Good policies ‘can contain costs of warming’

The economic damage caused by climate change can be contained by implementing well-designed policies across a large group of countries, the International Monetary Fund has said.

Long-term, flexible policies, including a carbon pricing system that is credible to both people and businesses, can avert further climate
changes, Reuters reported the IMF as saying.

Higher carbon prices would spur shifts in investments and consumption away from products and technologies that increase greenhouse gases, the IMF said.

But the risk from potential damages caused by climate change could be huge if global warming was not properly addressed, it added.

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