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Global carbon price floor would limit global warming - IMF staff
(Reuters, 18 Jun 2021) Needed reductions in emissions are unlikely to happen unless the global carbon price hits about $75 per ton by 2030, up from just $3 now, says IMF head
An agreement by some or all of the Group of 20 countries on a flexible global carbon price floor would help limit global warming to 1.5 to 2 degrees Celsius, the International Monetary Fund said in a new staff paper released Friday.
Such an agreement would cover a big percentage of global carbon dioxide emissions, marking a major step toward needed reductions in greenhouse gases, IMF Managing Director Kristalina Georgieva told an event hosted by the Brookings Institution.
"To help save the planet we must work together to prevent a climate crisis from turning into a catastrophe," Georgieva said. "We see an international carbon price floor as a viable option to reach such an agreement and will continue our work on it."
Experts say emissions must drop by one quarter to one half to keep global warming to below 2 degrees Celsius. The IMF has stepped up its efforts on climate change, citing what it sees as "huge risks to the functioning of the world's economies."
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Reuters, 18 Jun 2021: Global carbon price floor would limit global warming - IMF staff
