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For IMF Managing Director Kristalina Georgieva, dealing with climate change requires not only mitigating damage, but also adapting for the future. This means pricing risk and providing incentives for green investment. Kenneth Gillingham shows that in the long run, the costs of climate action may be lower than we think. Ian Parry estimates that aggressive carbon taxes would help individual nations meet their emission-reduction goals and scale up action globally. Mark Carney and others show how harnessing finance can open enormous opportunities—from transforming energy to reinventing protein. Finally, Ralph Chami and fellow researchers highlight how saving whales can help save the planet.
In this shared crisis, everyone has a responsibility to act. Ultimately, the world’s fortunes and those of future generations depend on the ambition and urgency with which leaders collaborate to address the global climate emergency today.
But there is hope. Today’s young people, like Greta Thunberg and others, serve as reminders of just how capable human beings can be of remaking the world. It is their future at stake.
Full issue of Finance & Development on IMFBlog