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Daily CSR

Daily CSR
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IMF Urges Rich Nations To Extend More Financial & Other Support To Low-Income Countries For Fighting Climate Change


Given the fact that advance and emerging markets have largely contributed to global warming in a combined manner, it is a humanitarian need that they now come forward to help the poor nations to fight their climate change battle.

Dailycsr.com – 22 December 2017 – Sangeeta Waldron reports to Ethical Performance about ex-Defence Secretary, Sir Michael Fallon’s action of dismissing complaints about the response of the United Kingdom towards the British Virgin Islands’ devastation caused by “Hurricane Irma” were said to have been “found wanting”, while the response from the Netherlands as well as France were faster in comparison.
Although, the “British Overseas Territories” have separate government, they rely on the United Kingdom for protection in times of being victimised by natural disasters.
On the other hand, Indian farmers embrace themselves in distress as the estimated production of like “rice, cotton, turmeric, maize” among others show a “2.8%” decline given the “uneven monsoon” experienced by the country over the period of last two years. For India, it may be challenging given the fact that “50% of the population directly or indirectly depends on agriculture for a livelihood”, says Waldron.
Moreover, Waldron added that the “International Monetary Fund” has urged the “rich” nations to contribute more in order to support “poor nations” to face the blows of climate change besides suffering from “the weaker global growth and higher migration flows that will happen”. In Waldron’s words:
“In Chapter 3 of its publication, World Economic Outlook, the IMF states that low-income countries have contributed little to increase the greenhouse gas concentrations and cannot afford to tackle the problem from their own limited resources. Hence, the international community will have key role to play in fostering and coordinating financial and other types of support for affected low-income countries. Especially, as the advanced and emerging market economies have largely contributed to the warming that has occurred so far, and which is projected to continue. Helping low-income countries cope with these consequences is a humanitarian need that also makes sound global economic policy”.
Furthermore, the said chapter goes on to explain the unprecedented rise in global temperatures over the span of last four decades, while there could be yet more “significant” warming in the future. However, the latter could be proportionately reduced by our “ability to restrain greenhouse gas emissions”. The temperature increment has result in “uneven macroeconomic effects” as “adverse consequences” have cast their spells mainly on “countries with relatively hot climates” which also happens to be “most low-income countries”.
Waldron informs that the chapter also deals with the “impact of weather shocks in low-income countries”, although “most countries” will under the radar to feel the “direct negative effects” if the issue global warming is ignored, as it will result in “more frequent natural disasters, rising sea levels, loss of biodiversity and adverse spillovers from vulnerable countries”.
Therefore, Waldron states that keeping the best interest of the future in mind, the way out is only through “continued international cooperation” for focussed efforts of stemming the “man-made causes of global warming”. This seems to be the way to “limit the long-term risks of climate change”. On a concluding note, Waldron added:
“If the Earth continues to warm over the rest of the 21st century in the same pattern as over the past 50 years, then this IMF chapter may provide valuable guidance on climate change vulnerabilities and adaptation needs under the current production technologies and geographic distribution of populations”.