{"id":86364,"date":"2026-10-13T12:03:35","date_gmt":"2026-10-13T10:03:35","guid":{"rendered":"https:\/\/www.greenpeace.org\/international\/?p=86364"},"modified":"2026-10-13T13:44:12","modified_gmt":"2026-10-13T11:44:12","slug":"why-worlds-financial-system-matters-climate-imf-world-bank-thailand","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/international\/story\/86364\/why-worlds-financial-system-matters-climate-imf-world-bank-thailand\/","title":{"rendered":"Why the world\u2019s financial system matters for the climate"},"content":{"rendered":"\n

As governments, civil society, lawmakers and international financial institutions gather in Thailand for the International Monetary Fund (IMF) and World Bank Annual Meetings this week, they are convening against a backdrop of escalating extreme weather events around the world that makes the question of securing sufficient climate finance to fund solutions impossible to ignore.<\/p>\n\n

\"Greenpeace
Greenpeace Thailand calls on major polluters to take responsibility for the climate impacts they have contributed to, and urges the Thai government to stop further fossil fuel expansion and accelerate a just transition to renewable energy.
\u00a9 Chanklang Kanthong \/ Greenpeace<\/div><\/figcaption><\/figure>\n\n

Bangkok, the host city for the meetings, recently declared a flood disaster<\/a> as thousands had to flee from their homes. This summer, Europe experienced devastating heatwaves and wildfires. Just weeks ago, catastrophic floods and landslides in Nepal<\/a> killed more than 1,250 people and left thousands missing, prompting the United Nations and humanitarian partners to launch a US$49.6 million emergency appeal. <\/p>\n\n

These disasters are a reminder that sufficiently financing necessary climate action is not an abstract debate for future negotiations. People are already paying dearly for an accelerating climate crisis, while facing escalating food prices and higher energy bills. Yet the countries facing the greatest climate vulnerabilities remain trapped by repressive rules and conditions that constrain fiscal space, impose high debt burdens and pressure their governments to reduce public spending, while the wealthiest polluters are profiting from these crises without paying their fair share.<\/p>\n\n

\"Greenpeace
Greenpeace Thailand staff and volunteers support communities affected by severe flooding in Chachoengsao Province, Thailand. The flooding, which began affecting the province on 25 September, has impacted 11 districts and more than 23,790 households.
\u00a9 Chanklang Kanthong \/ Greenpeace<\/div><\/figcaption><\/figure>\n\n

How is economic justice connected to climate justice?<\/h2>\n\n

As the climate crisis worsens, global policy responses are lagging behind the urgent need for securing sufficient funding for mitigation, adaptation, and loss and damage. Redesigning our domestic and global tax systems is central to shifting the burden of cost to the wealthiest polluters and for mobilising necessary resources for climate action.<\/p>\n\n

The IMF and World Bank occupy a powerful position in the global financial architecture, and must adapt and respond to today\u2019s polycrisis rather than further exacerbating it. Their approaches must reflect the realities countries face today, rather than further restricting public spending and deepening fiscal pressures. Their role should be helping countries reach their sustainable development goals and not further distancing them from it. <\/p>\n\n

\"Greenpeace
Greenpeace Philippines activists join thousands of marchers at the Quezon Memorial to call for dirty energy companies to \u201cPay up for Climate Finance\u201d and to demand the government seek climate justice.
\u00a9 Jilson Tiu \/ Greenpeace<\/div><\/figcaption><\/figure>\n\n

For decades<\/a>, government budget cuts and higher taxes (austerity) have been central to the economic advice forced upon developing nations by the IMF and the World Bank, trapping them in a destructive cycle. The way governments raise revenue matters as much as how much revenue they raise. Many developing countries rely heavily on regressive indirect and consumption taxes and further exploitation and extraction of natural resources. Indeed, World Bank<\/a> research shows that in several developing nations, steep taxes on basic goods leave low-income households bearing the brunt of the tax pressures. <\/p>\n\n

Ordinary people should not be expected to carry an ever-increasing  share of this burden while budget cuts and unsustainable debt strip away public investment meant to build a fairer and more resilient future those public funds  are meant to secure.    <\/p>\n\n

How is the climate crisis linked to\u00a0 extreme wealth?<\/h2>\n\n

While those who contributed the least to the crisis are bearing the greatest impacts, the wealthiest and biggest polluters often get away with not paying their fair share. Recent research by Greenpeace Africa highlights a critical factor that is too often ignored in climate finance debates: who owns the assets driving global emissions?   <\/p>\n\n

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A post shared by Greenpeace International \ud83c\udf0d (@greenpeace)<\/a><\/p><\/div><\/blockquote>\n