ΙΜF:F&D Magazine: Fighting Climate Change with Innovation

 

Dear maria, Innovation in institutions, understanding, technology, and leadership is critical to confronting climate change, Kelly Levin and Andrew Steer write in an article for our most recent issue of Finance & Development Magazine. Innovation in all of the above areas has brought the world to where it is on climate change and will drive further progress, they write.  Read the full article below, on the web, or access a PDF. Have a print copy of F&D Magazine delivered to your home or office. When we gathered in Paris in 2015 to hammer out the historic climate deal, few of us dared hope that by 2021 more than 60 countries—representing over half of global emissions—would have committed to net zero emissions by mid-century. In addition, 4,500 non-state actors, such as companies, cities, regions, and other institutions, have embraced a net zero target. Asset owners and managers are also now stepping up, with over $40 trillion of assets under management committed to net zero portfolios by 2050. What has brought us to this inflection point of hope edging out despair? Innovation—in institutions, understanding, technology, and leadership. The Paris deal itself was hugely innovative. Politics ruled out a legally binding treaty, so a new approach had to be forged. Fiercely criticized by some for its voluntary nature and non-binding targets, it was predicated on the belief that despite a modest first round of commitments, growing scientific evidence, falling technology costs, and rising citizen demands for action would lead to more ambitious targets over time. Recent evidence appears to support this hypothesis, although it will be essential to continue to ramp up ambition in the years ahead if the Paris Agreement’s targets are to be met. There has also been innovation in the economic understanding of climate change. Not long ago economists, politicians, and business leaders overwhelmingly believed in a trade-off between climate action and economic growth. The cost of action today had to be weighed against the benefits of avoided costs in the distant future, with the discount rate a major focus of debate. This view has been largely replaced by an understanding that smart action against climate change doesn’t only stop bad things happening, it leads to increased efficiency, drives new technology, and lowers risk. These benefits in turn stimulate investment, generating jobs, creating healthier economies, and boosting the livelihoods and well-being of citizens, even in the near term. We’ve also seen important innovations in leadership. When in 2019 the Intergovernmental Panel on Climate Change (IPCC) concluded that the risks of 2°C average warming were simply too great, and recommended a maximum warming of 1.5°C, it implied a considerably more difficult task ahead. Many expected climate leadership to evaporate in the face of a much steeper hill to climb. However, once the magnitude of the necessary revolution became apparent, enlightened leaders recognized that they had to be all-in to manage risks and seize opportunities. Investors, staff, and customers wanted visionary leaders on the right side of history. To be sure, there are business and political leaders, as well as critical segments of the population, who have vested interests in maintaining the status quo and are resisting change, but the discourse is quite different today than it was only a few years back. Most dramatically, of course, innovation has driven down costs and introduced new technologies, and this must pick up speed throughout the current decade. A disruptive decade ahead Despite this good progress, we are far from an emissions trajectory that avoids even worse effects of climate change. Even if pledges are fully implemented, there remains a wide gulf between our current emissions path and one that achieves the Paris Agreement’s goals. Communities around the world are seeing the impact of just 1°C of warming, from extreme heat to uncontrollable fires to withering food crops to disappearing ice. The future world will be increasingly unrecognizable unless we transform our actions. Consider the scale of transformation required to limit dangerous warming. The share of renewables in power generation must move from about 25 percent today to almost 100 percent by 2050, and unabated coal will need to be phased out six times faster than it is today. We must renovate our buildings with zero-carbon heating and cooling and improved energy efficiency at a rate of 2.5–3.5 percent by 2030—significantly higher than today’s rate of 1–2 percent. While crop yields are expected to rise in the coming decades, according to the UN Food and Agriculture Organization, they must do so even more quickly on existing lands in order to meet a growing population’s food needs without encroaching upon forests, doubling recent rates over the next 10 years. This growth must at the same time avoid agricultural expansion and maintain soil health as well as water quantity and quality. Innovation will be critical to achieving these goals. The International Energy Agency’s (IEA’s) new net zero roadmap notes that the needed decarbonization by 2030 is largely achievable with readily available technologies, but by mid-century almost half of required emissions reductions will call for technologies that are not yet on the market. Reliance on technologies still under development is even higher for harder-to-abate sectors, such as long-distance transportation and heavy industry. Three innovation opportunities alone—direct air capture and storage, advanced batteries, and hydrogen electrolyzers—can deliver roughly 15 percent of cumulative emissions reductions between 2030 and 2050. Efforts to spur innovation must focus not only on research and development of these technologies but also on the technologies and infrastructure these solutions depend on, such as integrated grids and battery storage. Some trends already show incredible promise. Battery pack prices have fallen almost 90 percent over the past decade. We have seen exponential growth in renewables, now the technologies of choice in many places. And electric vehicle (EV) sales have accelerated, with a growing number of governmental phaseouts of internal combustion engines, subsidies to increase EV demand, and car companies’ embrace of EV fleet targets. ‘Systems change, not climate change’ The famous slogan from climate protesters, “systems change, not climate change,” gets it right. Incremental change that doesn’t quickly lock in a different trajectory will not deliver the change we need. Change must be systemic. History has demonstrated that seemingly impossible change can come about, but only when the right combinations of drivers come together. Addressing the climate crisis will also require innovation in many other arenas, such as finance, institutional design, novel partnerships, philanthropy, and international cooperation, to name a few. Take technological carbon removal, for example. The IPCC and National Academies of Sciences suggest that, by mid-century, 8–10 gigatons of carbon dioxide (GtCO2) may need to be removed annually, but we cannot rely on any one approach to achieve that scale. Natural approaches, such as landscape restoration, may remove 5–6 GtCO2, with significantly renewed efforts, but engineered approaches such as direct air capture and storage will be needed as well if we are to remove and store carbon as much as the latest science suggests is necessary. Yet many technological approaches remain at the earliest stages of development and require drastic cost reductions. Only a few companies are piloting direct air capture today. Scaling capture and storage will not only rely upon technological innovation to reduce energy inputs and costs, it will also depend on policy support such as tax credits, greater market demand, and public and private investment, among other factors. And in addition to support for the technology itself, another set of drivers must come together to support its enabling infrastructure. The decarbonization of cement production, one of the world’s most energy intensive materials, is another example of the need for innovation. Demand for cement is growing far more quickly than innovation is offering solutions. For a 1.5°C compatible pathway, the energy intensity of cement production must drop 40 percent in the next decade. Emissions-cutting strategies, such as novel cements that require less heat to produce, and the use of carbon capture and storage are not fully mature. In addition to investments in large-scale demonstration projects, scaling will require supportive policies such as low-carbon performance standards and updated industry standards. Public procurement incentives and mandates will also be key to stimulating demand. Financing needed The IEA estimates that $90 billion in public financing is needed as soon as possible to support demonstration projects for the energy transition before 2030, though only $25 billion is budgeted over the next decade. We must find new ways to leverage private investment while boosting and better aligning government spending. Policy and regulatory frameworks tailored to an innovation agenda and additional reduction of risk are needed to attract more private investment. Developing economies in particular need significant support—in the form of financing, technology transfer, and capacity building—to reap the benefits of innovation and move to a low-carbon future. With the right support, society’s transformation could take off in a way previously unimaginable—providing tremendous opportunities, including new job opportunities and the creation of whole new industries. It could also provide significant health benefits—for example, through air quality improvements. But it must be properly nurtured. The transformation will no doubt be disruptive. Governments measures must ensure that transitions are just and equitable, especially for workers and industries currently tied to a carbon-intensive future. Our recovery from COVID-19 presents a near-term opportunity to reshape our current systems and advance solutions for the future—instead of further locking in our fossil-fuel-intensive past. Adam Behsudi Senior Editor F&D Magazine abehsudi@IMF.org   P.S. See the full lineup of articles from our latest issue of Finance & Development.

 

Αθήνα, 25 Οκτωβρίου 2021

Δελτίο Ενημέρωσης Νο. 1403

Γ. Χατζηθεοδοσίου: «Ημέρα οδύνης για την Ελλάδα. Η Φώφη Γεννηματά θα μείνει αξέχαστη» Δήλωση του Προέδρου της Κεντρικής Ένωσης Επιμελητηρίων Ελλάδος και του Επαγγελματικού Επιμελητηρίου Αθηνών, κ. Γιάννη Χατζηθεοδοσίου, για την απώλεια... Περισσότερα

Απονομή των βραβείων “Βιώσιμης –Καινοτόμου & Υπεύθυνης Επιχειρηματικότητας” του Ε.Ε.Α. την 1η Νοεμβρίου παρουσία της Προέδρου της Δημοκρατίας Τη μεγάλη γιορτή της μικρομεσαίας επιχειρηματικότητας που έχει καθιερώσει το Επαγγελματικό Επιμελητήριο Αθηνών θα τιμήσει φέτος με την παρουσία... Περισσότερα Ρυθμίσεις χρεών για φυσικά πρόσωπα, επαγγελματίες και επιχειρήσεις Το Επαγγελματικό Επιμελητήριο Αθηνών διοργανώνει στις 3/11/2021, ώρα 17:00, διαδικτυακή εκδήλωση με θέμα «ΡΥΘΜΙΣΕΙΣ ΧΡΕΩΝ ΓΙΑ ΦΥΣΙΚΑ ΠΡΟΣΩΠΑ, ΕΠΑΓΓΕΛΜΑΤΙΕΣ... Περισσότερα Τοποθέτηση Αντιπρόεδρου Ε.Ε.Α. Ν. Γρέντζελου στη Βουλή για τις αλλαγές στα διπλώματα οδήγησης Ο Αντιπρόεδρος του Επαγγελματικού Επιμελητηρίου Αθηνών, κ. Νίκος Γρέντζελος, τοποθετήθηκε αναλυτικά, στις 22/10/2021, στις αρμόδιες Επιτροπές της Βουλής, επί... Περισσότερα Ας μιλήσουμε για φορολογικούς ελέγχους Του Παναγιώτη Παντελή – Φοροτεχνικού, Οικονομικού Επόπτη Ε.Ε.Α., σε συνεργασία με τον Ηλία Χατζηγεωργίου – Φοροτεχνικό, Αντιπρόεδρο Επιτροπής Λογιστών Ε.Ε.Α.... Περισσότερα

Ανακοίνωση του Γραφείου Τύπου της Νέας Δημοκρατίας για το θάνατο της Φώφης Γεννηματά

 

Αθήνα, 25 Οκτωβρίου 2021   Από το Γραφείο Τύπου της Νέας Δημοκρατίας εκδόθηκε η ακόλουθη ανακοίνωση: «Σε όλη της τη ζωή, η Φώφη Γεννηματά υπήρξε δυναμική, αξιοπρεπής και γενναία. Υπηρέτησε πιστά την πολιτική ζωή του τόπου, με πολιτική υπευθυνότητα και συνέπεια. Η μάχη της με τον καρκίνο συγκίνησε όλες τις Ελληνίδες και όλους τους Έλληνες και η είδηση της απώλειάς της μας συγκλονίζει. Στα παιδιά της, τον σύζυγο της, τους οικείους της και στο ΚΙΝΑΛ εκφράζουμε τα πιο βαθιά και ειλικρινή συλλυπητήρια μας».

The Prime Minister, Justin Trudeau, today announced ..

Prime Minister to travel to the Netherlands, Italy, and the United Kingdom

October 25, 2021
Ottawa, Ontario

The Prime Minister, Justin Trudeau, today announced he will travel to Europe for a bilateral visit to the Netherlands before participating in the Group of Twenty (G20) Leaders’ Summit in Italy and the United Nations Climate Change Conference (COP26) in the United Kingdom.

The Prime Minister will travel to The Hague, the Netherlands on October 29, 2021 where he will meet with Prime Minister Mark Rutte and other Dutch representatives to discuss both countries’ shared priorities and further the strong ties between Canada and the Netherlands.

The Prime Minister will then travel to Rome, Italy from October 30 to 31, 2021 to attend the G20 Leaders’ Summit. The Prime Minister will highlight Canada’s contributions to the global COVID-19 pandemic response and economic recovery, including support for low- and middle-income countries. He will also highlight Canada’s ambitious actions to cut pollution while creating new middle class jobs and accelerating the transition to clean energy.

Following the G20 Leaders’ Summit, Prime Minister Trudeau will travel to Glasgow, United Kingdom from November 1 to 2, 2021 to participate in COP26. At COP26, the Prime Minister will work with other leaders to accelerate global climate action to reduce pollution and meet targets outlined in the Paris Agreement, while creating economic growth for everyone.  At the Conference, he will also highlight Canada’s leadership in the fight against climate change. This includes setting a strengthened 2030 emissions reduction target, putting a price on pollution, passing legislation to require net-zero emissions by 2050, and doubling Canada’s financial contribution to support climate action in developing countries.

The G20 Leaders’ Summit and COP26 are critical opportunities for Canada to work together with its global partners to find real solutions to the world’s greatest challenges. Together, we will finish the fight against COVID-19, tackle the global climate crisis, and build a better future for everyone.  

Quotes

“Canada and the Netherlands have a strong and dynamic relationship created by our bonds in WWII, close people-to-people ties, and a shared commitment to democracy, climate action, human rights, and equality. With the Canada-European Union Comprehensive Economic and Trade Agreement, we have had the opportunity to collaborate further and create good, middle class jobs on both sides of the Atlantic. Together we will build a better future for our people and our countries.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“Canada is committed to support the global economic recovery, strengthen trade and create jobs, advance women’s economic empowerment, and lead the global fight against climate change. Canadians understand that the economic prosperity of our country is rooted in ensuring a cleaner future for our children and grandchildren. I look forward to working with leaders at the G20 Leaders’ Summit and COP26 so that, together, we can build a cleaner and more prosperous future for all.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Quick Facts

• About one million people of Dutch origin live in Canada. Canada celebrated its inaugural Dutch Heritage Day on May 5, 2019.
• Thanks to the Canada-European Union Comprehensive Economic Trade Agreement, bilateral merchandise trade between Canada and the Netherlands in 2020 was more than 18 per cent above its pre-CETA level in 2016. Trade in services increased by nearly 50 per cent.
• The G20 is the primary forum for international economic cooperation among its members. Members consist of the world's major economies, representing 80 per cent of global economic output, two thirds of the world's population, and 75 per cent of international trade.
• This is the seventh time Prime Minister Justin Trudeau will attend the G20 Leaders’ Summit.
• “COP26 is the highest profile UN climate change conference since 2015 when the Paris Agreement was adopted. Hosted by the United Kingdom, COP26 will bring parties together to accelerate action towards the goals of the Paris Agreement and the United Nations Framework Convention on Climate Change.
• Since 2015, Canada has invested approximately $100 billion toward climate action and clean growth, including as part of Canada’s strengthened climate plan. Most recently, the Government of Canada committed an additional $17.6 billion towards a green recovery that will build a clean economy, fight against climate change, and create good, middle class jobs.
• At the G7 Leaders’ Summit in June, the Prime Minister announced the doubling of Canada’s international climate finance, from $2.65 billion in 2015 to $5.3 billion over five years, including increased support for adaptation, as well as nature and nature-based solutions.

Associated Links

• Canada-Netherlands Relations
• Canada and the G20
• G20 Italia 2021
• Canada-Italy Relations
• UK COP26 2021
• UN climate change conference
• Canada's international climate finance
• Prime Minister Trudeau announces increased climate ambition

Le premier ministre se rendra aux Pays-Bas, en Italie et au Royaume Uni

Le 25 octobre 2021
Ottawa (Ontario)

Le premier ministre Justin Trudeau a annoncé aujourd'hui qu'il se rendra en Europe pour effectuer une visite bilatérale aux Pays-Bas avant de participer au Sommet des dirigeants du Groupe des Vingt (G20) en Italie et à la Conférence des Nations Unies sur les changements climatiques (COP26) au Royaume-Uni.

Le premier ministre se rendra à La Haye, aux Pays-Bas, le 29 octobre 2021, où il rencontrera le premier ministre Mark Rutte et d'autres représentants néerlandais pour discuter des priorités communes des deux pays et renforcer les liens solides entre le Canada et les Pays-Bas. 

Le premier ministre se rendra ensuite à Rome, en Italie, les 30 et 31 octobre 2021, pour assister au Sommet des dirigeants du G20. Le premier ministre mettra en relief les contributions du Canada sur la scène mondiale pour appuyer la réponse à la pandémie de COVID-19 et favoriser la relance économique, y compris le soutien aux pays à revenu faible ou intermédiaire. Il soulignera également les mesures ambitieuses prises par le Canada pour réduire la pollution, créer des emplois pour la classe moyenne et accélérer la transition vers l'énergie propre.

Après le Sommet des dirigeants du G20, le premier ministre Trudeau se rendra à Glasgow, au Royaume-Uni, les 1^er et 2 novembre 2021, pour participer à la COP26. Dans le cadre de cette conférence, le premier ministre travaillera avec d'autres dirigeants pour accélérer la lutte contre les changements climatiques à l’échelle mondiale afin de réduire la pollution et d'atteindre les objectifs énoncés dans l'Accord de Paris, tout en générant une croissance économique qui profite à tous. Il mettra également en évidence le leadership dont fait preuve le Canada dans cette lutte. Il donnera comme exemples l’établissement d'un objectif renforcé de réduction des émissions pour 2030, la tarification de la pollution, l'adoption d'une loi exigeant la carboneutralité d'ici 2050 et le doublement de la contribution financière du Canada à l’appui de l’action climatique dans les pays en développement. 

Le Sommet des dirigeants du G20 et la COP26 offrent au Canada des occasions cruciales de collaborer avec ses partenaires mondiaux afin de trouver des solutions concrètes aux plus grands enjeux de la planète. Ensemble, nous en finirons avec la COVID-19, nous nous attaquerons à la crise climatique mondiale et nous bâtirons un meilleur avenir pour tous.

Citations

« Le Canada et les Pays-Bas entretiennent des relations solides et dynamiques fondées sur les liens qui nous unissent depuis la Deuxième Guerre mondiale, sur les relations étroites entre nos populations et sur notre engagement commun envers la démocratie, l’action climatique, les droits de la personne et l'égalité. L'Accord économique et commercial global entre le Canada et l'Union européenne nous a permis de renforcer notre collaboration et de créer de bons emplois pour la classe moyenne des deux côtés de l'Atlantique. Ensemble, nous bâtirons un avenir meilleur pour nos populations et nos pays. »

Le très hon. Justin Trudeau, premier ministre du Canada

« Le Canada s'est engagé à soutenir la relance économique mondiale, à renforcer le commerce et créer des emplois, à favoriser l'autonomisation économique des femmes et à diriger la lutte mondiale contre les changements climatiques. Les Canadiens comprennent que la prospérité économique du pays repose sur la garantie d’un avenir plus propre pour nos enfants et nos petits-enfants. Je suis impatient de travailler avec les dirigeants au cours du Sommet des dirigeants du G20 et de la COP26 afin que nous puissions, ensemble, bâtir un avenir plus propre et plus prospère pour tous. »

Le très hon. Justin Trudeau, premier ministre du Canada

Faits saillants

• Environ un million de personnes d'origine néerlandaise vivent au Canada. Le Canada a célébré sa première Journée du patrimoine néerlandais le 5 mai 2019.
• Grâce à l'Accord économique et commercial global entre le Canada et l'Union européenne (AECG), le commerce bilatéral de marchandises entre le Canada et les Pays-Bas en 2020 a augmenté de plus de 18 % par rapport à son niveau d'avant l'AECG en 2016. Le commerce des services, quant à lui, a augmenté de près de 50 %.
• Le G20 est le principal forum de coopération économique internationale entre ses membres, les principales économies mondiales, qui représentent 80 % de la production économique mondiale, deux tiers de la population mondiale et 75 % du commerce international.
• Ce sera la septième participation du premier ministre Justin Trudeau au Sommet des dirigeants du G20.
• La COP26 est la conférence la plus importante des Nations Unies sur les changements climatiques depuis l'adoption de l'Accord de Paris en 2015. Organisée par le Royaume-Uni, la COP26 réunira les parties afin d'accélérer les efforts déployés pour atteindre les objectifs énoncés dans l'Accord de Paris et la Convention‑cadre des Nations Unies sur les changements climatiques.
• Depuis 2015, le Canada a investi environ 100 milliards de dollars dans les mesures climatiques et la croissance propre, notamment dans le cadre du plan climatique renforcé du Canada. Plus récemment, le gouvernement du Canada s'est engagé à investir 17,6 milliards de dollars supplémentaires dans une relance verte qui permettra de bâtir une économie propre, de lutter contre les changements climatiques et de créer de bons emplois pour la classe moyenne.
• Lors du Sommet des dirigeants du G7 en juin dernier, le premier ministre a annoncé que le Canada allait doubler son financement en faveur du climat, pour le faire passer de 2,65 milliards de dollars en 2015 à 5,3 milliards de dollars sur une période de cinq ans. Ce nouvel engagement prévoit une augmentation des fonds destinés à l'adaptation ainsi qu’à la nature et aux solutions fondées sur la nature.

Liens connexes

• Relations Canada-Pays-Bas
• Le Canada et le G20
• G20 Italia 2021 (en anglais seulement)
• Relations entre le Canada et l'Italie
• UK COP26 2021 (en anglais seulement)
• Conférence de l’ONU sur les changements climatiques
• La participation du Canada au financement international de la lutte contre les changements climatiques
• Le premier ministre Trudeau annonce une plus grande ambition climatiqueFrom the Prime Minister's Web Site (https://pm.gc.ca/)
• 
  

Statement by the Prime Minister on United Nations Day

• October 24, 2021
  Ottawa, Ontario
  
  

  The Prime Minister, Justin Trudeau, today issued the following statement on United Nations Day:

  “Today, on United Nations Day, we join people around the world to commemorate the 76th anniversary of the founding of the United Nations (UN). We also reflect on the vital role that the UN plays to improve people’s well-being by creating a safer and more prosperous world for all.

  “Since its creation, the UN has contributed to making a real difference in the lives of millions of people around the world. From ending wars, to delivering humanitarian and development assistance, and strengthening multilateralism, it brings together all countries to take action to make a positive difference in people’s lives and for the planet. The UN continues to work to build a more effective, relevant, and accountable organization equipped to meet the challenges of the 21st century.

  “Canada has a long and proud history of working with the UN to help address important global challenges. We helped draft the UN Charter, and resolve the Suez Canal crisis. We have championed human rights, worked on advancing gender equality, and taken part in peacekeeping missions in every corner of the world. We have also played a leadership role in helping fight diseases around the world. Our support to UN entities, such as the WHO and UNICEF, has helped immunize more than half a billion children around the world. Canada is also working with UNAIDS to help end AIDS by 2030.                                                                                             

  “The world is facing simultaneous crises, including climate change and the COVID-19 pandemic, which have made inequalities worse, tested our resilience, and highlighted our collective shortcomings. These challenges remind us how interconnected and vulnerable we are, which is why we have to work together to find collective solutions to our shared problems. We are committed to achieving net-zero emissions by 2050. We have also strengthened our emissions reduction targets to between 40 and 45 per cent below 2005 levels by 2030. Since the start of the COVID-19 pandemic, Canada has mobilized more than $2.5 billion in international assistance, and taken actions to address the unfair distribution of vaccines. We are working to achieve the Sustainable Development Goals at home and abroad to help make the world healthier, more peaceful, and more prosperous for all. 

ΙΜF:New Chart of the Week: Longer Delivery Times Reflect Supply Chain Disruptions

 

Suppliers’ delivery times have hit record highs since late 2020.

Dear maria, We just published a new blog—please find the full text below. Longer Delivery Times Reflect Supply Chain Disruptions By Parisa Kamali and Alex (Shiyao) Wang Supply chain disruptions have become a major challenge for the global economy since the start of the pandemic. Shutdowns of factories in China in early 2020, lockdowns in several countries across the world, labor shortages, robust demand for tradable goods, disruptions to logistics networks, and capacity constraints have resulted in big increases in freight costs and delivery times. Our chart of the week shows suppliers’ delivery times in the United States and the European Union have hit record highs since late 2020 (the data goes back to 2007). IHS Markit’s suppliers’ delivery times index is constructed from Purchasing Managers Index business surveys and reflects the extent of supply chain delays. To calculate the index, purchasing managers are asked if their suppliers’ delivery times are, on average, slower, faster, or unchanged compared to the previous month. Readings above 50 indicate faster delivery times, readings at 50 signal no change, and readings below 50 indicate slower delivery times compared with those of the prior month. The recent sharp drop in the delivery times index reflects surging demand, widespread supply constraints, or a combination of both. During such times, suppliers usually have greater pricing power, causing a rise in prices. Moreover, these supply chain delays can reduce the availability of intermediate goods which, combined with labor shortages, can slow down production and output growth. Once the number of new COVID-19 cases starts to decline, capacity constraints and labor shortages should ease, taking some of the pressure off supply chains and delivery times. However, some experts believe that there’s unlikely to be swift relief from supply chain disruptions. Elevated demand during the holiday season in some of the world’s largest economies, another wave of new COVID-19 cases, and extreme weather events, if they materialize, could cause supply chain disruptions. ***** Glenn Gottselig Managing Editor IMF Blog ggottselig@IMF.org   Thank you again for your interest in IMF Blog. Read more of our latest content here. Take good care!