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Meeting of the IMF and the World Bank: Ministers conclude "Climate Coalition"

Twenty-two finance ministers have forged an "climate coalition" at the IMF-World Bank Spring Summit. Germany is one of them. The goal: Above all, CO2 emissions should be more expensive for countries.

The fight for a more effective climate protection also occupied the participants at the spring meeting of the International Monetary Fund (IMF) and the World Bank: The finance ministers from 22 states – among them the German minister Olaf Scholz – joined together to form a "climate coalition".


Less subsidies for fossil fuels

In a joint paper, the ministers propose measures to curb greenhouse gas emissions. In the future, therefore, the emission of CO2 for countries should be more expensive. For example, ministers are considering cutting subsidies for the use of fossil fuels.

The head of the IMF, Christine Lagarde also advocated the abandonment of fossil fuels as a "right path". In 2015, some $ 5.2 trillion in subsidies were still flowing worldwide. For this one could "build many roads and schools", so Lagarde. However, she also warned that the reduced subsidies should not be borne by the workers.

The US is keeping out

In addition to lower subsidies for fossil fuels, the members of the "Climate Coalition" also propose higher environmental levies by individual countries or more effective emissions trading systems. In addition, the factor of climate protection should in future be taken more into account in public investment and in the budgeting of states. Similarly, the ministers argue in the paper for greater promotion of private investment in the field of renewable energies.

In addition to Germany, France, Sweden, Great Britain, Chile, Spain, the Netherlands and the Philippines have joined the "climate coalition" – unlike the USA, which did not sign the paper.

Germany is weakening in the climate targets

Among the members of the coalition for better climate protection, Germany is among those who still have some catching up to do in their own environmental policy – after all, the German government is threatening to miss clearly the climate targets set for 2030.

Last week, for the first time, the Climate Cabinet met in Berlin to eradicate weak points such as excessive CO2 emissions and declining investment in renewable energies. This year, the work of the Climate Cabinet will lead to a new climate law.

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