Accounting for Climate Risks in Costing the Sustainable Development Goals

By Rimjhim Aggarwal, Piergiorgio M Carapella, Tewodaj Mogues, Julieth C Pico-Mejia

March 8, 2024

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Rimjhim Aggarwal, Piergiorgio M Carapella, Tewodaj Mogues, and Julieth C Pico-Mejia. Accounting for Climate Risks in Costing the Sustainable Development Goals, (USA: International Monetary Fund, 2024) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper evaluates the additional spending needed to meet core targets of selected Sustainable Development Goals (SDGs) while accounting for the associated cost to address climate risks. The SDGs under study are those related to human and physical capital development. An additional 3.8 percent of global GDP, or US$3.4 trillion, of public and private spending will be required by 2030 to achieve a strong performance in the selected SDGs while addressing associated climate risks. This includes an increase of 0.4 percent of global GDP (US$358 billion) compared to estimates that do not account for mitigation and adaptation needs within these sectors. LIDCs and SSA experience the highest climate-related cost augmentation relative to GDP, while EMEs (driven by large Asian emerging economies) bear the largest cost in absolute terms.

Subject: Climate change, Development, Environment, Health, Infrastructure, National accounts, Natural disasters, Sustainable Development Goals (SDG)

Keywords: Climate change, Education, Electricity, Expenditure, Expenditure Needs, Global, Health, Infrastructure, Natural disasters, Road infrastructure, Roads., Sanitation infrastructure Improvement, Spending, Sustainable Development Goals, Sustainable Development Goals (SDG), Wash infrastructure improvement, Water and sanitation, Water infrastructure Improvement

Publication Details

Pages:

52
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2024/049
Stock No:

WPIEA2024049
ISBN:

9798400264061
ISSN:

1018-5941

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