IMF Managing Director Christine Lagarde has said that “now is the time for countries to introduce a carbon tax and to roll back energy subsidies in an effort to limit the negative environmental impact caused by fossil fuels.”

Lagarde made the comments during an IMF-World Bank discussion titled ‘Conversation on Climate Change’ during the 2015 Annual Meetings of the IMF and the World Bank in Lima, Peru.

Under its chief, the IMF has delved into the impact of climate change, arguing that tackling the fund’s core mission of economic instability is impossible without also addressing environmental damage.

It is to be noted that over 200 nations will meet in Paris from November 30 to December 11 for the COP21 with the aims of finalizing a new global deal to slow climate change.