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Political Science > Environmental Policy

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Cover Technical Assistance Reports
Colombia: Technical Assistance Report-Report of the Diagnostic Mission on Macro-relevant Climate Change Statistics (July 17–21, 2023)
International Monetary Fund. Statistics Dept.
Colombia is deeply committed to climate change policies, as evidenced by Law N° 1931 (2018), which outlines actions to adapt to climate change and reduce greenhouse gas emissions, aiming to decrease the vulnerability of the population and ecosystems while promoting a sustainable, low-carbon economy. The National Statistical office of the country, Departamento Administrativo Nacional de Estadística (DANE), is dedicated to developing integrated environmental and economic data, and regularly compiles and disseminates selected accounts from the System of Environmental-Economic Accounting (SEEA). However, to effectively implement climate change mitigation and adaptation strategies, Colombia requires substantial amounts of granular, relevant, and reliable data for evidence-based planning. In this context, a mission took place from July 17-21, 2023, funded by the Swiss State Secretariat for Economic Affairs (SECO) and hosted by DANE. During this mission, discussions with authorities focused on key priorities, identifying feasible developments such as enhancements to existing SEEA energy and emissions flow accounts, mineral and energy asset accounts, and the establishment of domestic carbon footprints.
Keywords:
Colombia; Environmental and Climate Change Statistics; SEEA; and SECO.; IMF executive directors; instrumentalities of the CD recipient; climate change data; State secretariat; climate change statistics; Climate change; Greenhouse gas emissions; Climate policy; Tourism; Caribbean
Cover Staff Climate Notes
Harnessing Renewables in Sub-Saharan Africa: Barriers, Reforms, and Economic Prospects
Kailhao Cai, Thibault Lemaire, Andrea Medici, Giovanni Melina, Gregor Schwerhoff, and Sneha D Thube
Sub-Saharan Africa needs to significantly accelerate its electricity generation. While hydropower is prominent in some countries, solar and wind power generation has lagged other world regions, even though sub-Saharan Africa has some of the most favorable conditions. A mix of domestic and external financing can increase both renewable electricity generation and GDP. In a scenario where about $25 bn in climate finance flows are allocated annually to renewable energy, renewable electricity production could be up to 24 percent higher than in a scenario excluding this financing, and annual GDP growth would be boosted by 0.8 percentage point on average over the next decade, accompanied by stronger labor demand in the electricity sector. Policies can help catalyze climate finance. An ambitious package of governance, business regulations, and external sector reforms is associated with a 20 percent increase in climate finance flows and a 7 percent increase in electricity generation over five years. In addition, implementing climate policies is linked to increases in green foreign direct investment announcements and green electricity production.
Keywords:
Sub-Saharan Africa; electricity generation; renewable energy; climate finance; economic development; market reforms; climate policies; IMF staff Climate note; harnessing renewable; part of the International Monetary Fund; IMF analysis; IMF staff Climate; Electricity; Climate policy; Africa; Global; East Africa
Cover IMF Working Papers
Banking Law and Climate Change: Key Legal Issues
Mario Tamez, Ender Emre, and Alessandro Gullo
This paper explores the intersection of climate change policies with banking supervisory law. Statutory mandates define banking supervisory agencies’ objectives, functions and powers. Policies that aim to address climate change risks appear fully germane to banking supervisors’ main objective of safety and soundness. As such, banking supervisory agencies have a duty to address climate risks in light of their mandate. A mandate that is not anchored on safety and soundness in light of best practice would blur the accountability of banking supervisory agencies and undermine their legitimacy also with respect to climate. While legal changes can help provide greater legal certaintly, particularly given the long-term perspective of climate change, bank supervisory agencies can take action without fundamental reforms of their legal framework. Accordingly, they have set expectations or requirements for banks to incorporate climate into their strategy and business model, risk management, and governance. A combination of legal instruments—based on soft law and hard law—helps to achieve this objective. Notwithstanding implementation challenges, taxonomies and disclosures remain important tools, and banking supervisors should assess their role in the development of such tools in light of their mandate. The key responsibility to address climate risks rests on banks, and corporate governance frameworks could assist.
Keywords:
Climate Change; Banking Law; Legal Framework; climate change risk; banking supervisor; corporate governance framework; supervisory agency; climate consideration; Climate policy; Bank legislation; Corporate governance; Global
Cover Technical Assistance Reports
Cabo Verde: Technical Assistance Report-Climate Policy Diagnostic
International Monetary Fund. Fiscal Affairs Dept.
Cabo Verde faces development challenges from multiple structural factors, including insularity, territorial discontinuity, fragility of ecosystems, and scarcity of natural resources, namely water and arable land. Climate change implications are amplifying these challenges. As an island extension of the arid Sahel zone, Cabo Verde faces severe water shortage, which the country addresses more and more through energy intensive desalination, using electricity produced largely by thermal power plants, which depend entirely on imported fossil fuels. The resulting high energy prices directly impact the cost of water production. In conjunction with climate change induced aridity, the energy-water-climate nexus presents the core development challenge for the country.
Keywords:
climate change implication; cross government coordination; policy priority; climate change management coordination; authorities of Cabo Verde; government transfer; Climate change; Renewable energy; Electricity; Greenhouse gas emissions; Global
Cover IMF Working Papers
Cross-Border Impacts of Climate Policy Packages in North America
Jean-Marc Fournier, Tannous Kass-Hanna, Liam Masterson, Anne-Charlotte Paret, and Sneha D Thube
We quantify cross-border effects of the recent climate mitigation policies introduced in Canada and the U.S., using the global general equilibrium model IMF-ENV. Notably, with the substantial emission reductions from Canada’s carbon tax-led mitigation policies and the U.S.’ Inflation Reduction Act, these two countries would bridge two-thirds of the gap toward their Nationally Determined Contribution (NDC) goals. While the broadly divergent policies are believed to elicit competitiveness concerns, we find the aggregate cross-border effects within North America to be very limited and restricted to the energy intensive and trade exposed industries. Potential carbon leakages are also found to be negligible. A more meaningful difference triggered by policy heterogeneity is rather domestic, especially with U.S. subsidies increasing energy output while the Canada model with a carbon tax would marginally decrease it. This analysis is complemented by a stylized model illustrating how such divergence can affect the terms of trade, but also how these effects can be countered by exchange rate flexibility, border adjustments or domestic taxation.
Keywords:
Climate Policy; Climate Change Policy; Nationally Determined Contributions (NDCs); Mitigation; Climate subsidies; Carbon Tax; Carbon pricing; Spillovers; North America; Global; IMF-ENV model; Computable General Equilibrium (CGE) models; Competitiveness; Greenhouse Gas Emissions (GHG); Revenue Recycling; Inflation Reduction Act (IRA); Power; Electricity; climate policy package; mitigation policy; green subsidy; Canada's Carbon pricing policy; divergent policy
Cover IMF Staff Country Reports
Cameroon: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyzes structural transformation and export diversification in Cameroon. Cameroonian authorities aim for the structural transformation of the economy and export diversification because of their well-known benefits. Structural transformation and export diversification reinforce each other. Structural transformation of the economy and diversification of exports are key development priorities for Cameroon. They intend to achieve this objective through import substitution policy. However, empirical literature points out those horizontal policies, such as investments in human capital and infrastructure and governance improvement, are not only the most effective to foster structural transformation and export diversification, but also a necessary condition for the success of any industrial policy. Despite a longstanding objective of the country to industrialize, its manufacturing has been persistently sluggish, and its exports were concentrated in minerals, fuel, and raw commodities in less diversified destinations outside Africa. Therefore, it is advisable that the authorities concentrate efforts on those areas as a priority because the country’s related performance has substantial deficits.
Keywords:
export concentration; export destination; export structure; Policy recommendation; mitigation financing; Climate change; Exports; Export diversification; Structural transformation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Cameroun: Questions Generales
International Monetary Fund. African Dept.
Questions Generales
Keywords:
export concentration; export destination; export structure; Policy recommendation; mitigation financing; Climate change; Exports; Export diversification; Structural transformation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Paraguay: Second Review Under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
International Monetary Fund. Western Hemisphere Dept.
This paper presents Paraguay’s Second Review under the Policy Coordination Instrument, Request for an Extension of the Policy Coordination Instrument, Modification of Targets, Inflation Band Consultation, and Request of Arrangement under the Resilience and Sustainability Facility (RSF). The government is committed to continued prudent macroeconomic policies and the implementation of structural reforms, including a series of adaptation and mitigation measures and to preserve and expand its green energy matrix. Barring global and weather-related external shocks, Paraguay’s growth prospects are bright. It remains important for Paraguay to rebuild fiscal buffers, including through implementation of long-standing structural reforms. The re-establishment of the fiscal deficit rule by 2026 is rightfully the government’s key priority. The authorities are committed to implementing an ambitious set of climate-related reforms consistent with maximum access under the RSF. The commitment to implement an ambitious matrix of climate-related reforms, closely coordinated with development partners, will help enhance the country’s image as a ‘green’ investment destination.
Keywords:
inflation expectation; inflation-targeting regime; sound capacity; BCP credit survey; RSF request; Climate change; Electricity; Global; South America
Cover Fiscal Monitor, October 2023