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IMF to track economic impact of climate crisis

- IMF to take action in four key areas as it embraces transition to new climate economy, managing director says

home > Stock Market 26.01.2021 10:04 Nuran Erkul

IMF to track economic impact of climate crisis

The International Monetary Fund (IMF) will track the economic impact of climate risks and mitigating measures given the fundamental risk to economic and financial stability with climate change, IMF Managing Director, Kristalina Georgieva, said during her speech at the Climate Adaptation Summit on Monday.

As the world exits the COVID-19 pandemic and the economic crisis, Georgieva said the threat of climate change must be met head-on by reinvigorating growth and creating new green jobs.

She cited IMF research that shows that combining steadily rising carbon prices with a green infrastructure push can boost GDP over the next 15 years by about 0.7% and generate work for millions of people.

"This is why at the IMF we embrace the transition to the new climate economy - one that is low carbon and climate resilient that helps fight the causes of climate change and adapt to its consequences," she said.

The IMF Managing Director said that this transition to a climate-neutral economic environment is much needed with climate change turning into a global crisis.

Some headway has already been made as an increasing number of financial institutions are exiting fossil fuel sectors and are opting to boost green investments.

However, she said the transition requires action in four key areas.

"First, integrating climate in our annual country economic assessments. In highly vulnerable countries, we focus on adaptation and we are building mitigation analysis, including carbon pricing in our assessments of large emitters," she said.

According to global data provider Statista, China was the world's biggest emitter of fossil fuel CO2 emissions in 2019 and was responsible for around 28% of total emissions.

The US ranks as the second biggest emitter globally, generating 14.5%, while India follows in third place with around 7.2% of the world's emissions.

Russia and Japan are responsible for 4.6% and 3% of global emissions, respectively. Iran, Germany, Indonesia, South Korea and Saudi Arabia are also listed among the 10 largest carbon emitters.

She said the second action is to include climate-related financial stability risks in financial sector surveillance through standardized disclosure of these risks, enhanced stress tests and assessments of supervisory frameworks.

The third action involves scaling up climate measures in capacity development to help equip finance ministries and central banks with the skills needed to take climate consideration into account.

She said the fourth action the IMF will take is mainstreaming climate indicators in macroeconomic data.

"We will launch a Climate Change Dashboard this year with indicators to track the economic impact of climate risks and the measures taken to mitigate them. Climate resilience is a critical priority," Georgieva concluded.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr



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- Driving season supports uptick in oil consumption and aids price recovery
28.06.2020 Upstream , Stock Market , Americas

Oil prices gain as demand picks up with summer season

- With rise in gasoline and diesel consumption, global oil demand begins to pick up
26.06.2020 Downstream , Stock Market , Europe , Asia , Americas

Oil down with surprise increase in US crude production

- US crude output rises for first time after thirteen consecutive weeks of decline
25.06.2020 Upstream , Stock Market , Americas

Oil prices steady despite US-China trade tension

- Sino-American relations could be hurt if US firms are not allowed to compete fairly in China, US Treasury Secretary warns
24.06.2020 Downstream , Stock Market , International Relations , Asia , Americas

Spot market electricity prices for Wednesday, June 24

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 148.2 million Turkish liras
23.06.2020 Coal , Stock Market , Turkey

Spot market natural gas prices for Monday, June 22

- 1,000 cubic meters of natural gas in spot market costs 1,465 Turkish liras
23.06.2020 Downstream , Stock Market , Turkey

Oil down with US-China tension, second wave virus risk

- White House trade advisor Peter Navarro points to 'lack of trust' between China and US
24.06.2020 Downstream , Stock Market , International Relations , Asia , Americas

Oil prices down with rising virus cases in key US states

- Recent spike in new COVID-19 cases in US threatens overall oil demand in world's biggest oil-consuming country
23.06.2020 Downstream , Stock Market , Energy Security , Americas

Oil heads for 10% weekly gain with supply decline

- US crude oil production down approximately 20% in less than four months
20.06.2020 Upstream , Stock Market , International Organization , Americas , Middle East-Africa

Oil prices up after OPEC's monitoring meeting

- OPEC's Joint Ministerial Monitoring Committee says 100% conformity is vital in ongoing efforts for oil market stability
19.06.2020 Upstream , Stock Market , International Organization , Middle East-Africa

Spot market electricity prices for Friday, June 19

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 140.42 million Turkish liras
18.06.2020 Coal , Stock Market , Turkey

Spot market natural gas prices for Wednesday, June 17

- 1,000 cubic meters of natural gas in spot market costs 1,460 Turkish liras
18.06.2020 Downstream , Stock Market , Turkey

Oil down with US stock rise, ahead of OPEC tech meeting

- OPEC's Joint Ministerial Monitoring Committee to discuss members' oil output compliance later Thursday
18.06.2020 Refining/Petro Chemistry , Stock Market , International Organization , Americas , Middle East-Africa

Oil prices down with expected rise in US crude stocks

- New COVID-19 cases are on rise in various US states, dampening oil demand outlook
18.06.2020 Upstream , Stock Market , Energy Security , Americas

Oil prices rise with confidence in OPEC production cuts

- Some OPEC+ overproducing countries in May agreed to meet compliance in July, August and September
17.06.2020 Upstream , Stock Market , International Organization , Middle East-Africa

Oil prices fall with rising virus cases in US, China

- These countries are world's two largest oil consumers
16.06.2020 Downstream , Stock Market , Energy Security , Asia , Americas

Oil prices down with worries over second COVID-19 wave

- Fears of a second-wave sends US indexes plummeting more than 5% with Dow Jones falling the most by 6.9%
12.06.2020 Downstream , Stock Market , Energy Security , Americas

Turkey, India shine out among G20 with positive growth

- Among G20 economies, Turkey records highest annual growth with 4.4% in first quarter of 2020, says OECD
12.06.2020 Projects , Stock Market , Energy Diplomacy , Energy Projects

Oil prices down with rise in US crude, gasoline stocks

- Investors are worried that glut of oil supply will be difficult to trim in face of weak consumption
11.06.2020 Upstream , Stock Market , Americas

EIA revises up Brent price forecast by $4 for 2020

- International benchmark expected to average $38 per barrel this year
11.06.2020 Upstream , Stock Market , Americas

Oil down with estimate of large US crude stock buildup

- Crude oil inventories in US expected to increase by 8.4 million barrels for week ending June 5
11.06.2020 Refining/Petro Chemistry , Stock Market , Americas

Oil regains from 5% fall after Saudis end voluntary cut

- Libya restarting crude production in El-Sharara field will cap price gains
09.06.2020 Upstream , Stock Market , International Organization , Middle East-Africa

Oil price up after OPEC extends oil cut deal for 1 mth.

- Energy ministers of Saudi Arabia, Russia and OPEC Secretary-General to hold virtual press conference later Monday
09.06.2020 Upstream , Stock Market , International Organization , Eurasia , Middle East-Africa

OPEC extending oil cut positive, but risks undersupply

- "Unless a second Covid-19 wave hits world, OPEC deal will be backbone of a quick recovery for energy industry," expert says
08.06.2020 Upstream , Stock Market , International Organization , Eurasia , Middle East-Africa

Oil up as market expects OPEC to extend and deepen cuts

- OPEC and non-OPEC countries held their 7th technical meeting on Thursday in preparation for ministerial meetings
05.06.2020 Upstream , Stock Market , International Organization , Eurasia , Middle East-Africa

Eurozone GDP to narrow by 8.7% in 2020: Lagarde

- There has been abrupt drop in economic activity due to pandemic, measures to contain it, head of European Central Bank says
05.06.2020 Finance , Stock Market , Europe

Oil prices down with surprise US gasoline stock buildup

- On supply side, OPEC+ widely expected to extend current production curb into second half of 2020
05.06.2020 Downstream , Stock Market , International Organization , Americas

Brent oil passes $40 a barrel with OPEC cut hopes

- Benchmark trading above that level for first time since March 6 when OPEC, allies failed to agree on deeper production cuts
04.06.2020 Upstream , Stock Market , International Organization , Americas

Oil up as market eyes OPEC for extended production cut

- OPEC+ nations expected to extended oil output cut through July or August
02.06.2020 Upstream , Stock Market , International Organization , Europe , Asia , Americas

Libya oil production comes to halt, affects economy

- Militia leader Haftar closes oil facilities in central, eastern Libya to hurt economy and put pressure on Tripoli
02.06.2020 Oil , Stock Market , Oil , Middle East-Africa

Brent oil price up with further OPEC output cut hopes

- OPEC+ nations expected to discuss whether production curb in second half of 2020 should be deepened in face of weak demand
01.06.2020 Upstream , Stock Market , International Organization , Americas

Turkey's energy import bill down 59.8% in April 2020

- Country's crude oil imports decrease by 1.1% in April 2020 compared to same month of 2019
30.05.2020 Oil , Projects , Stock Market , Energy Diplomacy , Turkey

Brent crude price up with decline in US gasoline stocks

- Fall in US gasoline inventories suggests consumer demand is picking up
29.05.2020 Downstream , Stock Market , Americas

Oil prices down as US-China tensions escalate

- On supply side, American Petroleum Institute estimates large crude oil inventory build of 8.7 million barrels
28.05.2020 Upstream , Stock Market , International Relations , Eurasia , Middle East-Africa

Morgan Stanley raises Brent forecast to $40 a barrel

- Rebalancing in oil market is mostly supply rather than demand-driven but it expects further tightening in market, firm says
28.05.2020 Upstream , Stock Market , Americas

Oil prices down with oversupply, low demand

- Investors await gradual lifting of quarantine measures of major economies for uptake in global oil demand
27.05.2020 Downstream , Stock Market , Americas

Oil loses most of weekly gains with US-China tension

- World's two largest economies at forefront of global economic slowdown, weakening oil consumption
23.05.2020 Downstream , Stock Market , International Relations , Asia , Americas

Oil prices down with lack of growth outlook in China

- China does not set economic growth target for 2020 amid "big uncertainties in economy and trade"
22.05.2020 Downstream , Stock Market , Energy Security , Asia

US crude oil stocks post second decline since January

- Commercial crude oil inventories fall for second time after 15 consecutive weeks of increases
22.05.2020 Oil , Refining/Petro Chemistry , Stock Market , Energy Projects , Americas

EBRD makes $55M loan to Turkey's Garanti BBVA

- Financing complemented by $50M loan from International Finance Corporation, says EBRD
21.05.2020 Invesments , Stock Market

Greek premier announces plan to revive economy, tourism

- Reducing taxes, supporting businesses hit by lockdown to be main benefits of government's plan, say officials
21.05.2020 Finance , Stock Market , Europe

Oil prices down with coronavirus-related low demand

- Softening of quarantine measures against COVID-19 expected to increase oil demand and push crude prices higher
20.05.2020 Upstream , Stock Market , Americas

Spot market electricity prices for Tuesday, May 19

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 114.02 million liras
19.05.2020 Electricity , Stock Market , Turkey , General

Spot market natural gas prices for Sunday, May 17

- 1,000 cubic meters of natural gas in spot market costs 1,469 Turkish liras
19.05.2020 Natural Gas , Stock Market , Turkey , General

US crude oil production forecast to fall in 2020, 2021

- Estimated 0.8 million bpd year-over-year output fall in 2021 would be the largest annual decline in US crude oil production on record
17.05.2020 Upstream , Stock Market , Americas
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