Thomas Stubbs
@thomstubbs.bsky.social
Reader in Global Political Economy | Royal Holloway, University of London | International political economy, international public policy, global health, climate | https://www.tstubbs.net/
Greening the International Monetary Fund by Alexandros Kentikelenis and Thomas Stubbs
Open access via Cambridge University Press: doi.org/10.1017/9781...
#IMF #ClimateFinance #GlobalGovernance #ClimatePolicy
Open access via Cambridge University Press: doi.org/10.1017/9781...
#IMF #ClimateFinance #GlobalGovernance #ClimatePolicy
Greening the International Monetary Fund
Cambridge Core - American Government, Politics and Policy - Greening the International Monetary Fund
doi.org
October 22, 2025 at 2:24 PM
Greening the International Monetary Fund by Alexandros Kentikelenis and Thomas Stubbs
Open access via Cambridge University Press: doi.org/10.1017/9781...
#IMF #ClimateFinance #GlobalGovernance #ClimatePolicy
Open access via Cambridge University Press: doi.org/10.1017/9781...
#IMF #ClimateFinance #GlobalGovernance #ClimatePolicy
By tracing how climate issues are translated into lending, conditionality, and surveillance, we show how international organizations evolve when faced with new global challenges — often incrementally, and with tensions between innovation and continuity.
October 22, 2025 at 2:24 PM
By tracing how climate issues are translated into lending, conditionality, and surveillance, we show how international organizations evolve when faced with new global challenges — often incrementally, and with tensions between innovation and continuity.
Overall, we find a complex picture.
The IMF is adapting — but unevenly.
Its climate engagement signals real institutional change, yet remains constrained by the same market logic that has long defined its approach to development.
The IMF is adapting — but unevenly.
Its climate engagement signals real institutional change, yet remains constrained by the same market logic that has long defined its approach to development.
October 22, 2025 at 2:24 PM
Overall, we find a complex picture.
The IMF is adapting — but unevenly.
Its climate engagement signals real institutional change, yet remains constrained by the same market logic that has long defined its approach to development.
The IMF is adapting — but unevenly.
Its climate engagement signals real institutional change, yet remains constrained by the same market logic that has long defined its approach to development.
Even the IMF’s climate advice is framed within familiar parameters: carbon pricing and market-friendly de-risking.
This selective approach helps align climate policy with existing economic orthodoxy, rather than transforming it.
This selective approach helps align climate policy with existing economic orthodoxy, rather than transforming it.
October 22, 2025 at 2:24 PM
Even the IMF’s climate advice is framed within familiar parameters: carbon pricing and market-friendly de-risking.
This selective approach helps align climate policy with existing economic orthodoxy, rather than transforming it.
This selective approach helps align climate policy with existing economic orthodoxy, rather than transforming it.
Yet, the bulk of IMF lending still reflects older priorities.
Fiscal tightening and market-oriented reforms remain central — policies that can constrain climate investment and limit fiscal space for a just green transition.
Fiscal tightening and market-oriented reforms remain central — policies that can constrain climate investment and limit fiscal space for a just green transition.
October 22, 2025 at 2:24 PM
Yet, the bulk of IMF lending still reflects older priorities.
Fiscal tightening and market-oriented reforms remain central — policies that can constrain climate investment and limit fiscal space for a just green transition.
Fiscal tightening and market-oriented reforms remain central — policies that can constrain climate investment and limit fiscal space for a just green transition.
The RSF represents genuine innovation.
It channels new resources (recycled SDRs) to countries undertaking climate-related reforms, often around public investment management, fiscal frameworks, and private climate finance mobilisation.
It channels new resources (recycled SDRs) to countries undertaking climate-related reforms, often around public investment management, fiscal frameworks, and private climate finance mobilisation.
October 22, 2025 at 2:24 PM
The RSF represents genuine innovation.
It channels new resources (recycled SDRs) to countries undertaking climate-related reforms, often around public investment management, fiscal frameworks, and private climate finance mobilisation.
It channels new resources (recycled SDRs) to countries undertaking climate-related reforms, often around public investment management, fiscal frameworks, and private climate finance mobilisation.
We identify three organizational dynamics:
1️⃣ Innovation – The RSF introduces new, long-term finance for climate adaptation and mitigation.
2️⃣ Inertia – Traditional IMF loans still prioritise fiscal consolidation.
3️⃣ Experimentation – Climate advice appears in surveillance and Article IV reports.
1️⃣ Innovation – The RSF introduces new, long-term finance for climate adaptation and mitigation.
2️⃣ Inertia – Traditional IMF loans still prioritise fiscal consolidation.
3️⃣ Experimentation – Climate advice appears in surveillance and Article IV reports.
October 22, 2025 at 2:24 PM
We identify three organizational dynamics:
1️⃣ Innovation – The RSF introduces new, long-term finance for climate adaptation and mitigation.
2️⃣ Inertia – Traditional IMF loans still prioritise fiscal consolidation.
3️⃣ Experimentation – Climate advice appears in surveillance and Article IV reports.
1️⃣ Innovation – The RSF introduces new, long-term finance for climate adaptation and mitigation.
2️⃣ Inertia – Traditional IMF loans still prioritise fiscal consolidation.
3️⃣ Experimentation – Climate advice appears in surveillance and Article IV reports.
Using new cross-national data and case studies, we find that the Fund’s climate turn is real but limited.
Climate objectives are now present across IMF activities — but in uneven, and often contradictory, ways.
Climate objectives are now present across IMF activities — but in uneven, and often contradictory, ways.
October 22, 2025 at 2:24 PM
Using new cross-national data and case studies, we find that the Fund’s climate turn is real but limited.
Climate objectives are now present across IMF activities — but in uneven, and often contradictory, ways.
Climate objectives are now present across IMF activities — but in uneven, and often contradictory, ways.
Our book asks three core questions:
1️⃣ How much progress has the IMF made in greening its operations?
2️⃣ What is the policy track record of its climate lending?
3️⃣ How do traditional lending and surveillance activities incorporate climate risks?
1️⃣ How much progress has the IMF made in greening its operations?
2️⃣ What is the policy track record of its climate lending?
3️⃣ How do traditional lending and surveillance activities incorporate climate risks?
October 22, 2025 at 2:24 PM
Our book asks three core questions:
1️⃣ How much progress has the IMF made in greening its operations?
2️⃣ What is the policy track record of its climate lending?
3️⃣ How do traditional lending and surveillance activities incorporate climate risks?
1️⃣ How much progress has the IMF made in greening its operations?
2️⃣ What is the policy track record of its climate lending?
3️⃣ How do traditional lending and surveillance activities incorporate climate risks?
This marks a major evolution for the Fund — an institution historically focused on monetary stability and fiscal adjustment, not environmental protection.
Yet integrating climate concerns into macroeconomic management is now seen as “macro-critical.”
Yet integrating climate concerns into macroeconomic management is now seen as “macro-critical.”
October 22, 2025 at 2:24 PM
This marks a major evolution for the Fund — an institution historically focused on monetary stability and fiscal adjustment, not environmental protection.
Yet integrating climate concerns into macroeconomic management is now seen as “macro-critical.”
Yet integrating climate concerns into macroeconomic management is now seen as “macro-critical.”
The IMF has positioned itself as a central actor in climate policy. Since 2021, it has launched a Climate Strategy and created the Resilience and Sustainability Facility (RSF) to support countries facing adaptation and mitigation challenges.
October 22, 2025 at 2:24 PM
The IMF has positioned itself as a central actor in climate policy. Since 2021, it has launched a Climate Strategy and created the Resilience and Sustainability Facility (RSF) to support countries facing adaptation and mitigation challenges.
I agree with the sentiment entirely. I do it for free because it's - at least indirectly - required for promotion to professor (i.e. evidence of respect within the field and also fills 'external service'). (More) free labour not accounted for in our workload model. My heart is now full of hate.
April 7, 2025 at 11:55 PM
I agree with the sentiment entirely. I do it for free because it's - at least indirectly - required for promotion to professor (i.e. evidence of respect within the field and also fills 'external service'). (More) free labour not accounted for in our workload model. My heart is now full of hate.
January 22, 2025 at 1:43 PM