IMF Climate Innovation Challenge

The IMF has announced the winners of the Climate Innovation Challenge.

PortWatch, a platform launched on November 15 and developed by the IMF and the University of Oxford. This innovative platform enables real-time monitoring of maritime trade, mapping and simulating port disruptions, and analyzing climate risks to global supply chains.

https://portwatch.imf.org/

A key feature of PortWatch is its disaster alert system. After major disasters, PortWatch provides weekly email alerts on the realized and expected trade disruptions in affected countries. This information is intended to help policymakers, development partners and the public respond to disasters quickly and effectively.

The Other Teams

During the midpoint briefing of the Climate Innovation Challenge at the IMF headquarters, five winning teams and an exceptional runner-up provided an update on their innovative projects.

Videos for each project are available on the IMF page:

https://www.imf.org/en/Topics/innovation-at-the-imf/imf-climate-innovation-challenge

• Machine Learning-Based Toolbox for Climate Policy Analysis (MLCPA)

Discover an innovative machine learning-based toolbox that facilitates country teams in offering targeted and impactful climate policy advice. Watch how this tool helps identify policies to mitigate carbon emissions and enables countries to learn policy lessons from one another.

• Adapting External Sector Assessments to Climate Change

Explore analytical tools that incorporate climate change considerations to evaluate current account balances and exchange rate misalignment. Learn how these tools estimate climate financing needs and support international climate finance efforts.

• Model-Based Macroeconomic Frameworks for Assessing Climate Impact

Experience a model-based framework that assesses the macroeconomic effects of climate events and policies in emergingmarkets and developing economies (EMDEs). Explore an easy-to-use interface that facilitates policy analysis and supports dialogue with country authorities.

• Sustainable Procurement

Explore a comprehensive framework for Sustainable Public Procurement that promotes environmental protection, social progress, and economic development. Be inspired to accelerate sustainability efforts and contribute to ‘walking the talk’ in the Fund operations. 

• DMXi—Integrating Climate Change into Your Country's Macro Framework

Follow the development of a tool that enhances macro modeling and forecasting for country teams. Learn how DMXi solves multiple scenarios in macroeconomic forecasting while seamlessly integrating with existing tools.

***

The winning teams were selected based equally on the quality of their pitches, finalized bootcamp deliverables, and the following criteria: (i) relevance and potential impact; (ii) feasibility; (iii) innovation and additionality; (iv) team composition and engagement; and (v) support from stakeholders.

Winners will receive up to $50,000 in seed funding to develop a concrete proof of concept to further their ideas.

At the IMF, climate change is now at the heart of our work on economic and financial stability, growth, and jobs.  Policy innovation is central to helping member countries reduce emissions, build resilience, and capture the opportunities for greener growth. 

How might we integrate climate change into economic analysis to promote green policies?

To help answer this question, the IMF is organizing an innovation challenge on the economic and financial stability aspects of climate change. Country authorities/agencies, civil society organizations (including think tanks), and staff from the IMF, World Bank, and international organizations are invited to submit proposals that have the potential to enhance the IMF’s capacity development, policy advice, and operational impact in areas where economic and financial policies intersect with climate change.