Gallagher Publishes Op-Ed on Need for IMF Climate Leadership
On March 23, 2021, Kevin Gallagher, Professor of Global Development Policy and Director of the Global Development Policy Center (GDP Center) at the Frederick S. Pardee School of Global Studies at Boston University, published an op-ed in Development Matters – the blog of the Organisation for Economic Co-operation and Development – on the International Monetary Fund (IMF) and its role in combatting global climate change.
In the article, titled “The IMF’s turn on climate change,” Gallagher discusses the importance of prioritizing climate change and sustainable development at the IMF in a manner that doesn’t bring havoc to the global financial system. The IMF is the only global institution tasked with preventing and mitigating financial instability; however, the international organization has not taken the leadership role it needs to on this matter, and Gallagher explains why its time the IMF leads on climate change. The challenge is great, but new IMF leadership and the renewed backing of President Joe Biden show promise; the IMF must now act.
An excerpt:
A laggard to date, the IMF has to catch up fast to ensure that the world community can meet its climate change and development goals in a manner that doesn’t bring havoc to the global financial system. The IMF’s first test on climate change will be the extent to which it incorporates climate risk into this year’s reform of IMF surveillance activities. Given that these reforms will lock in for close to a decade, if the IMF doesn’t act now the consequences for prosperity and the planet will be grave.
The full op-ed can be read on Development Matters‘ website.
Kevin Gallagher is a professor of global development policy at Boston University’s Frederick S. Pardee School of Global Studies, where he directs the Global Development Policy Center. He is author or co-author of six books, including most recently, The China Triangle: Latin America’s China Boom and the Fate of the Washington Consensus. Read more about Professor Gallagher on his Pardee School faculty profile.