 2025

Fashion brands accused of shortcuts on climate pledges

June 12, 2025

BRICS countries develop shared position on climate finance

June 12, 2025

Europe launches climate change commission

June 12, 2025

Macron rebukes climate change deniers Ahead of Nice...

June 9, 2025

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World