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Adapting to Climate Change
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Adapting to Climate Change

Pricing Right, Taxing Smart, and Acting Now

Tao Zhang
IMF, 2018
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Qualities

  • Scientific
  • Visionary
  • Insider's Take

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.

Take-Aways

  • Without sound intervention, climate change could mushroom into a disruptive macroeconomic force.
  • Climate change’s consequences subtract an estimated 2% from the average annual GDP of low-income economies, quadruple their effect on high-income countries.
  • The most successful approach to mitigation is the implementation of carbon taxes, which have helped nations reduce emissions and raise revenue.  

About the Author

Tao Zhang is a deputy managing director at the IMF.

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