Adapting to Climate Change
Article

Adapting to Climate Change

Pricing Right, Taxing Smart, and Acting Now

Tao Zhang
IMF, 2018
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Recommendation

The need to combat climate change is urgent, especially among lower-income countries that suffer the worst impacts from severe weather. Economically, climate change is already affecting these nations and others, and it threatens to slow global GDP growth. To head off disaster, governments and the private sector will need to create environmental initiatives that also appeal to investors. This interview with IMF official Tao Zhang offers a timely recap of how countries can mitigate and adapt to a changing global climate. getAbstract recommends its sobering analysis to executives, law makers and anyone interested in the economic ramifications of this accelerating threat.

Summary

The 2017 hurricanes in the United States and the Caribbean may be just the beginning of more frequent natural disasters, and without sound intervention, climate change could mushroom into a disruptive macroeconomic force. To avert even greater catastrophes, countries must commit to mitigating existing damage by following through with Paris Agreement commitments to lower emissions. They must also adapt to new environmental realities by becoming more resilient to the effects of climate change. As the pace of global warming quickens, the need for new measures has never...

About the Author

Tao Zhang is a deputy managing director at the IMF.

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