"We believe we can send an economic signal by launching a fictitious carbon price," Kristalina Georgieva, chief executive of the World Bank, told AFP in Halifax, where a G7 meeting, dedicated to the environment, oceans and energy, is being held until Friday.
This carbon pricing method measures the social cost of World Bank submissions, taking into account greenhouse gas emissions and project priority in order to penalize the most polluting. "We are the last generation that can do something to fight climate change, but we are also the first to live with its consequences," said the Executive Director.
Pricing in 46 countries
"There is a consensus among scientists and economists to have a price on carbon is the best way to show economies that it is necessary to change behavior," said Kristalina Georgieva, former European Commissioner.
According to the Institute for Climate Economics, which is supported by the Caisse des Dépôts, 46 countries and 26 sub-sovereign States of April 1, 2018, have now a carbon pricing policy, via taxes or a system of exchange of allowances. These policies generated 26 billion euros of revenue for the last, with prices ranging from 1 to 114 euros per tonne. But this is far from sufficient according to the OECD.
"We are ensuring that security measures are embedded in the measures (and) we are seeking to act effectively to repair carbon prices," said the World Bank's senior management. The World Bank's call comes a week after the warning issued by UN chief Antonio Guterres: the world has two years to act against climate change and avoid the disastrous consequences.
Writing with AFP