Instead of bowing to US pressure, the @IMFNews Surveillance review should:
- Integrate climate into core policy advice
- Commit to 'do no harm' principle through use of mandatory distributional and climate impact assessments
- Follow Paris Agreement principles of equity and CBDR 9/9

The findings of our report echo the findings of the IMF’s Independent Evaluation Office:

The Fund lacked a strategic long-term anchor and clarity in its Climate Strategy in 2021. It is not treating climate as a serious threat to its own mandate. 8/9

FOSSILS VS. RENEWABLES:

For at least 7 of the 60 countries analysed, the Fund stated the 'positive impact' of fossil fuels on macroeconomic stability.
Renewables were largely covered, but how are countries supposed to accelerate the energy transition without fiscal space? 7/9

MARKET-BASED VS. INDUSTRIAL POLICY:
While #IMF encourages Australia to lead green industrial policy on critical minerals, it advises Pakistan to increase gas and electricity tariffs, restructure energy sectors and rely on #CarbonPricing to fulfil austerity targets. 6/9

FISCAL: The #IMF is advising countries to further reduce public budgets, even at the expense of climate policy.

In only 3 out of 60 countries the Fund assessed public finance needs in its #debt sustainability analysis. 5/9

But was the IMF ready to move away from its focus on short-term stability to take climate seriously?

Our report tries to address this question in order to provide recommendations for the ongoing Surveillance review.

⚠️And we found @IMFNews is locking in a dual track approach to climate policy. 4/9

The Fund recognised that climate change poses risks to macroeconomic stability.

The 2021 Climate Strategy defined the extent to which climate would be covered under surveillance activities, through which the Fund assesses the alignment of country policies with its mandate. 3/9

The #IMF agreed to work more on inequality, climate and gender in its 2021 Comprehensive Surveillance Review.

The recognition of the trade offs between short- and long-term macroeconomic stability seemed to address longstanding criticisms by civil society. 2/9

The #IMF 'core' mandate of macroeconomic stability cannot ignore #climate #gender #inequality

“The IMF must ensure its fiscal, financial, monetary and exchange rate policy advice allows countries to fulfil targets under the Paris Agreement,” argues @federicosibaja.bsky.social @re-course.org

Half of World Bank energy projects approved over the last 3 years were deemed highly risky for people and the environment.

In 2024 this was up to 60%!

This means that it's not supporting the countries and communities who need it most, but rather putting them at risk of harm.