The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Climate change deal will not include global carbon price – UN climate chief

Related

Christiana-Figueres-afp

A climate change deal to be agreed in Paris in December will be incapable of a global carbon price agreement, the United Nations’ climate chief, Christiana Figueres, said on Tuesday.

Big multinational companies and investors and most recently oil majors have called for a global carbon price to help spur investments in low-carbon energy.

A global carbon price would help boost an incentive for operators of power plants and factories to switch to cleaner fuels such as gas or to buy more energy-efficient equipment.

When the European Union launched a carbon trading scheme in 2005, there were expectations this would eventually lead to a global carbon scheme by 2020 worth around two trillion dollars.
But the difficulties of bringing together different carbon schemes from countries around the world means the goal of a global carbon price remains elusive.

“Many have said we need a carbon price that would make investment so much easier, but life is much more complex than that,” Figueres told a climate investor event in London.

“I agree it would be more simple … but it’s not quite what we will have,” she said, adding that the world would move towards that in the future.

Figueres said six jurisdictions around the world already had a carbon price or carbon pricing mechanism such as a tax.

“I would argue we already have a strong carbon price signal,” she said.

Countries are due to meet in Paris from Nov. 30 to Dec. 11 to agree on a global deal to cut greenhouse gas emissions and tackle climate change.

This month, the leaders of 10 companies recognised that current greenhouse gas levels were inconsistent with a goal of limiting global warming to two degrees Celsius over pre-industrial times.

These 10 companies produce 20 per cent of the world’s oil and gas.

But they stopped short of outlining goals to cut their own emissions.


Receive News Alerts on Whatsapp: +2348136370421

No comments yet