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The IMF Notes Series aims to quickly disseminate succinct IMF analysis on critical economic issues to member countries and the broader policy community. The IMF Staff Climate Notes provide analysis related to the impact of climate change on macroeconomic and financial stability, including on mitigation, adaptation, and transition. The views expressed in IMF Staff Climate Notes are those of the author(s), although they do not necessarily represent the views of the IMF, or its Executive Board, or its management.

Environmental policy. --- Climatic changes. --- Emissions trading.

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"The transformation of child care after welfare reform in New York City and the struggle against that transformation is a largely untold story. In the decade following welfare reform, despite increases in child care funding, there was little growth in New York's unionized, center-based child care system and no attempt to make this system more responsive to the needs of working mothers. As the city delivered child care services "on the cheap," relying on non-union home child care providers, welfare rights organizations, community legal clinics, child care advocates, low-income community groups, activist mothers, and labor unions organized to demand fair solutions to the child care crisis that addressed poor single mothers' need for quality, affordable child care as well as child care providers' need for decent work and pay. Social Reproduction and the City tells this story, linking welfare reform to feminist research and activism around the "crisis of care," social reproduction, and the neoliberal city. At a theoretical level, Simon Black's history of this era presents a feminist political economy of the urban welfare regime, applying a social reproduction lens to processes of urban neoliberalization and an urban lens to feminist analyses of welfare state restructuring and resistance. Feminist political economy and feminist welfare state scholarship have not focused on the urban as a scale of analysis, and critical approaches to urban neoliberalism often fail to address questions of social reproduction. To address these unexplored areas, Black unpacks the urban as a contested site of welfare state restructuring and examines the escalating crisis in social reproduction. He lays bare the aftermath of the welfare-to-work agenda of the Giuliani administration in New York City on child care and the resistance to policies that deepened race, class, and gender inequities"--

Public welfare --- Public welfare administration --- Child care --- New York (N.Y.) --- Social conditions.

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Countries are increasingly committing to midcentury ‘net-zero’ emissions targets under the Paris Agreement, but limiting global warming to 1.5 to 2°C requires cutting emissions by a quarter to a half in this decade. Making sufficient progress to stabilizing the climate therefore requires ratcheting up near-term mitigation action but doing so among 195 parties simultaneously is proving challenging. Reinforcing the Paris Agreement with an international carbon price floor (ICPF) could jump-start emissions reductions through substantive policy action, while circumventing emerging pressure for border carbon adjustments. The ICPF has two elements: (1) a small number of key large-emitting countries, and (2) the minimum carbon price each commits to implement. The arrangement can be pragmatically designed to accommodate equity considerations and emissions-equivalent alternatives to carbon pricing. The paper discusses the rationale for an ICPF, considers design issues, compares it with alternative global regimes, and quantifies its impacts.

Environmental Conservation and Protection --- Environmental Economics --- Taxation --- Energy: Government Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: Government Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Climate change --- Public finance & taxation --- Greenhouse gas emissions --- Environment --- Carbon tax --- Taxes --- Greenhouse gases --- Climatic changes --- Environmental impact charges --- China, People's Republic of

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Carbon pricing should be a central element of climate mitigation strategies, helping countries transition to ‘net zero’ greenhouse gas emissions over the next three decades. Policymakers considering introducing or scaling up carbon pricing face technical choices between carbon taxes and emissions trading systems (ETSs) and in their design. This includes administration, price levels, relation to other mitigation instruments, use of revenues to address efficiency and distributional objectives, supporting measures to address competitiveness concerns, extension to broader emissions sources, and coordination at the global level. Political economy considerations also affect the choice and design of instruments. This paper discusses such issues in the choice between and design of carbon taxes and ETSs, providing guidance, broader considerations, and quantitative analyses. Overall, carbon taxes have significant practical advantages over ETSs (especially for developing countries) due to ease of administration, price certainty to promote investment, the potential to raise significant revenues, and coverage of broader emissions sources—but ETSs can have significant political economy advantages.

Emissions trading. --- Carbon tax --- Climate change --- Climate --- Climatic changes --- Currency crises --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Emissions trading --- Energy: Government Policy --- Environment --- Environmental Conservation and Protection --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Environmental impact charges --- Environmental sciences --- Environmental Taxes and Subsidies --- Exports and Imports --- Financial crises --- Foreign Exchange --- Global Warming --- Greenhouse gas emissions --- Greenhouse gases --- Hydrocarbon Resources --- Informal Economy --- Informal sector --- International economics --- International Trade Organizations --- Macroeconomics --- Natural Disasters and Their Management --- Nonrenewable Resources and Conservation: Demand and Supply --- Nonrenewable Resources and Conservation: Government Policy --- Public finance & taxation --- Redistributive Effects --- Taxation and Subsidies: Externalities --- Taxation --- Taxes --- Trade Policy --- Underground Econom --- China, People's Republic of

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Urgent and aggressive action to cut greenhouse gas emissions this decade is needed. As countries take stock of the Paris Agreement, this Note provides IMF staff’s annual assessment of global climate mitigation policy. Global ambition needs to be more than quadrupled: emissions cuts of 50 percent below 2019 levels by 2030 are needed for 1.5 degrees Celsius, but current targets would only achieve 11 percent. We provide options for ratcheting-up ambition equitably. Implementation could be accelerated via agreements on minimum carbon prices. Drastic increases in mitigation investment are needed, requiring policies to shift private sector incentives. Climate finance should be scaled-up, with a new goal aligned with needs in developing countries. The development and diffusion of low-carbon technologies should be accelerated collaboratively. Overall, the Paris Agreement is making progress, but a response to the Global Stocktake that prioritizes decisive action this decade is critical.

Climate change --- Climate finance --- Climate --- Climatic changes --- Currency crises --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Emissions trading --- Energy: Government Policy --- Environment --- Environmental Conservation and Protection --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Environmental Taxes and Subsidies --- Financial crises --- Foreign Exchange --- General issues --- Global Warming --- Green finance / sustainable finance --- Greenhouse gas emissions --- Greenhouse gases --- Hydrocarbon Resources --- Informal Economy --- Informal sector --- Innovation --- Intellectual Property Rights: General --- Macroeconomics --- Natural Disasters and Their Management --- Nonrenewable Resources and Conservation: Demand and Supply --- Nonrenewable Resources and Conservation: Government Policy --- Redistributive Effects --- Research and Development --- Taxation and Subsidies: Externalities --- Technological Change --- Technology --- Underground Econom