What: CPLC High-Level Dialogue, ’Realising the Full Potential of Carbon Pricing in a Sustainable Recovery’
When: 22 June, 2020
Monumental efforts are underway to help governments respond to the crisis triggered by Covid-19. As countries look ahead on how to build back better, carbon pricing policies are in the spotlight. The Carbon Pricing Leadership Coalition (CPLC), in partnership with the Coalition of Finance Ministers for Climate Action (CFMCA), is convening thought leaders for a dialogue exploring how the public and private sector can realise the full potential of carbon pricing as part of a sustainable recovery process.
Carbon pricing is an approach to reducing carbon emissions (also referred to as greenhouse gas, or GHG, emissions) that uses market mechanisms to pass the cost of emitting on to emitters. Its broad goal is to discourage the use of carbondioxide-emitting fossil fuels in order to protect the environment, address the causes of climate change, and meet national and international climate agreements.
A key aspect of carbon pricing is the ‘polluter pays’ principle. By putting a price on carbon, society can hold emitters responsible for the serious costs of adding GHG emissions to the atmosphere; these costs include polluted air, warming temperatures, and various attendant ills such as threats to public health and food and water supplies, and increased risk of certain dangerous weather events. Putting a price on carbon can likewise create financial incentives for polluters to reduce emissions.
The benefits of carbon pricing are very significant. It is one of the strongest policy instruments available for tackling climate change. It has the potential to decarbonise the world’s economic activity by changing the behaviour of consumers, businesses, and investors while unleashing technological innovation and generating revenues that can be put to productive use. In short, well-designed carbon prices offer triple benefits: they protect the environment, drive investments in clean technologies, and raise revenue.
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Photo source: CPLC