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Gordon Hughes

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

IMF Managing Director Rodrigo de Rato said that he finds “some encouraging signs that climate change is a challenge that the world can meet.” In an address to a Club of Rome conference held in Madrid on September 24, he called climate change “the most pressing environmental issue of the day.”

Mr. Kenneth M. Miranda and Mr. Timothy R. Muzondo

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. European Dept.

Slovakia has made important strides in reducing its greenhouse gas emissions and energy intensity, but significant effort is needed to reach its ambitious climate mitigation objectives. Existing and envisaged policies, such as support of renewable and nuclear energy production, the closure of coal power plants, investments in sustainable transport and building efficiency will contribute to further reductions in emissions but will likely fall short of what is needed to attain carbon neutrality by 2050. To accelerate the green transition, Slovakia could consider introducing carbon taxation. Simulations based on the IMF/World Bank Climate Policy Assessment Tool suggest that a carbon tax scheme could significantly decrease emissions and energy consumption, with adverse growth consequences mitigated by the use of tax revenue for lower labor taxation and efficient transfers to low-income households. The overall net welfare benefits will be positive. The introduction of carbon taxation, however, should be carefully timed, especially in light of the severe disruptions in energy markets triggered by the war in Ukraine, and be gradual, predictable, and complemented with policies to protect vulnerable households, and to address sector-specific obstacles to reducing emissions. This would help mitigate growth and inequality effects and help ensure broad social acceptability.

Andrew Steer

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Mr. Ronald T. McMorran and Ms. Laura Wallace

TO SUSTAIN and improve living standards, countries must simultaneously pursue sound macroeconomic and environmental policies. This will require macroeconomists and environmentalists to work together.