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Monitoring the Climate Impact of Fiscal Policy - Lessons from Tracking the COVID-19 Response
Author:
Khaled Eltokhy
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Ms. Katja Funke
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Guohua Huangnull

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Yujin Kim
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Genet Zinabou
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Series:
IMF Working Papers
Volume/Issue:
Volume 2021: Issue 259
Language:
English
Publication Date:
29 Oct 2021
DOI:
https://doi.org/10.5089/9781589067769.001
ISBN:
9781589067769
ISSN:
1018-5941
Pages:
34
Keywords:
Green fiscal policy tracker; green budgeting; COVID-19 response; climate impact assessment; IMF Green tracker policy archetype; climate impact; green fiscal policy tracker; climate relevance; fiscal policy response; Greenhouse gas emissions; Climate policy; Climate change; Environmental policy; Global; COVID-19
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In the wake of the COVID-19 crisis, governments around the world announced unprecedented fiscal packages to address the economic impact of the crisis. The unusually large scale of the packages was accompanied by widespread calls for “greening” them to meet the dual goals of economic recovery and environmental sustainability. In response, several researchers and international organizations attempted to assess the “greenness” of the fiscal policy response of the world’s largest economies. This paper takes stock of the contributions made by these various trackers, identifies strengths and weaknesses of their methodologies, and draws lessons for assessing the climate impact of fiscal policy going forward. It finds that: trackers provided useful assessments of the (generally low) level of greenness and raised awareness; trackers’ methodologies, while valid and innovative, varied significantly with some important, if currently largely unavoidable, weaknesses; and the way forward should involve tracking the greenness of entire government budgets, rather than just their response to the COVID-19 crisis.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2021: Issue 259