Carbon pricing, meaning carbon taxes and emission trading schemes, is widely recognised as the most cost-effective way to reduce carbon emissions. A growing number of countries and jurisdictions are therefore implementing carbon pricing tools as well as strengthening existing once. Yet carbon pricing is, in the words of John Roome, Senior Director at the World Bank’s Climate Change Group, “nowhere near where it should be [as it] still covers only a small part of global emissions at prices too low to significantly reduce emissions”.
Although climate change represents perhaps the largest, most complex economic opportunity since the industrial revolution(s), many investments are needed to make the transition. Most of the money required (up to 80%) needs to come from the private sector. It is therefore critical that the financial contributions from investors and business are unlocked.
The key? Putting a price on carbon emissions. There is enough evidence to suggest this is by far the best instrument to trigger investors and companies to move faster, especially when combined with other supporting policies.
The ETS Academy Mexico was held on July 23, 24 and 25, 2019 at Casa Lamm in Mexico City. It was a three-day seminar that brought together international experts with officials from different Federal Public Administration (APF) departments relevant to the development of an SCE, with the aim of learning the lessons learned and best practices of international jurisdictions, and facilitate the joint design of the SCE in Mexico.
Navigant, the Generation Foundation, and CDP have developed a briefing paper, Internal Carbon Pricing for Low Carbon Finance. It has actionable insights and key information for investors and banks about using internal carbon pricing.
In a recent report, Resources for the Future (RFF) modeled policy options to further reduce carbon dioxide emissions from the electricity sector in six US states: North Carolina, Pennsylvania, Minnesota, Wisconsin, Illinois, and Michigan. Senior Research Assistant Paul Picciano provides insights into their key findings in this CPLC blog.
On June 22nd, before the dome of the Massachusetts State House, a group of youth activists with Our Climate, a youth-led carbon pricing advocacy organization in the United States, assembled their largest climate mosaic yet. Nicholas O’Toole, a student at New York University and summer fellow with Our Climate, provides insights into the outcomes of the event and his vision for carbon pricing in Massachusetts in this CPLC blog.
In this CPLC blog, Mandy Rambharos, Head of Climate Change and Sustainable Development for Eskom Holdings, recaps the recent CPLC workshop on carbon pricing and competitiveness in South Africa. Given the introduction of a carbon tax in June, she also provides context for what carbon pricing means for the South Africa economy and business community.
Last week, Stefano Carattini and Steffen Kallbekken wrote “Carbon pricing is finally enjoying some momentum, despite setbacks” for the London School of Economics Business Review. The authors argue that recent articles on the status of carbon pricing and its perceived lack of political feasibility do not line up with the facts. Read their insights.
Ireland published its new Climate Action Plan on June 17th, 2019. Among several climate strategies, what role does carbon pricing play in the plan? Read Dr. Joseph Curtin’s insights in this CPLC blog.
Dr. Robert Stavins provides a brief summary of his new paper “The Future of U.S. Carbon-Pricing Policy”. The full paper can be downloaded here. In his paper and in this blog, Dr. Stavins explores two questions: (1) how do the two major approaches to carbon pricing (carbon taxes and cap and trade) compare on relevant dimensions, including but not limited to efficiency, cost-effectiveness, and distributional equity? (2) Which approach is more likely to be adopted in the future in the United States?
This week, representatives from government, business and civil society are gathering at the Carbon Pricing Leadership Coalition’s High-Level Assembly to discuss how carbon pricing can be used to shift investments towards low-carbon and climate-resilient projects, and how carbon pricing can address broader social concerns.
As carbon pricing gains increasing attention around the world, it’s essential that policies are informed by independent and sound analysis. The Carbon Tax Research Initiative at Columbia University's Center on Global Energy Policy is pleased to join the Carbon Pricing Leadership Coalition to offer its analytical expertise and learn from CPLC members about the opportunities and challenges of carbon pricing. CGEP’s initiative helps policymakers, businesses, and other leaders understand carbon pricing and the impacts on the economy, emissions and energy markets.
In the latest IETA insights Article, Mandy Rambharos takes a look at the impact Article 6 could have on African nations and their development goals—driven by a need to ensure access to energy.
Over the past few years, there has been a groundswell of support for carbon pricing - not only by governments, but increasingly by the private sector. As of 2017, almost 1400 companies worldwide are embedding an internal carbon price into their business strategies, up from 140 in 2014.
Building on this theme, Carbon Pricing Leadership Coalition (CPLC) and its partners, World Resources Institute (WRI), CDP, and International Finance Corporation (IFC) joined forces with The Energy and Resources Institute (TERI) to convene a private sector roundtable in the margins of the first International Research Conference on Carbon Pricing on February 14-15, 2019 in New Delhi, India.
Learn more about the key takeaways from the discussion.
The Energy Innovation and Carbon Dividend Act puts a price on carbon-emitting fuels, at the source, and delivers all revenues to households as monthly dividends. With a steadily rising fee and steadily rising dividends, the plan sends a clear, predictable price signal to producers and is projected to reduce greenhouse gas emissions 90 percent by 2050.
Opponents of carbon pollution pricing have had a busy year, incessantly warning of the severe economic damage such policies will purportedly cause.
Thankfully, proponents of clean growth have had a busy year too. Alberta wrapped up its consultation process on output-based allocations for large industrial emitters, Manitoba and Nova Scotia announced new carbon pricing systems, and the federal government took steps to implement a pan-Canadian backstop for carbon pricing.
The George Washington University, as a member of the CPLC, offers a unique graduate-level program in GHG Management. And it’s available online so you can earn your Certificate in GHG Management regardless of your location. In four online semester-length courses world experts offer comprehensive hands-on training that prepares you to begin your GHG management career immediately. And you can complete the program in less than one year.