Mitigating the effects of climate change takes a multifaceted approach with economic policy playing a pivotal role. In this podcast, we hear from two influential people at the very center of where economic and environmental policies meet. IMF Managing Director, Kristalina Georgieva and Lord Nicholas Stern, of the London School of Economics, discuss the significance of the Special Report on Climate Change published in 2018 by the Intergovernmental Panel on Climate Change (IPCC), and how financial institutions can help countries live up to their Paris accord pledges to reduce carbon emissions. Nicholas Stern is Chairman of LSE's Grantham Research Institute on Climate Change and author of the Stern Review on the Economics of Climate Change published in 2006.
July was the hottest month on record according to the National Oceanic and Atmospheric Administration. Scientific research now indicates more clearly than ever that our growing carbon footprint is warming the planet at an alarming rate and threatening our ecosystems. In this podcast, economist Ralph Chami, and whale conservationist Michael Fishbach, explain the carbon capture potential of whales and how supporting international efforts to restore whale populations around the world is one of the simplest ways to fight climate change.
Ralph Chami’s article Whales Fight Climate Change in the online edition of Finance and Development Magazine.
The main objective of the Paris agreement signed by 190 countries in 2015, is to reduce carbon emissions and ensure a transition to low emissions economies. A new IMF paper looks at the role of fiscal policies in helping countries implement their climate strategies. Andrew Steer, President and CEO of the World Resources Institute joined a panel to discuss the paper at the Center for Global Development. Before joining WRI, Steer held senior positions at the World Bank and was the Chief Author of the landmark 1992 World Development Report that placed environmental economics front and center. In this podcast, Steer says carbon emissions need to be dramatically cut from the global economy to avoid dangerous climate change, and carbon pricing can help do that.
Read the paper: Fiscal Policies for Paris Climate Strategies
Nature and economic progress often have a conflicting relationship. In this podcast, lifelong champion of the natural world Sir David Attenborough joins IMF Managing Director Christine Lagarde for a tête à tête on how economic growth and the economies of nature can work together to preserve life on earth. While the world’s natural resources make life and industry possible, the demands of a growing economy are putting unsustainable pressures on our climate and vital ecosystems. In his broadcasting career spanning over six decades, Sir David Attenborough has connected people to the wonders of the natural world through visually stunning documentaries like The Blue Planet, and more recently Our Planet; the quintessential guide to the economy of nature. David Attenborough and Christine Lagarde met before a live audience during the IMF World-Bank Spring Meetings.
Some economists would argue that extreme weather can increase criminal behavior by reducing incomes—especially in the agriculture sector. But in this podcast, economist Gordon McCord says the psychological effect of higher temperatures on violent behavior plays a prominent role. McCord is coauthor of a study that uses data from homicides in Mexico spanning 15 years, and considers the impact of a cash transfer program on reducing interpersonal violence on hot days. He presented his research at the 2018 American Economic Association’s Annual Meeting in Philadelphia.
2 years after 195 countries came together under the Paris Agreement to combat the effects of climate change, leading climate economist Nicholas Stern remains cautiously optimistic. In his landmark report on the impact of climate change published in 2006, Stern warned that the cost of inaction would be far greater for future generations than the costs of actions taken to reduce carbon emissions. In this podcast, Stern says while the world “passed the test” when signing the Paris Agreement, he worries that policy makers will not act quickly enough. Stern joined a panel discussion on the economic and financial issues related to climate change at the IMF World-Bank Annual meetings.
Nicholas Stern, Professor of Economics and Government at the London School of Economics, and Chairman of its Grantham Research Institute on Climate Change and the Environment.
In September 2017, the Caribbean was hit by the most powerful Atlantic hurricane in recorded history. Irma’s 185 mile per hour winds left several countries devastated. During a seminar on sovereign debt at the IMF World-Bank Annual meetings, Grenada’s Prime Minister and chair of CARICOM, Keith Mitchell, said catastrophe risk insurance could help vulnerable countries mitigate some of the risk from increasingly severe weather patterns.
Keith Mitchell, Prime Minister of Grenada and chair of the Caribbean Community CARICOM
80 percent of the world’s energy consumption is based on fossil fuels which account for most of the greenhouse gas emissions that are warming the planet. Climate change is affecting the global economy and has become a defining feature in energy policy making. In this podcast, International Energy Agency Chief Economist, Laszlo Varro, says while efforts to reduce carbon emissions are generally off track, technological progress and investment momentum in the clean energy sector are reasons for optimism.
Laszlo Varro, Chief Economist for the International Energy Agency