The Executive Board of the International Monetary Fund (IMF) approved 42-month ECF / EFF arrangements of SDR 2.5 billion (equivalent to 231.4 percent of quota or about US$3.3 billion), and a concurrent RSF arrangement of SDR 1 billion (equivalent to 93.8 percent of quota or about US$1.4 billion) to support Bangladesh’s economic policies. Bangladesh is the first country in Asia to receive financing under the RSF. Approval of the ECF/EFF arrangements enables immediate disbursement of SDR 352.35 million (about US$476 million). Bangladesh’s robust economic recovery from the pandemic has been interrupted by Russia’s war in Ukraine, leading to a sharp widening of Bangladesh’s current account deficit, depreciation of the Taka and a decline in foreign exchange reserves. The authorities have taken on a comprehensive set of measures to deal with these latest economic disruptions. The authorities recognize that in addition to tackling these immediate challenges, long-standing structural issues and vulnerabilities related to climate change will also need to be addressed to accelerate growth, attract private investment, enhance productivity, and build climate resilience.
India’s economy will become carbon neutral by the year 2070, the country’s prime minster has announced at the COP26 climate crisis summit in Glasgow. The target date is two decades beyond what scientists say is needed to avert catastrophic climate impacts. India is the last of the world’s major carbon polluters to announce a net-zero target, with China saying it would reach that goal in 2060, and the United States and the European Union aiming for 2050.
China's carbon emissions are vast and growing, dwarfing those of other countries. Experts agree that without big reductions in China's emissions, the world cannot win the fight against climate change. In 2020, China's President Xi Jinping said his country would aim for its emissions to reach their highest point before 2030 and for carbon neutrality before 2060. His statement has now been confirmed as China's official position ahead of the COP26 global climate summit in Glasgow. But China has not said exactly how these goals will be achieved.
China's carbon emissions are vast and growing, dwarfing those of other countries. Experts agree that without big reductions in China's emissions, the world cannot win the fight against climate change. In 2020, China's President Xi Jinping said his country would aim for its emissions to reach their highest point before 2030 and for carbon neutrality before 2060. His statement has now been confirmed as China's official position ahead of the COP26 global climate summit in Glasgow. But China has not said exactly how these goals will be achieved.
A crucial U.N. conference heard calls on its first day for the world's major economies to keep their promises of financial help to address the climate crisis, while big polluters India and Brazil made new commitments to cut emissions. World leaders, environmental experts and activists all pleaded for decisive action to halt the global warming which threatens the future of the planet at the start of the two-week COP26 summit in the Scottish city of Glasgow on Monday. The task facing negotiators was made even more daunting by the failure of the Group of 20 major industrial nations to agree ambitious new commitments at the weekend.