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IMF Chief: $1 Trillion Post-Coronavirus Stimulus Must Tackle Climate Crisis

May 02, 2020 |

This article was originally published on Climate Home News.

“Money to rebuild after the public health crisis should be directed into green investments and not subsidise fossil fuels, according to IMF chief Kristalina Georgieva.

It would be a mistake to “pause” action on climate change while responding to coronavirus, she said. “We are about to deploy enormous, gigantic fiscal stimulus and we can do it in a way that we tackle both crises at the same time… If our world is to come out of this [coronavirus] crisis more resilient, we must do everything in our power to make it a green recovery.”

Mark Carney, a UN special envoy on climate finance and advisor to the UK hosts of the next UN climate negotiations, elaborated on the theme.

“To build back better, we need to learn from our current predicament,” he said. “We cannot wish away systemic risk.”

Endorsing Georgieva’s advice, Carney added that governments should “use this opportunity to implement a new financial framework that is centred around the transition” to a clean economy.”

Read on at: Climate Home News

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