• Sign in
  • 1744009905_435.svg 1744009905_642.svg

  • Latest news
  • Top headlines
  • Most read
  • Columnists
O'zbekcha
Ўзбекча
Русский
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • Latest news
  • Top headlines
  • Most read
  • Columnists
    • USD12768.26
    • RUB162.63
    • EUR14400.04
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +27°C
      • Andijan
      • Karshi
      • Bukhara
      • Samarkand
      • Ferghana
      • Sirdarya
      • Jizzakh
      • Termez
      • Namangan
      • Tashkent
      • Navoiy
      • Tashkent reg
      • Nukus
      • Urgench
    • Daryo
      • About Daryo
      • Editorial office
      • Contact us
      • Terms of use
      • Privacy policy
      • News archive
    • Advertisement
    • Social networks
      • Instagram | Main
      • Instagram | Lifestyle
      • Instagram | Sport
      • Facebook | Main
      • OK | Main
      • YouTube | Daryo
      • YouTube | Daryo in Russian
      • YouTube | Daryo Global
    Telegram Youtube Facebook Instagram Twitter vkontakte
    Daryo logo white
    • Uzbekistan
      • Others
      • Navoi
      • Tashkent region
      • Syrdarya
      • Jizzakh
      • Kashkadarya
      • Surkhandarya
      • Khorezm
      • Bukhara
      • Samarkand
      • Namangan
      • Fergana
      • Andijan
      • Karakalpakstan
      • Tashkent City
      • DaryoKindness
      • Weather
    • Central Asia
      • Uzbekistan
      • Afghanistan
      • Kyrgyzstan
      • Kazakhstan
      • Turkmenistan
      • Tajikistan
    • World
    • Money
      • Business
      • Economics
      • Finance
      • Crypto
    • Culture
      • Movies
      • Books
      • Music
      • Celebrities
    • Lifestyle
      • Women only
        • Children
        • Beauty
        • Carrier
        • Advises
        • Fashion
        • Recipes
      • Technology
        • Architecture
        • Gadjets
        • Science
        • Space
        • Media
      • Auto
      • Entertainment
      • Travel
      • Health
      • Education
        • Entrant
        • Learn english
    • Sport
      • Football
      • UFC
      • Boxing
    infinix
    Daryo.uz - Login
    Daryo.uz Daryo.uz
    Daryo.uz - Login
    World

    Ahead of COP28, IMF Chief urges departure from ‘business as usual’

    Ahead of COP28, IMF Chief urges departure from ‘business as usual’

    The International Monetary Fund (IMF) chief, Kristalina Georgieva, has issued a stark warning ahead of the COP28 climate talks, stating that the current approach to managing global warming is “not viable”. In an exclusive interview with Reuters, Georgieva called for an end to “business as usual”, emphasizing the need for drastic reductions in carbon emissions.

    Photo: Ahead of COP28, IMF Chief urges departure from ‘business as usual’
    Source: Reuters

    A Call for drastic carbon emission reductions: Georgieva highlighted that carbon emissions need to fall between 25% and 50% by 2030. However, current pledges would only lead to a “meagre” 11% cut.

    The most important thing in COP28 is to be clear that the way we are going is not viable and define a level of ambition that is likely to keep a chance for the world to live with temperatures not exceeding 1.5 to 2 degrees Celsius.

    Overhauling the World’s Financial System: The IMF chief stressed the importance of overhauling the world’s multilateral financial system to ensure more funds are available to countries already experiencing the impacts of extreme weather events. She praised the World Bank’s efforts, which could boost lending by $100 bn over a decade, as “very promising”.

    Photo: Ahead of COP28, IMF Chief urges departure from ‘business as usual’
    Source: Reuters

    Georgieva also discussed the potential of Special Drawing Rights (SDRs), foreign exchange reserves that are rarely used, to bolster climate finance in developing markets. She revealed that 29 members had agreed to this approach, providing $55 bn for on-lending through the IMF’s Poverty Reduction and Growth Trust, and $41 bn through its Resilience and Sustainability Trust.

    Furthermore, Georgieva mentioned that the African Development Bank and the Inter-American Development Bank had proposed using SDRs on-lent to them as hybrid capital. This could then be leveraged to expand their lending capacity.

    We have presented this to our board of directors. What we are doing now is to look into the legal and operational modalities. And while it is not yet done, it has some promise.
    Photo: Ahead of COP28, IMF Chief urges departure from ‘business as usual’
    Source: Reuters

    Need for better carbon pricing: On the topic of carbon pricing, Georgieva stated that more than 70 jurisdictions are now adopting such schemes. She emphasized the need for rapid decarbonisation and revealed that the IMF had recently increased its forecast for the average price needed to achieve this to $85 a ton by 2030, up from a previous forecast of $75 a ton.

    As the COP28 climate talks are set to begin in Dubai, the world will be watching closely to see if these ambitious goals can be met.

     

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

    30.11.2023, 09:46   Comments (0)   1658
    Facebook Twitter LinkedIn Telegram Email

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    Uzbekistan spearheads global climate solutions at COP 28 in Dubai 

    13.11.2023, 15:05

    Empowering net-zero goals: influence of COP 28 on climate mitigation 

    27.11.2023, 15:24

    COP28 preview: Key issues and tensions in global climate talks

    29.11.2023, 01:57

    Uzbekistan’s President Mirziyoyev to attend UN Climate Change Conference in Dubai 

    30.11.2023, 09:09

    Medipol Medical Group expands global presence with opening of representative office in Tashkent 

    29.11.2023, 18:42

    Uzbekistan's companies to contribute to Kyrgyzstan's textile sector with $31 mn investment  

    29.11.2023, 18:18
    ×Lightbox Image

    Daryo.uz | Solution to your problems


    Beepul 's rising popularity: 3.5x user growth, transaction up 2.3x in 2024


    Beeline Uzbekistan started 2025 with a significant network modernization


    Don't want to waste time standing in lines? Pay your utility bills through the Ipoteka Retail mobile app?


    More than 500,000 new users: residents of Uzbekistan choose the Hambi superapp

     

    Recommended

    "We wouldn’t have won without U.S. aid" – The hidden truths behind the USSR’s World War II victory

    12 May, 15:39

    Uzbekistan's banking deposits surge to $25.2bn in March

    8 May, 17:24

    Uzbekistan to host 59th ADB Annual Meeting in Samarkand for second time

    8 May, 11:26

    Uzbekistan sees rise in cross-border travel as outbound tourism jumps 20%

    7 May, 12:38
     
     
     

    Latest news

    Uzbekistan, Kazakhstan customs officials meet at Gisht Kuprik to streamline border operations

    Uzbekistan | 1 June, 16:03

    Uzbekistan launches youth campaign 'Land of Talents' with mass events in Tashkent

    Uzbekistan | 1 June, 13:31

    Uzbekistan finalizes WTO accession talks with UK

    Uzbekistan | 1 June, 11:00

    Kazakhstan weighs China’s $5.47bn nuclear offer over Russia’s costlier bid

    Kazakhstan | 31 May, 15:45

    “Uzbekistan could have gone to war with neighboring countries" – says Abdulaziz Kamilov

    Uzbekistan | 31 May, 12:06

    President of Uzbekistan proposes “Central Asia–Italy” business club to boost cooperation

    Uzbekistan | 31 May, 10:01

    Kyrgyzstan open to global cooperation in fintech and digital economy, says PM Kasymaliev

    Kyrgyzstan | 30 May, 17:39

    Tashkent ranks among Central Asia’s top 3 cities in Global Cities Index 2025

    Uzbekistan | 30 May, 15:07
    Daryo About Us

    Full reproduction or partial quoting of material, as well as the use of photographic, graphic, audio and/or video materials of Daryo (the Uzbek Press and Information Agency (UzAPI, now the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan) is registered on 13.03.2015 with certificate number No. 0944 as a mass media) is allowed if there is a hyperlink to the website daryo.uz and/or are accompanied by a note indicating the authorship of the online publication Daryo. Individual publications may contain information that is not intended for users under the age of 18. Info@daryo.uz

    Telegram Youtube Facebook Instagram Twitter vkontakte

    © Simple Networking Solutions, 2013–2025

    Age restriction

    Did you find a bug? Press Ctrl + Enter

    • Terms of use
    • Privacy policy
    • Advertisement
    What are we going to search for?

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Google

    or with email

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Register Now

    Already registered? Login.

    Google

    or with email

    A password will be e-mailed to you.

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Found an error in the text?

    ×

    Thank you. We have received your message and will fix the error as soon as possible.