COP21 Breaking News_05 December: Carbon Price Needed for Climate Change Success

COP21 Logo Paris UNPutting a price on carbon is essential for success in the international response to climate change, said participants in a COP21 side event.

Without a price, recognizing and charging for the damaging effects of emitting greenhouse gases, efforts to address climate change will be inefficient and likely too slow to avoid its worst effects.

Pricing carbon is “not the only thing, but a necessary thing,” said Rachel Kyte, Special Envoy for Climate Change, World Bank Group.

“We have to take carbon pollution out of our growth model,” she said. That entails “energy policy reform, energy subsidy reform and putting a price on carbon.”

China has seven pilot emissions trading systems, and has announced its intention to launch a national system in 2017.

Qimin Chai, a deputy director in China’s National Center for Climate Change Strategy and International Cooperation, said it is key to “count the benefits and the costs” of action on climate change, explaining how emissions trading systems can spur development and stimulate economies through recycling of investment, if the price is high enough.

carbon pricing side event COP21

Countries and constituencies need to “make pricing integral, and build on it,” explained David Heurtel, the Development, Environment and Climate Change Minister in the province of Québec, Canada.

Québec launched an emissions cap and trade system in 2013 and linked it with the emissions trading system in California, U.S.A., a year later. The Canadian provinces of Ontario and Manitoba have since announced their intentions to cap and trade their emissions. One province, British Columbia, has had a carbon tax for several years, and another province, Alberta, is planning one.

Québec started with a low carbon dioxide price per tonne, which has steadily risen. The gradual transition has worked well, avoiding economic dampening. Business has integrated the cost and the province has reinvested the income, explained Mr. Heurtel.

Bruno Lafont, Co-Chair of the LafargeHolcim cement company, said he was in favour of global carbon pricing, stressing the word global. With some constituencies subject to a price and others not, competition could be uneven.

Businesses need “stability and predictability” and any pricing system needs to avoid “distortion of competition,” Mr. Lafont said.

Source: http://newsroom.unfccc.int/financial-flows/carbon-price-needed-for-climate-change-success/

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

EU to spend €135.5 billion in 2014 or 6.5% less than this year

Biggest London City Banks ready to move core European operations to Frankfurt or Dublin?

A new global financial crisis develops fast; who denies it?

How did Facebook fool the Commission that easily during the WhatsApp acquisition?

The EU can afford to invest trillions in support of employment

On the euro but out of it?

Turkey caught in a vicious Syrian circle bringing terror and war at home

JADE Testimonial #1: Marcello @ Enlargement

On Youth Participation: Are we active citizens?

The Parliament accuses core EU countries of exploiting their dominant political position

EU to spend €6 billion on youth employment and training futile schemes

EU regional differences betray an unjust arrangement

World Health Organisation and young doctors: is there any place for improvement?

Summer pause gives time to rethink Eurozone’s problems

Two women threaten to tear the world apart

Imaginary Journeys Into Eternal China

MEP Cristiana Muscardini @ European Business Summit 2014: International Trade in Europe

High-technology manufacturing saves the EU industry

Galileo funding: A ‘small’ difference of €700 million

Can Europe and the US reverse their nationalist and xenophobic drift? Is the West becoming belligerent?

The Brits are not an exception and that’s why they voted to leave

Minsk “ceasefire” leaves more doubts than safety, with EU already planning steps further

ECB’s first flight in Eurozone’s banking universe will be just a reconnaissance

The British “nonsense”, the relaxed Commissioner and the TTIP “chiaroscuro” at this week’s Council

MWC 2016: IoT experts fret over fragmentation

Why France, Italy and the US press Germany to accept a cheaper euro and pay for Greece

IMF: How can Eurozone avoid stagnation

High level political talks didn’t break the stalemate in Ukraine

“Airbnb and YouTube are two great examples of a crowd based capitalism”, key stakeholders outline the boundaries of the 4th Industrial Revolution in Davos

Can the EU afford to block China’s business openings to Europe by denying her the ‘market economy status’?

Trump asked Merkel to pay NATO arrears and cut down exports ignoring the EU

EU to gain the most from the agreement with Iran

Who cares about the unity of Ukraine?

Brexit: when the hubris of one man can set the UK, the EU and the entire world on fire

Hollande protects the euro from the attacks of extremists

New chapters in EU-China trade disputes

Two major EU projects falter; the Schengen Agreement now freezes and Eurozone fails to resolve the Greek enigma

“No labels for entrepreneurs!”, a young business leader from Italy cries out

Europe slammed by Turkey’s shaky Erdoğan; both playing with immigrants’ agony

Inegalitarian taxation on labour haunts Europe’s social model

2013, a Political Odyssey: What future for Italy?

The EU Parliament and the ECB unknowingly or unwillingly fail to protect our financial assets

ECB’s new money bonanza handed out to help the real economy or create new bubbles?

Dear China

ECB: The bastion of effective and equitable Europeanism keeps up quantitative easing

JADE President opens JADE Spring Meeting 2014

Cancer research put at risk by General Data Protection Regulation? The possible dangers of a data privacy EU mania

Opening Remarks by H.E. Ambassador Yang Yanyi, Head of the Chinese Mission to the EU at the Chinese Fashion Night

An entrepreneurial point-of view on tackling the migration crisis and the risks of abolishing Schengen

France and Poland to block David Cameron’s plans on immigration

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s