Climate change poses a serious threat to global growth, the head
of the International Monetary Fund said, urging the world's top emitters to
agree on a floor for carbon prices.
WASHINGTON
(Reuters) - Climate
change poses a serious threat to global growth, the head of the
International Monetary Fund said on Monday, urging the world's top emitters to
agree on a floor for carbon prices.
IMF Managing
Director Kristalina Georgieva told finance ministers meeting on climate change
that countries should also ensure their stimulus funding aimed at halting the COVID-19
pandemic should target green investments.
Doing so, she
said, could boost global gross domestic product by 0.7% on average in the first
15 years of the recovery.
The report said
transportation is likely to become electric, in either battery or hydrogen fuel
cell form, well before 2050 and much faster than many projections suggest, due
to the inherent energy efficiency advantage of electric engines.
ETC works out
scenarios to limit global warming to below 2°C and as close as possible to
1.5°C. For this, the world needs to achieve net-zero GHG emissions by around
mid-century. It said battery-based electrification and hydrogen will also play
a significant role in short-distance journeys. But the limited energy density
of batteries and the low volumetric density of hydrogen may make the use of
liquid fuels necessary for long distances for the foreseeable future. These
fuels could come from either a low-carbon, sustainable bio-feedstock (eg,
alcohols, biofuels) or from a power-to-liquid production route (ammonia in the
case of shipping and synfuels in the case of aviation).
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