After Paris: fiscal, macroeconomic, and financial implications of climate change
In a report published as part of the International Monetary Fund (IMF) Staff Discussion Note (SDN) series, experts examine the role that fiscal polices can play in assisting countries to implement the Paris Agreement adopted at the end of 2015. The paper, titled 'After Paris: Fiscal, Macroeconomic, and Financial Implications of Climate Change,' considers how developing and developed countries alike can prevent deaths, raise revenue for adaptation and attract private finance flows for mitigation by getting fiscal policies right, with a focus on carbon pricing. While the 196 Parties to the UNFCCC adopted the Paris Agreement, which will still require ratification by at least 55 Parties covering 55% of the world's emissions to enter into force, the authors point out that practical policy implementation must now be the focus. They highlight fiscal, financial and macroeconomic policies that can help the world "come to grips with climate change," and aid in the fulfillment of the 186 intended nationally determined contributions (INDCs) submitted by Parties.