BAKU, Azerbaijan, Oct.17. Timely transitions to net zero will help increase energy security, International Monetary Fund and Financial Committee (IMFC) Chair Nadia Calvino said addressing the Forty-Sixth Meeting of the IMFC October 14, Trend reports October 17.
“We reiterate our strong resolve to further accelerate climate action in line with the Paris Agreement and UNFCCC commitments, taking into account country-specific factors. We look forward to strong ambition for COP27, including enhanced action on adaptation and resilience. We recognize that timely, smooth, and just transitions to net zero will be critical for efforts toward increasing energy security and global resilience to current instability and future shocks. We will utilize policy mixes based on all effective tools, ranging from fiscal, market, and regulatory actions, including efficient policy instruments to reduce greenhouse gas emissions, while protecting the most vulnerable groups,” she said.
Nadia Calvino notes the need to gradually adapt energy markets and promote the role of renewables as part of the energy mix, as well as strengthening the social support to green and sustainable transitions.
“We will ensure that the digital transformation process plays a key role in making our economies more resilient and inclusive, being mindful of data protection, data sharing and interoperability and portability. We will also work together to develop and implement effective legal and regulatory frameworks for the crypto-assets ecosystem, including the so-called stablecoins, and work to enhance cross-border payments. We reiterate our commitment on excessive global imbalances, and governance, and our statement on the rules-based trading system, as made in April 2021.”
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