Sustainability can help to fuel the global recovery from the pandemic, International Monetary Fund chief Kristalina Georgieva said on Tuesday, as long as policymakers revitalise global co-operation and "wrestle" with climate change together.
The global economy is set to grow 5.5 per cent this year, 0.3 per cent "higher than projected before," Ms Georgieva told a virtual session at the World Economic Forum, while 2020 is still "a shrinking economy", at 3.5 per cent.
“We at the Fund are absolutely categorical on climate,” she said. “It is a fundamental risk to macroeconomic and financial stability and investing in the new climate economy is the best way we can boost growth and generate more jobs.”
However, to ensure climate change and sustainability becomes a prominent part of the post-pandemic future, Ms Georgieva said 2021 will become about 'the three R’s', with the first 'R' "the race" between a mutating virus and the vaccination drive.
“What we want to see is more collaboration globally,” she said.
The second 'R' is "the resolve" of policymakers to continue to support the most vulnerable parts of the economy, such as young people, women and low-skilled workers, to ensure they get through this crisis.
“Most importantly, [we need] the resolve of businesses to take on a big transformation [so that we have] capitalism that works for everyone. For us, it is critical that we see a future that is green, and that is fair and inclusive,” Ms Georgieva said.
Her third 'R' for 2021 is "to revitalise" global co-operation.
“It was not up to par with what the world needs last year," she said. “So we want to see big missions” such as climate change become something policymakers “wrestle” with together to overtake the big crisis hanging over our heads.
One of the most positive surprises of 2020, she said, was how the pandemic helped the world revaluate what matters in life.
In the very first round of fiscal stimulus, “we did not see much attention to green (issues) and probably rightly so”, said the IMF managing director as then the issue was preventing economies "from collapse".
In November, Bank of England governor Andrew Bailey said the UK had not abandoned its commitment to climate change despite the "stark decisions" it was forced to make to tackle the Covid-19 crisis.
Mr Bailey said the regulator decided to prioritise people’s jobs, livelihoods and businesses at the start of the crisis, however, the UK now aims to build a financial system that is resilient to the risks from climate change and is supportive of a net-zero economy.
Ms Georgieva said this type of change in fiscal measures has seen much more attention paid to "integrating climate risks and more importantly, opportunities of the transition to the new climate economy",
Europe vowed on Tuesday to push nations around the world to move climate action up their political and economic agendas as it forges ahead with an ambitious green overhaul to become the world’s first continent to zero-out greenhouse gases.
“We are seeing these measures coming around the world and we want to encourage more of those," said Ms Georgieva.
"Where I am particularly positive is when people say 'there is no way back'."
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UAE currency: the story behind the money in your pockets
Racecard
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE currency: the story behind the money in your pockets
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
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Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Company%C2%A0profile
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More on Quran memorisation:
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE%20Warriors%2033%20Results
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
