IMF feels private sector will have big role to play in climate finance

Siphelele Dludla siphelele.dludla@inl.co.za

THE INTERNATIONAL Monetary Fund (IMF) has warned that the governments in emerging markets and developing economies (EMDEs) will not be able to finance the large climate mitigation investment needs, but the private sector will have to cover a major share of this. This was said in the October 2023 Global Financial Stability Report at the official kick-off of the IMF/World Bank annual meetings in Marrakech, Morocco yesterday. Achieving the transition to net-zero emissions by 2050 requires substantial climate mitigation investment in EMDEs, which currently emit around two-thirds of greenhouse gases. According to the International Energy Agency’s report in June, these countries will need about $2 trillion (R38.6trln) annually by 2030 to reach that ambitious goal, with most of that funding flowing into the energy industry. This is a fivefold…

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Cape Times (Digital) - 1 Issue, 2023-10-10

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