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WP/21/259
Monitoring the Climate Impact of Fiscal Policy -
Lessons from Tracking the COVID-19 Response
by Khaled Eltokhy, Katja Funke, Guohua Huang, Yujin Kim, Genet Zinabou
IMF Working Papers describe research in progress by the authors and are published to
elicit comments and to encourage debate. The views expressed in IMF Working Papers
are those of the authors and do not necessarily represent the views of the IMF, its Executive
Board, or IMF management.
© 2021 International Monetary Fund WP/21/259
IMF Working Paper
Fiscal Affairs Department
Monitoring the Climate Impact of Fiscal Policy -
Lessons from Tracking the COVID-19 Response1
Prepared by Khaled Eltokhy, Katja Funke, Guohua Huang, Yujin Kim, Genet Zinabou
Authorized for distribution by James Daniel
October 2021
IMF Working Papers describe research in progress by the authors and are published to
elicit comments and to encourage debate. The views expressed in IMF Working Papers are
those of the authors and do not necessarily represent the views of the IMF, its Executive Board,
or IMF management.
Abstract
In the wake of the COVID-19 crisis, governments around the world announced
unprecedented fiscal packages to address the economic impact of the crisis. The unusually
large scale of the packages was accompanied by widespread calls for “greening” them to
meet the dual goals of economic recovery and environmental sustainability. In response,
several researchers and international organizations attempted to assess the “greenness” of
the fiscal policy response of the world’s
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