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Sunday, 20 September 2015

New Principles to Move on a Low Carbon Path, amid Growing Momentum for Carbon Pricing

WASHINGTON, September 20, 2015

Drawing on experiences with carbon pricing initiatives around the world, new research lays out principles for governments and businesses to develop successful and cost-effective schemes to put a price on social costs of greenhouse gas emissions.

The research by the World Bank Group, the Organisation for Economic Co-operation (OECD), with input from the International Monetary Fund, says that well designed carbon pricing schemes are a powerful and flexible tool that can cut emissions causing climate change.

At the same time, a new World Bank Group report, State and Trends of Carbon Pricing 2015, shows the number of implemented or planned carbon pricing schemes around the world has almost doubled since 2012, and is now worth about $50 billion.

"The world needs to find effective ways to reduce carbon pollution," said World Bank Group President, Jim Yong Kim. "We must design the best ways to price carbon in order to help cut pollution, improve people’s health, and provide governments with a pool of funds to drive investment in a cleaner future and to protect poor people."

"With COP21 fast approaching, the need for meaningful carbon policies is more important than ever. Carbon pricing is central to the quest for a cost-effective transition towards zero net emissions in the second half of the century. These principles will help governments to incorporate carbon pricing as a key part of their policy toolkit," said Angel Gurría, Secretary-General of the OECD.

"Carbon pricing is effective in reducing emissions that cause climate change, is straightforward to administer, can raise valuable revenues for broader fiscal reforms, and can help address local pollution as well as global climate change. We welcome the opportunity to continue collaborating with the World Bank, OECD, and others on this critical policy tool," said Christine Lagarde, Managing Director of the International Monetary Fund.

By Lashley Oladigbolu, accredited journalist of the World Bank Online Media Briefing Centre.

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