Kristalina Georgieva urged advanced economies to cut emissions “for reasons of equity and historical responsibility”

IMF Managing Director Kristalina Georgieva urged world leaders gathered at the COP26 summit in Glasgow on Sunday to show more ambitious policies , calling climate change a “serious threat to macroeconomic and financial stability.”

Georgieva posted a blog entry titled “Climate Threat Calls for More Ambitious Global Action” before heading to Glasgow, where she will participate in climate talks, according to a spokesperson for the International Monetary Fund (IMF).

Left unchanged, “global policies will leave carbon emissions in 2030 much higher than necessary” to keep alive the goal of limiting global warming to just 1.5 degrees Celsius, Georgieva wrote.

“To achieve these cuts, policy makers attending COP26 must address two critical gaps: in ambition and in policy.”

Georgieva urged advanced economies to cut emissions “for reasons of equity and historical responsibility.”

“Even if current commitments by 2030 were met, this would only amount to between one and two-thirds of the reductions needed for temperature targets,” she warned.

“Regardless of how the cuts are distributed across groups of countries, everyone has to do more.”

She also called on advanced economies to stick to their commitment to provide $ 100 billion per year in financing to low-income countries, starting in 2020, to offset the cost of moving away from fossil fuels.

She warned that the latest figures show that “we fell short of that goal.”

Georgieva also argued that widespread carbon pricing should play a “central role” in climate policy and could help “drive emission reductions.”

“It would take a global carbon price in excess of $ 75 per tonne by 2030 to keep warming below 2 degrees Celsius,” she wrote.

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