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Melinda Weir

“On Computable Numbers” imagined the very concept of modern computing. His code-breaking machine is credited with shortening World War II. And his revolutionary postwar work helped create the world’s first commercial computers and articulated philosophical and logical foundations for artificial intelligence. He was, Carney said, “a giant on whose shoulders so many now stand.” A close-up of a rebuilt Bombe device, an electromechanical codebreaking machine used by British cryptologists in World War II. Turing was instrumental in the development of the

International Monetary Fund. Communications Department
This issue of Finance & Development looks at the economic and financial impact of climate policy choices. It points to concrete solutions that offer growth opportunities, driven by technological innovation, sustainable investment, and a dynamic private sector. The private sector can stop supporting or subsidizing industries and activities that damage the planet and instead invest in sustainable development. Governments can roll out policies to fight climate change and the destruction of nature. The paper highlights that technological change and innovations are central to longer-term efforts to mitigate climate change by developing alternatives to fossil fuels. A new, sustainable financial system is under construction. It is funding the initiatives and innovations of the private sector and amplifying the effectiveness of governments’ climate policies—it could even accelerate the transition to a low-carbon economy. The Bank of England’s latest survey finds that almost three-quarters of banks are starting to treat the risks from climate change like other financial risks—rather than viewing them simply as a corporate social responsibility. Banks have begun to consider the most immediate physical risks to their business models—from the exposure of mortgage books to flood risk to the impact of extreme weather events on sovereign risk.