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Macroeconomic Consequences of Climate Change + Its Policy Responses; Findings from the Task Force on Climate, Development and the IMF - Shared screen with speaker view
Rajender Kumar
Greetings to the team, Ms Marilou, Ma Jun and Ms Xiaobei and a request to share the copy of paper as well as the ppt pls.
Alfonso Guerra
On CBAM: We thank the authors for this timely presentation. Question: We believe that we should regard these scenarios on the impact of countries as a “floor”. As the authors point towards the end of the paper there can be disruption in the trade system because of the imposition of these tariff adjustors, but also, very importantly, there can be retaliation if a country response to the imposition of sectoral tariffs (eg. Steel) with a trade restriction or a tariff in other export of the EU. Given the current geopolitical commercial tensions, including in the related global energy markets, this trade retaliation scenario could be the case in particular with respect to EMEs and even other advanced economies (USA). Can the authors comment on these retaliation scenarios?
Mannathoko Ita
Thank you for the insightful work; a very interesting spillovers paper. The findings and narrative are important. The large adverse impact on a low income country like Mozambique is quite disconcerting, as is the possibility that the defacto impact could be even larger in practice. Could you share data on export and GDP impacts on other countries in SSA beyond the few shown?
Iyabo Masha
I commend the authors for the quantification of the impact of the EU CBAM. Since many countries are developing their carbon policy, the scenario of retaliation that Claudia referred to is real, but the effectiveness of mitigation efforts hinges on international policy coordination.So, in addition to the roles identified for the IMF in the authors’ recommendations, do the authors see a role for IMF (and indeed other global organizations) in preventing potentially destabilizing cross-border spillovers?
Patricia Queiros Queiros
Greetings, Ms Marilou could you please share all the presentations ? (patricia.bettencourt@mep.gov.ao)
Ahmed Hrifa
Greetings, Ms Marilou Uy could you share the copy of paper as well as the ppt please (ahmedhrifa00@gmail.com)
The G-24 Secretariat
Thanks for your inquiries. We will share the papers and presentations after the webinar.
The G-24 Secretariat
You can also find the papers attached here for your convenience:
Ying Yang
We thank the authors for the informative report and presentation and have a few comments and one question on the CBAM paper. As we have long advocated, the IMF should place more emphasis on mobilizing financing for climate needs. In this regard, we support the idea of setting up decarbonization funds to help developing countries achieve green transition, and we encourage the authors to develop more concrete proposals in the upcoming paper. Meanwhile, The Fund also initiated discussion on setting up a new lending facility, the RST, to address long-term structural challenges such as the climate change. The recently announced climate strategy by the Fund, and discussion on the policy challenges stemming from the CBAM by the board are also welcoming steps.Finally, one question for Dr. Ma, as a well-respected expert in sustainable financing, could you please share your opinion on the role of the IMF in promoting sustainable financing under the current international institutional architecture? Thank you.
Mannathoko Ita
Thank you for the valuable climate impact analysis on Africa. The climate transition will be very difficult. However, I wonder if its worth quantifying the losses already borne - not just from disasters, but also from desertification over the past decade. Some countries have already lost agricultural output and seen significant erosion of agricultural livelihoods. I wonder if you could share some thoughts on what more you see IMF doing to help alleviate climate transition pressures beyond adjustments to inflation forecasting and monetary policy. To Ms. Adam, what do you think IMF could do on policy guidance to countries and the international community, to better complement your work?
Many thanks for the insightful presentations. On CBAM: As a result of levy and spillovers, would global trade response in terms of diversification/possible change in flows/directions be material? And between now and the phase in in 2026, what innovative measures can those industries involved in the simulation do? On Macro consequences in Africa: Adoption of climate-smart agriculture (CSA) along with other resource constraints could face many countries in Africa. How much considerations were given on availability and access to financing these CSAs?
Iyabo Masha
Regarding the paper on Africa, can the authors speak on the climate change impact from other macroeconomic channels like fiscal and financial sectors?For example, output loss will translate into revenue losses and spending pressures, which will trigger difficult fiscal policy choices especially in countries that struggle with constrained fiscal space and high debt burden.Similarly, financial sector stability could be threatened by the transition to a low carbon economy.How do these additional risks change the findings of the research?
Rajender Kumar
It was a wonderful presentation and very informative, my compliments to the presenters. I need to rush for another meeting. My absence may be excused. Rajender Kumar, Advisor to EDS12 World Bank
Tianwei Zhang
Thank you Marilou and all the presenters for their insightful papers! And many thanks for your answers. I have to excuse myself for another meeting at 10. Have a good day!
The G-24 Secretariat
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Hossam Ismaail
Thank you for your informative presentations and valuable discussions😀