The International Monetary Fund is urging countries to scale up green investments and set a higher global carbon pricing floor to mitigate the adverse effects of climate change.
Green supply policies could result in a 2 per cent increase in the global gross domestic product this decade, creating "millions of jobs", Kristalina Georgieva, the managing director of the IMF wrote in the bank's Finance and Development magazine's September issue.
"On average, about 30 per cent of new investment is expected from public sources, making it vital to mobilise private financing for the remainder," she said.
The Washington-based lender reiterated its push for a higher carbon price ceiling and reduced fossil fuel subsidies to cut emissions.
Countries around the world are being encouraged to adopt a strict carbon pricing mechanism.
A carbon price puts a specific value on a tonne of carbon emitted by an industry, thereby making it more expensive to pollute the environment. A carbon price floor, which the IMF has been recommending, imposes a tax on fossil fuels to incentivise investment in low-carbon alternatives.
"Price signal must get predictably stronger – reaching an average global carbon price of $75 per tonne by 2030, way up from today’s $3 per tonne. Major emitters agreeing on an international carbon price floor would be a good start," Ms Georgieva said.
She also urged governments to cut down subsidies amounting to $5 trillion annually, even at the risk of significant political costs.
Her comments come ahead of the Cop26 meeting of world leaders in Glasgow, Scotland in November.
World leaders at the conference will aim to strengthen commitments made in Paris in 2015 to stabilise the planet's climate and look to speed up action to achieve a zero-carbon future by 2050.
The Paris Agreement provides a mandate for countries to lower their carbon emissions to well below 2°C above pre-industrial levels, preferably about 1.5°C.
Reforming carbon pricing has been cited as an important goal towards reaching net-carbon neutrality by the middle of the century, according to several models.
Carbon pricing will have to increase more than seven-fold to contain global warming to pre-industrialisation levels of 1.5°C under the Paris Agreement, consultancy Wood Mackenzie said in March.
Carbon prices would need to rise to $160 per tonne of carbon dioxide by 2030, up from the current global average of $22 per tonne to support the 1.5-degree pathway.
"A credible carbon price would send a critical signal to direct investment and innovation toward clean technologies and encourage energy efficiency," economists Amar Bhattacharya and Nicolas Stern also wrote in the IMF's Finance and Development magazine's September issue.
"Increased spending on sustainable infrastructure has strong multiplier effects. In the short term, it can help the world economy recover from the effects of the Covid-19 pandemic by creating jobs and investment opportunities," they said.
Developed countries are being urged to help bridge the gap in financing for developing economies by spending $100 billion on an annual basis in climate finance.
Ms Georgieva said countries had "no time to waste" in helping the least developed nations also accelerate energy transition efforts.
"The world’s poorest countries have contributed the least to climate change, but are most vulnerable to its effects and least able to cover the cost of adaptation," she said.
"With many of the lowest-cost mitigation opportunities in emerging market and developing economies, it is in the global interest that developed economies fulfil their commitment."
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SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The five pillars of Islam
UAE currency: the story behind the money in your pockets
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Mohammed bin Zayed Majlis
The five pillars of Islam
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
