Course Overview

This program equips policymakers, economists, climate planners, and development practitioners with the tools to analyze the macroeconomic impacts of climate change, design climate‑responsive policies, and integrate climate risks into national planning and macro‑fiscal frameworks. It aligns with World Bank Climate Change Action Plan, IMF Climate Macroeconomic Assessment Program (CMAP), and global climate‑finance standards.

Participants learn how climate change affects growth, inflation, debt, fiscal space, external balances, and financial stability—and how to design macroeconomic strategies that support resilience, adaptation, and low‑carbon development.

2. Learning Objectives

Participants will be able to:

• Understand the macroeconomic channels through which climate change affects economies.

• Analyze climate risks using macro‑fiscal and macro‑financial frameworks.

• Integrate climate considerations into national development and budget planning.

• Evaluate climate‑related shocks and their impact on growth, inflation, and debt.

• Assess climate‑related fiscal risks and design climate‑responsive fiscal policies.

• Understand climate finance instruments and their macroeconomic implications.

• Produce climate‑macro policy briefs aligned with World Bank and IMF standards.

3. Target Audience

• Ministry of Finance and Planning officials

• Central bank economists and financial stability teams

• Climate change units in government

• World Bank–funded project teams

• Environmental economists and climate policy analysts

• Researchers and academics in macroeconomics and climate policy

• Development practitioners and consultants

4. Detailed Course Outline

Module 1: Introduction to Climate Macroeconomics

• Why climate change is a macroeconomic issue

• World Bank and IMF frameworks for climate‑macro analysis

• Climate risks: physical, transition, and systemic

• Climate change and development pathways

• Case studies from Africa, Asia, and Latin America

Module 2: Macroeconomic Impacts of Climate Change

• Climate impacts on GDP, productivity, and sectoral output

• Inflation effects from climate shocks (food, energy, supply chains)

• Employment and labor market impacts

• Long‑term growth and structural transformation

• Distributional impacts and inequality

Module 3: Climate‑Related Fiscal Risks & Public Finance

• Climate‑related public expenditure pressures

• Fiscal risks from disasters, adaptation needs, and transition policies

• Green budgeting and climate‑responsive public financial management (PFM)

• Designing climate‑smart fiscal policies

• Integrating climate risks into Medium‑Term Fiscal Frameworks (MTFFs)

Module 4: Climate Change & Debt Sustainability

• Climate shocks and debt dynamics

• IMF–World Bank Debt Sustainability Analysis (DSA) with climate considerations

• Climate‑related contingent liabilities

• Debt instruments for climate resilience (green bonds, sustainability‑linked bonds)

• Managing debt vulnerabilities in climate‑exposed economies

Module 5: Climate Change & Monetary/Financial Stability

• Climate risks to financial systems

• Central bank roles in climate risk management

• Climate‑related stress testing

• Green finance and sustainable financial markets

• Transition risks and financial sector regulation

Module 6: External Sector & Climate Vulnerability

• Climate impacts on exports, imports, and balance of payments

• Exchange rate pressures from climate shocks

• Climate‑sensitive sectors (agriculture, tourism, energy)

• External buffers and reserve adequacy

• Climate‑related capital flows and investment patterns

Module 7: Climate‑Responsive Macroeconomic Modelling

• Integrating climate variables into macro‑models

• Scenario analysis for climate shocks

• Modelling adaptation and mitigation policies

• Long‑term climate‑growth projections

• Tools used by World Bank and IMF for climate‑macro modelling

Module 8: Climate Finance & Macroeconomic Policy

• Overview of climate finance architecture (GCF, CIF, IDA, etc.)

• Mobilizing private climate finance

• Carbon pricing and carbon markets

• Fiscal incentives for green investment

• Macroeconomic implications of climate finance flows

Module 9: Climate Policy, Just Transition & Development

• Designing climate‑smart development strategies

• Just transition frameworks for workers and communities

• Green industrialization and job creation

• Social protection for climate resilience

• Aligning climate policy with national development plans

Module 10: Practical Exercises & Capstone Project

• Conducting a climate‑macro vulnerability assessment

• Building a climate‑adjusted macro‑fiscal framework

• Designing a climate‑responsive fiscal or monetary policy package

• Preparing a climate‑macro policy brief for decision‑makers

• Capstone: Develop a climate‑macro strategy for a simulated country

5. Training Methodology

• Expert‑led lectures and guided discussions

• Hands‑on macroeconomic and climate‑risk analysis

• Case studies from World Bank and IMF climate programs

• Group work and scenario‑based simulations

• Practical modelling sessions (Excel, R, Python optional)

• Capstone project with peer and instructor feedback

6. Deliverables & Outputs

Participants will receive:

• A Climate Macroeconomics Toolkit (frameworks, templates, datasets)

• Climate‑adjusted macro‑fiscal and macro‑financial templates

• Climate risk assessment and modelling tools

• Capstone project report and presentation

• Certificate of Completion from Regewall Training Institute