IMF chief: Leaders at COP26 need to be ‘more ambitious’

The head of the IMF calls on the world leaders participating in COP26 to appear “more ambitious” in their policies to prevent climate change, which he sees as “a very serious threat to financial and economic stability”.

“The climate threat requires more ambitious global action,” said Kristalina Georgieva in a text posted on the International Monetary Fund blog before traveling to the United Kingdom, where she will attend the UN summit.

“If they do not change, global policies will mean that carbon dioxide emissions in 2030 will be much higher than needed to keep its target (to reduce global warming) to 1,5 ° Celsius.” “, Writes the official.

“In order to achieve these reductions, people who make political decisions and are present at COP26 will have to fill two critical gaps: that of ambition and that of politics.”

The director general of the IMF mainly calls on “developed economies to reduce their emissions faster for reasons of justice and historical responsibility”.

“Even if the current commitments for 2030 are met, this will only represent one to two to three of the reductions needed to meet the temperature targets,” he said.

“However, whatever the distribution of reductions between groups of countries, everyone needs to do more.”

It urges rich countries to honor their commitment to provide $ 100 billion a year to those with the lowest incomes since 2020 to offset the cost of abandoning fossil fuels.

“The latest figures show that we remain below this target,” he said.

According to her, the generalization of the price of carbon dioxide should “play a central role” as it can give impetus to “emission reductions”.

“The world price of a ton (of carbon dioxide) of carbon must exceed $ 75 by 2030 to keep temperatures below 2 degrees Celsius,” said the head of the International Finance Corporation in Washington.