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Western climate subsidies risk hitting emerging markets: IMF

13 Sept 08:58 Key points summarised by AI

The IMF head, Kristalina Georgieva, warned that Western climate subsidies, such as the US Inflation Reduction Act (IRA), risk negatively impacting emerging and developing economies by potentially diverting investment and resources.
The US IRA's substantial clean energy subsidies are prompting the EU to consider similar protective measures, including a 'Net Zero Industry Act' and a 'sovereignty fund,' to safeguard its industrial base from capital flight.
Georgieva stressed the necessity of accompanying climate subsidies with technology transfers from developed to emerging nations to ensure a truly inclusive and effective global green transition.
While some European leaders defend government backing for climate action, the US climate envoy urged other nations to emulate US subsidies, a suggestion deemed impractical for developing countries with limited budgets.

Today 12:56 Key points summarised by AI

President Macron condemned widespread rioting and looting during nationwide protests, blaming far-left activists and criminals for the "unrestrained violence" and vowing accountability for those who "sought to bring down the Republic."
Over 2,400 arrests were made as protests against rising living costs and poor school conditions escalated, causing extensive damage to public buildings and businesses in cities like Paris, Limoges (where City Hall burned), Marseille, and Lyon.
The unrest, which organizers hoped would revive the "yellow vest" movement, saw political leaders trade blame, with Macron instructing prefects to protect public buildings and potentially ban future protests to prevent further disorder.