{"id":80104,"date":"2023-10-17T01:00:47","date_gmt":"2023-10-17T01:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/"},"modified":"2023-10-17T01:00:47","modified_gmt":"2023-10-17T01:00:47","slug":"the-imf-should-finance-poor-countries-climate-fight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/","title":{"rendered":"The IMF should finance poor countries climate fight"},"content":{"rendered":"

The IMF should provide poor<\/strong> countries with USD 300 bn a year to finance the fight <\/strong>against climate change<\/strong>, Nobel prize-winning economist Joseph Stiglitz told The Guardian<\/a>. Developing countries will need grants and subsidies equal to the US\u2019 Inflation Reduction Act<\/a>, Stiglitz said, calling for rich countries to support the creation of USD 300 bn of IMF special drawing rights (SDRs) annually to support poor countries\u2019 green energy transition, the report reads. \u201cWhen the time comes and we are frying and somebody says: \u2018How do we get out of the frying pan?\u2019, this [annual SDR allocations] is one way of doing so,\u201d Stiglitz said. \u201cUnless developing countries and emerging markets reduce their emissions, no matter what pieties we do in the US and Europe, we will get global warming,\u201d he added.<\/p>\n

What are <\/strong>SDRs?<\/strong> SDRs are an international reserve asset which can be used as a credit line and exchanged with hard currencies, the Guardian writes. The IMF issued a USD 650 bn tranche of SDRs in 2021 in response to the coronavirus pandemic and rich countries agreed to recycle some of their SDRs into special IMF funds to support poor nations, the news outlet adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IMF should provide poor countries with USD 300 bn a year to finance the fight against climate change, Nobel prize-winning economist Joseph Stiglitz told The Guardian. Developing countries will need grants and subsidies equal to the US\u2019 Inflation Reduction Act, Stiglitz said, calling for rich countries to support the creation of USD 300 bn […]<\/p>\n","protected":false},"author":1,"featured_media":80105,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[157],"tags":[662,156,11,546,1930],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-in-the-news","tag-climate","tag-climate-in-the-news","tag-enterpriseclimate","tag-imf","tag-sdrs","wpautop","entry"],"acf":{"mongo_id":"b0a53685-7261-43ec-a200-930f724d9b7f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/101.jpg","photo_position":"above","related_issue":[80084],"teaser":"","voice_url":""},"yoast_head":"\nThe IMF should finance poor countries climate fight - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The IMF should finance poor countries climate fight\" \/>\n<meta property=\"og:description\" content=\"The IMF should provide poor countries with USD 300 bn a year to finance the fight against climate change, Nobel prize-winning economist Joseph Stiglitz told The Guardian. Developing countries will need grants and subsidies equal to the US\u2019 Inflation Reduction Act, Stiglitz said, calling for rich countries to support the creation of USD 300 bn […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T01:00:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/101.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The IMF should finance poor countries climate fight\",\"datePublished\":\"2023-10-17T01:00:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/\"},\"wordCount\":200,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/101.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Climate\",\"CLIMATE IN THE NEWS\",\"EnterpriseClimate\",\"IMF\",\"SDRs\"],\"articleSection\":[\"CLIMATE IN THE NEWS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2023\/10\/17\/the-imf-should-finance-poor-countries-climate-fight\/\",\"name\":\"The IMF should finance poor countries climate fight - 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