IMF AT COP29

This Critical Decade: A Wake-up Call for Global Climate Action

10:00 AM - 10:45 AM (GMT+4)

Urgent action to cut greenhouse gas (GHG) emissions is needed now. Early next year, all countries will set new emissions targets for 2035 while revising their 2030 targets. Substantial gaps in global ambition and implementation still remain, with current levels of Nationally Determined Contributions only reducing global emissions by one quarter of what’s needed. Further delay will lead to an “emissions cliff edge,” implying implausible cuts in GHGs after 2030 and putting the target of 1.5°C beyond reach. This session assesses the question: Is the world on track to net zero? Building on updated IMF research, it will explore how to equitably close the global gap in climate ambition to achieve the Paris Agreement goals.

Moderator: Will Kennedy, Senior Executive Editor for Energy and Commodities, Bloomberg

Essential reading

• Sleepwalking to the Cliff Edge?: A Wake-up Call for Global Climate Action

The Role for the Bretton Woods Institutions in Climate Action

5:00 PM - 5:45 PM (GMT+4)

This year marks the 80th anniversary of the creation of the Bretton Woods institutions and offers a moment to reflect on current and future global challenges. No challenge is bigger than the climate crisis. The World Bank group and the IMF are already taking unprecedented measures to mobilize their resources and expertise to address it. This session will feature a range of perspectives on what is working, how to scale those efforts up and what else can be done over the next few critical decades.

Moderator: James Astill, Deputy Director, Communications, IMF

Unlocking Financing for the Green Transition in Emerging and Developing Economies

6:15 PM - 7:00 PM (GMT+4)

Delivering on global climate goals requires a shift to renewable energy and other green technologies. The main challenge for developing economies is securing funding for this transition. With limited fiscal space and low financial development, foreign direct investment (FDI) and official lending are crucial. Based on recent IMF staff publications, a high-level panel will discuss market reforms and financial sector policies to attract official financing, the impact of climate policies on FDI in low-carbon technologies, and the conditions needed to attract it. Panelists will also explore how domestic policies can enhance government revenue to support renewable energy. Additionally, they will consider how Just Energy Transition Partnerships, public-private partnerships, blended finance structures, and international cooperation can catalyze financing for renewable energy investments.

Moderator: Pilita Clark, Associate Editor, Financial Times

Essential reading

• Policies to Foster Green FDI: Best Practices for Emerging Market and Developing Economies
• Harnessing Renewables in Sub-Saharan Africa: Barriers, Reforms, and Economic Prospects
• Financial Sector Policies to Unlock Private Climate Finance in Emerging Market and Developing Economies, Chapter 3, October 2023 Global Financial Stability Report (GFSR)

Destination Net Zero: The Urgent Need for a Global Carbon Tax on Aviation and Shipping

4:00 PM - 4:45 PM (GMT+4)

The need to decarbonize international transportation has long been overlooked. Aviation and shipping account for a rapidly growing share of global carbon dioxide emissions. This session will explore global mitigation policies for the sectors, notably a carbon tax and other pricing instruments like feebates, which could kick-start the sectors’ transitions towards net zero while generating substantial revenue for climate finance. The event, based on IMF’s recent analysis, will address practical policy options, their implementation, and the allocation of revenues from pricing to drive meaningful change in these hard-to-abate sectors.

Moderator: Pilita Clark, Associate Editor, Financial Times

Essential reading

• Destination Net Zero: The Urgent Need for a Global Carbon Tax on Aviation and Shipping

The Pioneering Role of IMF’s Resilience and Sustainability Trust (RST) in Climate Action

9:00 AM - 9:45 AM (GMT+4)

The IMF’s Resilience and Sustainability Trust was established in 2022 to help low-income and vulnerable middle-income member countries build resilience to external shocks. Its lending facility, the Resilience and Sustainability Facility (RSF), provides countries affordable longer-term financing to address enduring structural challenges, including from climate change and pandemics. To date, the Fund has approved 20 arrangements with total commitments of more than $9.5 billion. While most arrangements are still less than a year old, an early assessment of the RSF indicates a positive impact on the progression of reforms. In this event, panelists will discuss how specific countries benefited from the RSF and the lessons learned in the process, and will talk in more detail about policy reforms on climate adaptation and mitigation that are already bearing fruit.

Moderator: Simon Jessop, Reuters

Essential reading

Bridging the Adaptation Financing Gap: Challenges and Potential Solutions

4:00 PM - 4:45 PM (GMT+4)

Managing the impact of climate change demands significant investment in climate resilience, especially in emerging markets and developing economies (EMDEs), which are disproportionately affected despite contributing the least to the problem. It is estimated that adaptation finance flows to these countries will need to significantly increase at a time when they already face the challenge of mobilizing funds for their development needs. Despite increasing awareness of the urgent need for adaptation action, financial resources to implement remain inadequate. In this session, the panelists will discuss how to enhance partnerships and cooperation to scale up adaptation financing for EMDEs and explore the role various stakeholders—including public institutions, private sector, and civil society—in attracting private capital for adaptation investments.

Moderator: Anca Gurzu, Chief Europe Correspondent, Cipher News

Essential reading

• Unlocking Adaptation Finance in Emerging and Developing Economies. Staff Climate Note.

Measuring Climate Risks for Smarter Adaptation and Mitigation Solutions

10:00 AM - 10:45 AM (GMT+4)

As extreme weather events like floods, droughts, wildfires, and heatwaves become more frequent and severe and as transition risks associated with shifting to a low-carbon economy increase, it is crucial to understand their impact on people, infrastructure, financial markets, and economies. To create effective climate policies, we need timely and thorough risk assessments that look ahead. This joint session with the World Bank will focus on global efforts to build an internationally accepted framework for measuring both physical and transition risks of climate change. Panelists will discuss how these risk indicators can help assess countries' vulnerabilities and guide the development of stronger, more resilient policies and adaptation strategies.

Moderator: Professor Matthew Agarwala,  Bennett Chair in Sustainable Finance at the Bennett Institute for Innovation and Policy Acceleration, University of Sussex Business School

Essential reading