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Accounting for Climate Risks in Costing the Sustainable Development Goals

Author

Listed:
  • Rimjhim Aggarwal
  • Piergiorgio M Carapella
  • Ms. Tewodaj Mogues
  • Julieth C Pico-Mejia

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.

Suggested Citation

  • Rimjhim Aggarwal & Piergiorgio M Carapella & Ms. Tewodaj Mogues & Julieth C Pico-Mejia, 2024. "Accounting for Climate Risks in Costing the Sustainable Development Goals," IMF Working Papers 2024/049, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/049
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    References listed on IDEAS

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    1. Dinar Prihardini & Ms. Aleksandra Zdzienicka, 2021. "Meeting the Sustainable Development Goals in Small Developing States with Climate Vulnerabilities: Cost and Financing," IMF Working Papers 2021/062, International Monetary Fund.
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    Cited by:

    1. Tommy Chrimes & Bram Gootjes & M. Ayhan Kose & Collette Wheeler, 2024. "The Great Reversal," World Bank Publications - Books, The World Bank Group, number 41403.
    2. Joseph Mawejje, 2024. "Private sector participation in infrastructure in emerging market and developing economies: Evolution, constraints, and policies," Global Policy, London School of Economics and Political Science, vol. 15(2), pages 465-474, May.

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