The Role of the IMF in Addressing Climate Change Risks

52 Pages Posted: 17 Nov 2022

See all articles by Marco Committeri

Marco Committeri

Banca d'Italia

Axel Brüggemann

Bank of Finland - Institute for Economies in Transition (BOFIT)

Patrick Kosterink

De Nederlandsche Bank

Thomas Reininger

Österreichische Nationalbank

Luc Stevens

National Bank of Belgium

Benjamin Vonessen

European Central Bank (ECB)

Andrea Zaghini

Bank of Italy

Isabel Garrido

Banco de España

Lena Van Meensel

Independent

Lija Strašuna

Independent

Nea Tiililä

Independent

Stephanie Weidner

Independent

Lucia Wilbert

Independent

Date Written: November, 2022

Abstract

Climate change poses three specific but interrelated policy challenges: climate change mitigation, climate change adaptation (which includes building up resilience) and managing transition risks. The International Monetary Fund (IMF) is a multilateral institution with global reach and near-universal membership. Therefore, along with other international organisations, it has an important role to play in addressing the policy challenges posed by climate change. This paper discusses the contribution the IMF makes and can make in its three areas of competence: surveillance, lending and technical assistance. The paper concludes that the IMF has significantly increased its engagement in climate change matters in recent years but should further intensify its efforts in ways that are fully consistent with its mandate.

Keywords: climate change, International Monetary Fund, lending, surveillance, technical assistance

JEL Classification: F3, F33, F34, O19, Q5, Q48, Q54

Suggested Citation

Committeri, Marco and Brüggemann, Axel and Kosterink, Patrick and Reininger, Thomas and Stevens, Luc and Vonessen, Benjamin and Zaghini, Andrea and Garrido, Isabel and Meensel, Lena Van and Strašuna, Lija and Tiililä, Nea and Weidner, Stephanie and Wilbert, Lucia, The Role of the IMF in Addressing Climate Change Risks (November, 2022). ECB Occasional Paper No. 2022/309, Available at SSRN: https://ssrn.com/abstract=4279138 or http://dx.doi.org/10.2139/ssrn.4279138

Marco Committeri (Contact Author)

Banca d'Italia ( email )

Via Nazionale 91
Rome, 00184
Italy

Axel Brüggemann

Bank of Finland - Institute for Economies in Transition (BOFIT) ( email )

Helsinki 00101
Finland

Patrick Kosterink

De Nederlandsche Bank ( email )

Netherlands

Thomas Reininger

Österreichische Nationalbank ( email )

Wien 9, Otto Wagner Platz
Postfach 61
A-1011 Wien, 1090
Austria

Luc Stevens

National Bank of Belgium ( email )

Brussels, B-1000
Belgium

Benjamin Vonessen

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Andrea Zaghini

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Isabel Garrido

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Lena Van Meensel

Independent

United States

Lija Strašuna

Independent

United States

Nea Tiililä

Independent

United States

Stephanie Weidner

Independent

United States

Lucia Wilbert

Independent

United States

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