IMF should give poor countries $300bn a year to fight climate crisis, says Joseph Stiglitz

[Fresh Water Falling]

This discussion thread was locked as off-topic by JudyM (a host of the Latest Breaking News forum).

Source: The Guardian

Larry Elliott in Marrakech
Fri 13 Oct 2023 09.51 BST

Poor countries should be provided with $300bn (£246bn) a year from the International Monetary Fund to finance their fight against the climate crisis, the Nobel prize-winning economist Joseph Stiglitz has said.

Speaking to the Guardian at the IMF’s annual meeting in Marrakech, Stiglitz said developing nations needed their equivalent of the US Inflation Reduction Act – a package of grants and subsidies designed to promote green growth and jobs.

Stiglitz said the battle against global heating would only be won if poor countries were onboard but there was no hope of them coming up with their equivalent of the act, which he said was expensive and flawed but working.

Instead, he said rich countries should support the creation of $300bn of IMF special drawing rights (SDRs) each year to finance a global green transition.

Read more: https://www.theguardian.com/environment/2023/oct/13/poorest-countries-should-get-300bn-a-year-to-fight-climate-crisis-says-joseph-stiglitz

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Great idea, but good luck!

[speak easy]

1. Like royalties from fossil fuels,

what proportion of the monies will end up in the kleptocrats pockets? Nigeria should be prosperous. It is not.

[Lonestarblue]

2. I have admired Stiglitz's writing for many years. He has been especially critical of economic

theories that simply don’t work, like the trickle-down theory that has never worked but Republicans still use to justify giving enormous tax breaks to the rich. He also thinks the FED is totally wrong in their approach to this round of inflation, which is usually caused by too much money chasing too few goods and thus leading to price hikes. Most of the short-term supply chain issues related to Covid shutdowns were corrected months ago, yet prices have not dropped. I think Stiglitz rightly blamed much of the inflation on predatory pricing, which is still happening. As costs have declined, big corporations have kept their consumer prices high instead of lowering them because the US has allowed many to become semi-monopolies. The telling factor is the record profits that many corporations have been reporting over the past year.

The FED policies hurt workers and let the people causing the inflation just keep raking in the money.

[LittleGirl]

4. Exactly! You should make this an OP! nt

[3825-87867]

3. Maybe a good start would be

all the IMF members who flew to Marakesh, probably were provided with individual limo transport, dined and stayed at posh hotels (maybe for more than just the meeting dayor days), returned to the airport in the limos then flew back to there homes could use Zoom, emails or, what do you call them...phones?

This should pertain to all those who feel the "need" to meet at exotic places to discuss how the "people" should save money and the planet!

Seems sort of hypocritical. Maybe it's just me.

[JudyM]

5. Locking by hosts' consensus

Certainly interesting, but does not meet the important breaking news requirement for LBN. Good for reposting in GD if you’d like, though!