Climate change poses a serious risk to countries' economic and financial stability, International Monetary Fund (IMF) Deputy Executive Director Bo Li said at the event "Global Financial System: Expanding Climate Action Financing" within COP29.
According to Report, he noted that one of the IMF's missions is to support global macroeconomic and financial stability, which will contribute to "green development" and creation of "green jobs."
"That's why three years ago, the IMF Board of Directors approved its first climate strategy. Loans are provided to support member countries in addressing long-term challenges such as climate change. Over the past two years, we have approved financing for 20 countries, attracting $48 billion to support countries, especially low-income countries," he said.