A Bank For The Climate Crisis?

Why the world needs an IMF for the climate crisis; Just like after 1945, a new dawn of international bodies is required – this time to protect and empower the global south

Keston K Perry, 4 October 2019 (UK Guardian)

“…In the aftermath of the second world war, countries came together and created institutions that aimed to pursue justice and peace. The World Bank, the International Monetary Fund and the United Nations aimed to create a new world of multilateral cooperation.,,[but by ceding power to] certain dominant nations and multinational corporations, the World Bank, the IMF and the UN have ultimately exacerbated the climate crisis…[The climate emergency-driven economic and ecological instability requires] new pan-national institutions…[The effects of the climate crisis could cost] $2.5 trillion per year…[Ensuring financial stability and a mechanism for the transfer of resources through global financial markets to developing countries would require] an international climate stabilisation fund – a sort of IMF targeting the climate crisis…

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…[This body could] provide direct support to climate-exposed territories: encouraging productive diversification and tackling interconnecting inequality and displacement caused by climate change…[There is also] a need for a permanent international mechanism that delivers immediate funds, supplies, support and relief [from the wealthiest nations in the global north to the south] after major climatic and natural events…[Because the climate crisis is having a disproportionate, violent effect on the global south,] efforts to address what’s happening to our world will not be the same…We must bring] together diverse peoples from different locations to deliver a green new world.” click here for more

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