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Heads of states and top organizations challenge world to quadruple carbon markets by 2030

28th April 2016

LONDON: Leading heads of states along with prominent global organizations, have called today to expand carbon pricing to cover double the current level of global emissions by 2020 – and quadruple it by 2030.

The Carbon Pricing Panel, convened by the World Bank Group and the International Monetary Fund, has just released its Vision Statement for carbon pricing to cover 25% of global emissions in the next four years, and 50% by the end of next decade.

The call is supported by international leaders such as Prime Minister of Canada Justin Trudeau, President of France François Hollande, Chancellor of the Federal Republic of Germany Angela Merkel, California Governor Edmund G. Brown Jr. and OECD Secretary-General Angel Gurría.

“There is a growing sense of inevitability about putting a price on carbon pollution,” said World Bank Group President Jim Yong Kim. “In order to deliver on the promises of the historic Paris climate agreement, a price on carbon pollution will be essential to help cut emissions and drive investments into innovation and cleaner technologies.”

STATES AND REGIONS LEADERSHIP

Earlier this week, The Carbon Pricing Leadership Coalition, a global initiative of which The Climate Group is a member, held its first High-Level Assembly to share further evidence for the economic and social benefits of putting a price on carbon and further accelerate the “unprecedented” political moment for such policy.

In fact, a recent report by the International Carbon Action Partnership showed how half of the world agrees that carbon markets are crucial to tackling climate change. To date, carbon pricing covers only 9% of global greenhouse gas emissions, but this number will increase to 16% next year – four times more than 2010 – covering almost half of the world’s GDP.

Sub-national governments are at the forefront of this crucial policy. “Thanks to early action by Canadian provinces, more than 85% of Canadians live in jurisdictions with existing or planned carbon pricing,” said Justin TrudeauPrime MinisterCanada.

“We will continue to work with our provincial and territorial partners to develop a more coordinated, pan-Canadian approach to climate change and carbon pricing, so that our children and grandchildren can inherit a Canada more prosperous and sustainable than the one we know today.”

NORTH AMERICAN COLLABORATION

The Climate Group’s States & Regions Alliance clearly shows how collaboration can overcome national and international barriers while fostering the sharing of good practices. A striking example of this is the joint carbon market that our members Québec and California launched last year, creating the largest regional carbon market in North America – which will soon be linked to the ‘cap-and-trade’ system that the Canadian province of Ontario launched last year.

“Carbon pollution threatens our wellbeing and it is imperative we put a price on it,” underlines California’s governor Brown. “California is already proving that we can take action to decarbonize and continue to grow our economy at the same time, but this effort must be global.”

Libby FergusonStates & Regions DirectorThe Climate Group says: “States & Regions are demonstrating the art of the possible when it comes to innovative and ambitious climate policy.

“They have both the size and economic strength to implement bold climate policies such as carbon pricing, but also flexibility and political drive to respond faster than their national counterparts. Carbon pricing is an important policy that both protects our climate while stimulating competiveness in the business sector.”

To read the full article on The Climate Group, please click here