Expand carbon pricing leaders urge on eve of UN climate signing

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Countries are being urged to expand carbon pricing on the eve of a UN signing ceremony in New York for the Paris climate deal.

Members of The Carbon Pricing Panel, a group convened by the World Bank Group and the International Monetary Fund (IMF), made the call on Thursday.

More than 165 nations and an estimated 60 heads of state are expected to attend the high-level event, according to the UN.

Jocelyne Sambira has the details.

Putting a price on carbon pollution is the most effective policy to reduce emissions globally, a group of heads of state and government insist.

It also raises significant revenues, and can help drive investment in innovation and cleaner technologies, the group adds.

These leaders from France, Canada, Ethiopia, Chile, Germany and Mexico, are challenging the world to double the current level by expanding carbon pricing to cover 25 per cent of global emissions by 2020.

They also want to push for 50 percent coverage within the next decade.

Some 40 countries and 23 cities, states and regions around the world are using carbon pollution pricing schemes, representing about 7 billion tons of carbon dioxide.

The schemes, now worth about $50 billion, cover about 12 percent of global emissions, which is a threefold increase over the last decade.

Adopted last December, the Paris climate deal which calls for keeping global temperatures below 2 degrees Celsius, opens for signature on Friday.

The agreement will enter into force when joined by at least 55 countries, which together represent at least 55 per cent of global emissions.

Jocelyne Sambira, United Nations.

Duration: 1’12″

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