Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Fresh Water Falling

(237 posts)
Fri Oct 13, 2023, 07:37 AM Oct 2023

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

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

Great idea, but good luck!

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
IMF should give poor countries $300bn a year to fight climate crisis, says Joseph Stiglitz (Original Post) Fresh Water Falling Oct 2023 OP
Like royalties from fossil fuels, speak easy Oct 2023 #1
I have admired Stiglitz's writing for many years. He has been especially critical of economic Lonestarblue Oct 2023 #2
Exactly! You should make this an OP! nt LittleGirl Oct 2023 #4
Maybe a good start would be 3825-87867 Oct 2023 #3
Locking by hosts' consensus JudyM Oct 2023 #5

speak easy

(9,211 posts)
1. Like royalties from fossil fuels,
Fri Oct 13, 2023, 07:52 AM
Oct 2023

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


(9,958 posts)
2. I have admired Stiglitz's writing for many years. He has been especially critical of economic
Fri Oct 13, 2023, 07:54 AM
Oct 2023

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.


(8,282 posts)
4. Exactly! You should make this an OP! nt
Fri Oct 13, 2023, 08:05 AM
Oct 2023


(838 posts)
3. Maybe a good start would be
Fri Oct 13, 2023, 07:55 AM
Oct 2023

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.


(29,225 posts)
5. Locking by hosts' consensus
Fri Oct 13, 2023, 11:38 AM
Oct 2023

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

Latest Discussions»Latest Breaking News»IMF should give poor coun...