– News

Taking the Lead: Rechanneling SDRs to Create and Leverage a New Global Resilience Trust at the IMF

Sep 30, 2021

Policy

The IMF should set up a Global Resilience Trust (GRT) without delay.

The IMF uniquely as a global institution engages all 190 members in mandatory annual consultations; its membership includes all oil and gas producers. To encourage oil and gas enterprises to invest in decarbonization projects and value chains, the IMF has developed innovative fiscal policy advice to apply penalties for excess methane emissions. In April 2022, the IMF approved a Resilience and Sustainability Trust for $45 billion from the recent special drawing rights (SDR) allocation to be channeled to low- and middle-income countries for Covid and climate change. The design of the Trust include actions to ensure a global as well as a local impact.

For more information, see also: https://www.cgdev.org/publication/flourish-or-fizzle-how-make-sure-imfs-new-trust-doesnt-miss-its-golden-and-green.

Source

Share this article

Read Other News

Gas and oil industry emissions – what could be done right now?

Oct 28, 2021 • Policy

Opportunities to benefit climate and increase fiscal revenues exist. Ahead of COP26, Oxford Policy Management discusses how producing countries can use technologies and increased regulation for global good.

Read More
Looking ahead to COP26

Oct 21, 2021 • Policy

The imperative to reduce the emissions associated with oil and gas production.

Read More
Looking ahead to COP26

Oct 21, 2021 • Leadership

The imperative to reduce the emissions associated with oil and gas production.

Read More