INTERNATIONAL MONETARY FUND FINANCE & DEVELOPMENT

The climate crisis is too important to let our goals turn into failed promises //

Dear maria, Our Fall 2021 issue of F&D, produced in partnership with COP26, was just printed and published. In this edition, we focus on the urgent need for climate action that can usher in a new era of sustainable development with expanded opportunities for people across the world. "No transition is easy. It will require compensating the workers and businesses that bear the cost of a green transition. It means breaking down political economy impediments to rapid progress. It depends on collaboration by citizens, governments, corporations, financial institutions, philanthropists, and the scientific community. Perhaps most important, it will require that world leaders expand their ambition and action, including mobilizing finance to help developing economies adapt to climate shocks," writes F&D editor-in-chief Gita Bhatt. But before you dive in, I wanted to make special note of the stunning cover for this issue, which is by young Malaysian artist Nor Tijan Firdaus. It is an image of a young girl composed of discarded electronic components. The jarring composition creates a forceful reality of the consequences of human activity on the environment and climate. We hope you find this curated collection of cutting-edge research, analysis and insight meaningful and action-oriented. FEATURED ARTICLES: No Time to Waste | Kristalina Georgieva (IMF) Our Last, Best Chance on Climate | Amar Bhattacharya (Brookings) and Nicholas Stern (LSE) Five Things to Know about Carbon Pricing | Ian Parry (IMF) Driving Deep Decarbonization | James H. Stock (Harvard) Economics Nature’s Way | Partha Dasgupta (Cambridge) Fighting Climate Change with Innovation | Kelly Levin and Andrew Steer (Bezos Earth Fund) Climate Cooperation | Eddie Buckley (IMF) Chimpanzee Politics and Climate Change | Ruchir Agarwal (IMF) The Golden Opportunity | Alok Sharma (President for COP26) Advancing Gender Equality through Climate Action | Anne-Marie Trevelyan (COP26) Climate Change and Monetary Policy | Isabel Schnabel (ECB) Clean and Green Finance | Mark Carney (UN) Walking the Talk | Vanessa Nakate, Vladislav Kaim, Ernest Gibson (Youth Activists from Kenya, Moldova, and Fiji respectively) Asia's Climate Emergency | Era Dabla-Norris, James Daniel, and Masahiro Nozaki (IMF) Investing in a Sustainable Future | Val Smith (Citi) A Path to Zero | Christoph Bertram, Ottmar Edenhofer, and Gunnar Luderer (Potsdam Institute) Powering Growth in Africa | Benson Ireri and Rebekah Shirley (World Resources Institute) Linking Climate Change and Inequality | Céline Guivarch, Aurélie Méjean, and Nicolas Taconet (CIRED, France) Building Back Better—lessons from Dominica and Finland | Steven Dorst (Documentary Filmmaker) In addition, Bob Simison profiles Berkeley’s Solomon Hsiang for our People in Economics series, our In the Trenches interview features Maldives Environment Minister Aminath Shauna on the frontlines of fighting climate change, our Picture This series, led by Andrew Stanley, visualizes the IEA's path to decarbonize the energy sector in three decades, Adam Behsudi discusses the difference between mitigation and adaption for our Back to Basics series, and Analisa R. Bala digs into Bitcoin’s carbon footprint in our latest Currency Notes. Finally, we review three new books: Monetary Policy in Times of Crisis, Three Days at Camp David and Cogs and Monsters. THE DEEP DIVE Every week for the next few months, we'll dig deeper into the latest edition (and publish more online exclusives between issues to further the discussion), collect feedback from experts like yourself, and spark a larger conversation. Rahim Kanani Digital Editor F&D rkanani@IMF.org   P.S.  As always, this issue will soon be available in español, français, عربي, русский, 中文 and 日本語.