Kristalina Georgieva, President of the International Monetary Fund (IMF), has called on governments to redirect subsidies provided to fossil fuels towards financing the fight against climate change.
Georgieva participated in the panel discussion titled “Climate and Nature: A Systemic Response is Needed,” held as part of the World Economic Forum (WEF) in the Swiss town of Davos.
Discussing policy actions against climate change, Georgieva noted that today, collective commitments are approximately 50% behind the target set to be achieved by 2030. Expressing her frustration with the ongoing debate on where to find financing, Georgieva highlighted that the world spent over $7 trillion on fossil fuel subsidies directly and indirectly last year.
Of this amount, Georgieva pointed out that $1.3 trillion was directly allocated to fossil fuel subsidies, stating, “Withdraw that and use it to support climate action.”
Additionally, Georgieva reiterated that carbon pricing should reach $85 per ton by 2030. Meanwhile, during bilateral meetings at Davos, Georgieva met with Argentine President Javier Milei.
In a social media post on the X platform, Georgieva mentioned discussing Argentina’s profound economic and social challenges. She highlighted their conversation about taking “decisive” steps to reduce inflation, promote growth led by the private sector, and utilize limited public funds to assist the most vulnerable individuals.
source: aa.com.tr / prepared by Melisa Beğiç