The IMF has outlined an “overwhelming” case for tackling climate change that would dwarf the short-term increase in costs to the economy forecast as a result of a shift in energy to renewable sources by 2030.
The short-term costs would increase as a result of “further procrastinating” by governments globally in the effort to lower greenhouse gas emissions by the necessary 25 per cent over the next eight years to limit global warming.
The fund estimated a lowering of global growth caused by implementing climate change policies by the end of the decade, stating that a “rapid” transition towards low-carbon technologies would cost the global economy between 0.15 and 0.25 percentage points of GDP growth annually to 2030.
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