The International Monetary Fund is exploring ways to help its members to address climate change policy challenges as global warming threatens to undermine productivity and growth, affecting the fiscal positions of governments and their debt trajectories.
Climate change is expected to affect asset valuations, with repercussions for financial stability, and also redistribute income around the globe, which will influence trade patterns and exchange rate valuations.
This will make it critical for the fund to play a bigger role in climate-related activities, the Washington-based lender said in a statement on Saturday.
The fund is discussing a paper that proposes strategies on how the multilateral institution can play a role in promoting policy co-ordination between countries to mitigate climate change, the fund said.
"To live up to its mandate ... the IMF needs to assist its members with addressing these challenges," it said. "The time has come for a systematic and strategic integration of macro-critical aspects of climate change into the IMF’s core activities."
In April, the fund urged countries to take swift action on climate change to avert future disasters, accelerate the push for greener economies and boost the economic recovery from the Covid-19 pandemic.
A policy mix of carbon taxes and green investment stimulus could increase the level of global output in the next 15 years by about 0.7 per cent and create about 12 million new jobs through 2027, IMF managing director Kristalina Georgieva said at the time.
The new IMF paper proposes covering climate change-related policy challenges comprehensively during economic consultations with countries.
The fund aims to ensure it discusses these issues with all members every five to six years, but more frequently with the largest emitters of greenhouse gases and countries particularly vulnerable to climate change.
It also suggests expanding coverage of climate risk to all financial stability assessments and a substantial scaling up of climate-related capacity development activities.
The IMF's executive directors welcomed the proposed strategies and agreed that climate change is a "global existential threat that poses critical macroeconomic and financial policy challenges" for member countries in the coming years.
Fight card
Preliminaries:
Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)
Main card:
Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)
Title card:
Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)
Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)
Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
RACE RESULTS
1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
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Price: Exact regional pricing TBA
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
