IMF pressures developed economies to shoulder climate change burden

Rich countries must do more to aid developing economies to deal with the effects of climate change, according to the International Monetary Fund.

In research published by the global economic body on Wednesday, it said poorer nations were being disproportionately affected by climate change and their citizens were suffering as a result.

"Rising temperatures would have vastly unequal effects across the world, with the brunt of adverse consequences borne by those who can least afford it," the IMF said.

"The international community will have a key role to play in fostering and coordinating financial and other types of support for affected low-income countries," it added.

Ahead of next month’s release of the World Economic Outlook, the Washington-based firm said developing countries had contributed far less to climate change and the imbalance must be addressed.

Many countries have "huge spending needs and scarce resources to undertake the investments necessary to cope with climate change."

The IMF also doubted whether many nations would be able to comply with new targets introduced by the UN, which would require some to increase public spending by 30%.

"Domestic policies alone cannot fully insulate low-income countries from the consequences of climate change as higher temperatures push the biophysical limits of these countries’ ecosystems, potentially triggering more frequent epidemics, famines, and other natural disasters."