| World Bank IMF and Dev Agencies |    809 VIEWS  |
| World Bank IMF and Dev Agencies | |
| 809 VIEWS | |
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Friday, September
11, 2020 / 12:45 PM / by Kristalina Georgieva, IMF Managing
Director / Header Image Credit: Twitter; @KGeorgieva
Thank you, so much, Ronnie, for your warm
introduction! And congratulations on the upcoming publication of your book, 'IMPACT'. It builds our faith in the power of impact investing, which is at the
center of this great, action-oriented conference. I'm glad for the
opportunity to join you, because action is what the world
needs right now.
The global economy is undergoing a massive
transformation.
As much as possible, since the start of the
COVID-19 crisis, what we have done is to cocoon ourselves. And inside that
cocoon, a fundamental change is taking place-of our society, of our economy.
The actions we take now-this year and next-will determine what
kind of world emerges.
One of my favorite writers and activist Dr. Maya
Angelou said, "We delight in the beauty of the butterfly, but rarely admit the
changes it has to go through to achieve that beauty".
What does that mean for investors and governments
in practice?
Looking through the lenses of both COVID and ESG,
governments and investors must identify what are the viable businesses of
tomorrow that should be supported. And with great care, how
they support workers in businesses that are no longer viable-to make a
transition to jobs in sectors that are due to expand. And above all, how to
make sure that what comes out helps us to have [a] resilient, sustainable
future. Help us to deal with the shocks of a changing climate already imposed
upon us.
We can build a job-rich recovery now that powers a
sustainable, resilient global economy for the long term. And luckily for
us, a job-rich recovery and fighting climate change support each other-because
many jobs of the future will be in the green economy.
At the IMF, we see the importance of sustainable finance and impact investing to shape a post-COVID world...
We have undertaken a number of steps in that
direction and let me give you one example: Last year, we included a chapter on
sustainable finance in one of our most widely-read reports-the Global Financial
Stability Report.
We have done it because it is clear that
financial stability will depend on environmental and social
sustainability
So, it's important that both the financial sector
and governments act to price in and advance sustainability, and for this, we
rely on impact data.
It can help governments ensure that polluters
pay.
It can drive progress in all the areas we must work
on to build a greener, smarter, fairer recovery for
everyone.
In short, it can help us emerge from the COVID into
a more beautiful world.
So, thank you for all you're doing.
And enjoy the rest of the summit.
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