At the COP26 summit in Glasgow, the IMF is urging rich countries to keep the promises they made when they signed the Paris Agreement in 2015. Developed countries pledged $100 billion per year to help poorer countries reduce carbon emissions, a target that has not yet been met. Kate Moody spoke to Kristalina Georgieva, Managing Director of the International Monetary Fund, about how to close the financing gap and, more broadly, how to keep the goal of a 1.5°C temperature rise alive.
"We have to think of this climate crisis as our once in a lifetime opportunity to make it so that our people are more resilient, our planet is more resilient and the quality of life improves," Georgieva told FRANCE 24 from the COP26 summit in Glasgow.
"Enlightened self-interest must drive rich countries' actions at the summit, but most importantly afterwards," she added.
Asked about the reliance of some countries on coal, the IMF chief said: "We cannot expect developing countries to close down coal-fired power plants, which is expensive, and build new alternative energy at the same time – they need to get help on both counts so they can move forward faster."
