AIRLINK 66.80 Increased By ▲ 2.21 (3.42%)
BOP 5.67 Increased By ▲ 0.07 (1.25%)
CNERGY 4.63 Decreased By ▼ -0.09 (-1.91%)
DFML 22.32 Increased By ▲ 1.56 (7.51%)
DGKC 69.76 Decreased By ▼ -1.64 (-2.3%)
FCCL 19.62 Decreased By ▼ -0.33 (-1.65%)
FFBL 30.20 Decreased By ▼ -0.25 (-0.82%)
FFL 9.90 Decreased By ▼ -0.15 (-1.49%)
GGL 10.05 No Change ▼ 0.00 (0%)
HBL 115.70 Increased By ▲ 4.70 (4.23%)
HUBC 130.51 Decreased By ▼ -0.33 (-0.25%)
HUMNL 6.74 Decreased By ▼ -0.11 (-1.61%)
KEL 4.35 Decreased By ▼ -0.04 (-0.91%)
KOSM 4.80 Increased By ▲ 0.46 (10.6%)
MLCF 37.19 Decreased By ▼ -0.56 (-1.48%)
OGDC 133.55 Decreased By ▼ -0.30 (-0.22%)
PAEL 22.60 Increased By ▲ 0.03 (0.13%)
PIAA 26.70 Decreased By ▼ -0.85 (-3.09%)
PIBTL 6.25 Decreased By ▼ -0.06 (-0.95%)
PPL 113.95 Decreased By ▼ -1.00 (-0.87%)
PRL 27.15 Decreased By ▼ -0.07 (-0.26%)
PTC 16.13 Decreased By ▼ -0.37 (-2.24%)
SEARL 59.70 Decreased By ▼ -1.00 (-1.65%)
SNGP 66.50 Increased By ▲ 1.35 (2.07%)
SSGC 11.21 Decreased By ▼ -0.14 (-1.23%)
TELE 8.94 Decreased By ▼ -0.03 (-0.33%)
TPLP 11.34 Increased By ▲ 0.09 (0.8%)
TRG 69.36 Increased By ▲ 0.31 (0.45%)
UNITY 23.45 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 7,312 Decreased By -12.8 (-0.17%)
BR30 24,106 Increased By 48.2 (0.2%)
KSE100 70,484 Decreased By -60.9 (-0.09%)
KSE30 23,203 Increased By 11.5 (0.05%)

WASHINGTON: The private sector must drastically increase its climate-related investments, most crucially in developing countries, for the world to reach net zero carbon by 2050, the International Monetary Fund (IMF) said in a report published Monday.

To attain the 2050 goal, $2 trillion would need to be invested annually by 2030, according data from the International Energy Agency (IEA) cited in the report.

But this is far above the estimated $400 billion planned for the next seven years, the IMF said.

Sri Lanka fails to seal first review of IMF’s bailout, talks to continue

The report warns that countries, especially ones with emerging or developing economies, will not be able to increase their debt levels by an average of 45-50 percent.

“We consider this as fiscally unsustainable,” Ruud de Mooij, deputy director of the IMF’s fiscal affairs department, said in an online press conference.

The good news, he said, is that 90 percent of the technologies needed to reduce emissions by 2030 already exist.

But to reach sufficient deployment, according to the report, private sector must double its contribution from 40 percent to 80 percent.

The report is part of the fund’s Global Financial Stability Report (GFSR), which will be released in full at the IMF and World Bank’s annual meetings, beginning October 9 in Marrakesh.

While some emerging countries, such as China and India, have a well-resourced private sector, this is not the case elsewhere, which means creating the conditions to attract international investment will be necessary, according to the IMF.

Fabio Natalucci, deputy director of the IMF, said more work had to be done to improve developing nations’ credit ratings.

He said that about 40 percent of emerging markets are rated sub-investment grade, meaning, for now, “they’re not part of the investable universe.”

Comments

Comments are closed.