By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Formes US President Donald Trump Is Indicted in New York
    Trump indicted in hush-money payment case
    March 31, 2023
    Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
    Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
    March 30, 2023
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: IMF calls on governments to make COVID-19 recovery environmentally sustainable
Share
Notification
Latest News
Formes US President Donald Trump Is Indicted in New York
Trump indicted in hush-money payment case
Politics
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > IMF calls on governments to make COVID-19 recovery environmentally sustainable
Business

IMF calls on governments to make COVID-19 recovery environmentally sustainable

Hagar Omran
Last updated: 2020/04/29 at 5:36 PM
By Hagar Omran 3 Min Read
Share
SHARE

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has called on governments worldwide to ensure the recovery from the coronavirus (COVID-19) crisis is environmentally sustainable.

“If this recovery is to be sustainable, if our world is to become more resilient, we must do everything in our power to promote a green recovery,” Georgieva said on Wednesday.

Georgieva’s comments came during her speech at a virtual Petersberg Climate Dialogue XI session entitled “Financing Climate Ambition in the context of COVID-19”. The dialogue, which had been scheduled to take place in Berlin on 27 and 28 of April, but was instead held via a series of virtual sessions.

Georgieva highlighted three priorities that need to be considered for a green, or environmentally friendly, recovery, the first of which is to use support wisely. She explained that when governments provide financial lifelines to carbon-intensive companies, they should mandate commitments to reduce carbon emissions.

“We saw similar agreements during the global financial crisis, when some automakers committed to higher fuel efficiency standards. With oil prices at record-low levels, now is the time to phase out harmful subsidies,” she noted.

Governments need to prioritise investment in green technologies, clean

transport, sustainable agriculture, and climate resilience, Georgieva said. She added that the IMF estimates that a low-carbon transition in the energy sector alone would require $2.3trn in annual investments for a decade.

These types of investments would boost growth and jobs during the recovery phase, and help steer the world in the right climate direction, she asserted.

The second priority, Georgieva added, is promoting green finance.

“We need to continue the emphasis on using green bonds and other forms of sustainable finance. In light of the extended use of government guarantees, part of them can be deployed to mobilise private finance for green investment,” she said.

The third priority is putting the right price on carbon, she said, adding that funding the massive fiscal measures governments adopt to prevent economic collapse during the pandemic requires seeking ways to increase public revenues in the future.

“This brings into focus a carbon price as a source of income, which has the

additional benefit of minimising the risk of misallocating vital investment,” Georgieva said. “Think of badly designed infrastructure projects that lock in high carbon emissions for decades to come.”

You Might Also Like

Egypt’s IDA gears up to provide its services for investors online 

Egypt, Germany discuss promotion of cooperation in communications, digital transformation

Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador

Volatile trading on EGX amid anticipation of interest rate movement

Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt

TAGGED: COVID-19, IMF
Share this Article
Facebook Twitter Email Print
Previous Article Egypt's Health Minister Hala Zayed (right) and Prime Minister Mostafa Madbouly during a coronavirus press conference Health Minister reveals plan to coexist with coronavirus till vaccine found
Next Article coronavirus ( COVID-19 )vaccine EIB, CEPI sign advisory agreement accelerating vaccines development
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Formes US President Donald Trump Is Indicted in New York
Trump indicted in hush-money payment case
Politics
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?