“The climate crisis is already causing serious disruption to life and livelihoods. With just 1.1 degrees Celsius rising in temperature, half the world’s population is experiencing uncertainty about water for at least a month a year. the region “, said the director general of the International Monetary Fund (IMF), Kristalina Georgieva. The IMF Managing Director addressed the World Government Summit in Dubai at an event on the IMF’s latest report on Climate Change in the Middle East and Central Asia, entitled “Feeling the Heat in Adjustment: Adaptation Middle East and Central Asia “, as broadcast by the Bulgarian agency BTA.
“In the last two decades, the frequency and severity of climate-related disasters in the region are growing faster than anywhere else on earth. The economic and financial impact of these climate effects is a significant threat to development and prosperity in the region,” he said. with the IMF analysis.
Climate disasters in the Middle East and Central Asia have hit and displaced 7 million people and caused more than 2,600 deaths and 2 billion. dollars in property damage. Extreme weather conditions usually reduce annual economic growth by 1-2 percentage points per capita. In the Caucasus and Central Asia sub-region, they caused a permanent loss of 5.5 percentage points of GDP, according to the report.
Today’s climate challenges are already coming at a heavy price. And even if significant global emissions reductions are taken into account by 2050, average summer temperatures could exceed 30 degrees Celsius in half the countries in the region, Georgieva said.
The IMF’s steps for countries to adapt their economies and societies to this daunting challenge include:
“First, all countries need to drastically reduce emissions to stabilize global temperatures and make the adaptation challenge more manageable. To ‘keep the 1.5 (degree) alive’ (s.s. global warming to 1.5 degrees Celsius), global emissions should be halved by 2030. To get there, we propose a steadily rising price of coal – including equivalent non-tariff measures – along with green To ensure a fair transition between and within countries, the UAE has led regional efforts by committing more than $ 160 billion to renewable energy sources to achieve zero to zero carbon emissions in 2050.
Second, priority is given to high-value risk management measures, which are justified in all future climate scenarios, while at the same time building the capacity to adapt to future changes.
Thirdly, the integration of dominant adaptation policies into national economic strategies, especially in a macroeconomic context, which should fully reflect climate risks.
These measures require additional effort, it is pointed out and added: the need for public investment in infrastructure could reach up to 3.3% of GDP per year for individual countries in the region over the next 10 years, more than double the average of emerging shopping.
However, it is noted that fiscal space is limited in many countries in the Middle East and Central Asia, especially in the aftermath of the pandemic. Adapting to enhance resilience to future climate-related disasters requires a mix of domestic policy reforms and greater international support.
In terms of domestic policy, countries could start by mobilizing revenue, increasing efficiency, and re-prioritizing public spending. Internationally, a good start would be for advanced economies to meet (or exceed) the $ 100 billion-a-year target for climate financing in developing countries.
The IMF is stepping up its climate commitment, helping countries strengthen their ability to integrate climate into their macroeconomic policies through analytical work, monitoring and capacity building. For example, in the coming World Economic Outlook will include a chapter on creating green jobs, said the head of the IMF.
The IMF is setting up a new Resilience and Sustainability Fund to address macro-critical long-term structural challenges in vulnerable member countries, including climate change.
In conclusion, Georgieva said that this year the international focus on climate issues is clearly focused on the Middle East. Egypt will host COP27 in November and in 2023 it will be the United Arab Emirates.
SOURCE: ΑΠΕ-ΜΠΕ
Source: Capital
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