Macro Financial Policy

Climate change and policy responses to climate change pose significant risks to financial and fiscal stability, poverty and inequality and the long-run growth prospects of the world economy.

As the only multilateral, rules-based institution charged with promoting the stability of the international financial and monetary system in order to enable longer-run growth, the International Monetary Fund (IMF) has a central role to play in the transition to a low-carbon and resilient global economy.

To that end, the Task Force on Climate, Development and the International Monetary Fund is a consortium of experts from around the world utilizing rigorous, empirical research to advance a development-centered approach to climate change at the IMF. The global community must support climate resilience and transitions to a low-carbon economy in a just manner, and the role of the IMF in supporting a globally coordinated response is vital.

A new report provides an independent, preliminary assessment of the IMF’s efforts to mainstream climate change. The assessment is evaluated through the development-centered lens articulated in the Task Force’s initial strategy report and advances actionable policy recommendations for the IMF and its stakeholders. The report finds that, while modest progress has been made, the IMF must show greater leadership on climate change and development in three key areas: multilateral surveillance, bilateral surveillance and its lending toolkit.

About

The Task Force on Climate, Development and the International Monetary Fund is a consortium of experts from around the world convened to advance a development-centered approach to climate policy at the International Monetary Fund (IMF). It is imperative that the global community support climate resilience and transition to a low-carbon economy in a just manner, and the IMF’s role in supporting a globally coordinated response is vital.

The Task Force will engage in and utilize rigorous, empirical research to inform policies that align international financial stability and growth with global climate goals.

The Task Force launched on October 4, 2021 with two inaugural publications:

A strategy report proposing a framework for the IMF to help facilitate just, green transitions for member countries.
A policy brief presenting a structure for the IMF’s proposed Resilience and Sustainability Trust to help distribute the historic $650 billion in Special Drawing Rights for rebuilding the global economy.

Recognizing that a shift into the climate policy landscape will require significant reform to the IMF’s surveillance and advisory functions and finance toolkit, the Task Force will produce a series of research products while engaging in critical policy dialogue to provide empirical, rigorous research that can inform this transition.

Member institutions:

Intergovernmental Group of 24 (G24)
Vulnerable Group of 20 (V20) Ministers of Finance
African Center for Economic Transformation
African Economic Research Consortium
Boston University Global Development Policy Center
Centre for Policy Dialogue
Centre for Social and Economic Progress
Financial Futures Center
Macro and Green Finance Lab, National School of Development, Peking University
United Nations Economic Commission on Latin America and the Caribbean

Publications

The Task Force on Climate, Development and the International Monetary Fund is a consortium of experts from around the world convened to advance a development-centered approach to climate policy at the IMF informed by rigorous, empirical research. Don’t miss a publication by subscribing to our Task Force Newsletter.

Technical Papers

Policy Briefs

Reports

Members

The Task Force on Climate, Development and the International Monetary Fund is a consortium of experts from around the world convened to support the Intergovernmental Group of Twenty-Four (G24) and the Vulnerable Group of Twenty (V20) Ministers of Finance, IMF management and staff and key stakeholders to advance a development-centered approach to climate change at the IMF.