By John Daniel Obioma
ONE of the sessions at the ongoing IMF/World Bank meeting saw the IMF launch its novel strategy against climate change – the Machine Learning Toolbox for Climate Policy Analysis.
Bo Li, IMF Deputy Managing Director, emphasized the need for innovative tools due to the urgent nature of the climate crisis.
IMF researchers Yunhui Zhao and Li Tang demonstrated how their toolbox can effectively identify significant changes in greenhouse-gas emissions, aiding policymakers in tackling climate change.
Zhao emphasized the potential of the toolbox to significantly reduce carbon emissions and effectively combat climate change.
He argued for a more reliable and machine-based analytical tool-box for policy making and implementation due to the inconsistency in carbon emission data.
Zhao outlined that the tool box captures four policy pillars that determine emission patterns, channels, standards, and implementation strategies.
Using the UK and China as case studies, the analysis reveals a conflict between GDP growth and emission levels, as emissions lead to productivity losses and GDP slump.
Zhao emphasized the importance of enhancing the resilience of all countries’ economies for growth with enhanced structure.