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Accounting for Climate Risks in Costing the Sustainable Development Goals

Rimjhim Aggarwal, Piergiorgio Carapella, Tewodaj Mogues and Julieth Pico-Mejia

No 2024/049, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: Sustainable Development Goals; Climate change; Spending; Expenditure; Health; Education; Water and sanitation; Electricity; Roads.; expenditure Needs; sanitation infrastructure Improvement; wash infrastructure improvement; road infrastructure; water infrastructure Improvement; Sustainable Development Goals (SDG); Infrastructure; Natural disasters; Global (search for similar items in EconPapers)
Pages: 52
Date: 2024-03-08
New Economics Papers: this item is included in nep-env and nep-sea
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