The US and Europe clashed over the climate crisis at Davos on Friday, with US treasury secretary Steven Mnuchin saying during the summit’s final panel, “Let’s call it an environmental issue and not climate change.” This was in response to Christine Lagarde, president of the European Central Bank, saying it was of utmost importance to include climate risk in economic forecasts. On Friday, the Global Economic Outlook panel took place, which sought to explore the question, “What fiscal and monetary measures are necessary to mitigate an economic downturn in 2020?” Reassessing geopolitical risks, the impact of climate change, and prioritizing inclusive growth were all on the agenda. In addition to Lagarde and Mnuchin, panelists included Zhu Min, deputy managing director of the International Monetary Fund, Haruhiko Kuroda, governor of the Bank of Japan, Olaf Scholz, Germany’s finance minister, and Kristalina Georgieva, managing director of the International Monetary Fund. Lagarde said the financial sector would need to move away from quarterly and medium-term forecasts and start thinking up to three decades ahead. To view the full article visit Electrek.
