Can the G20 agree a global carbon price?
When G20 leaders meet in Rome later this week, they will review progress made in the four months since they last gathered and agree on priorities and actions for the coming year. An unexpected success in 2021 was the agreement by more than 130 countries on a global minimum corporate tax rate. The G20 can build on this success and agree to develop a global carbon price, which could provide a powerful impetus to achieve net-zero carbon emissions by 2050.
The net-zero goal is ambitious and time is running out. Global investment firm RockCreek estimates that reaching net-zero by 2050 will require more than US$3 trillion of investments per year, while according to the UN emissions must drop 7.6 per cent every year from 2020 to 2030 to meet the 1.5°C Paris Agreement target.… Seguir leyendo »