73 Countries and over 1,000 Businesses Voice Support for Price on Carbon

Ahead of the U.N. Secretary General’s Climate Summit in New York this week, over 1,000 businesses, 73 countries, and a number of states and municipalities expressed their support for putting a price on carbon in order to address global warming.  The group, which accounts for over 50% of global greenhouse gas emissions, signed onto the “Put a Price on Carbon” statement agreeing to bring down emissions.

Ahead of the U.N. Secretary General’s Climate Summit in New York this week, over 1,000 businesses, 73 countries, and a number of states and municipalities expressed their support for putting a price on carbon in order to address global warming.  The group, which accounts for 54% of global greenhouse gas emissions and 52% of GDP, signed onto the World Bank’s “Put a Price on Carbon” statement agreeing to bring down emissions.

Signatories include China, France, Russia as well as low-lying nations facing the highest risks from the impacts of climate change.  While the United States did not sign on, 7 sates including California, Maryland, Massachusetts, Oregon, Rhode Island, Vermont, Washington and many cities joined the list.

The group has pledged to work to the following goals:

  • strengthening carbon pricing policies to redirect investment commensurate with the scale of the climate challenge;
  • bringing forward and strengthening the implementation of existing carbon pricing policies to better manage investment risks and opportunities;
  • enhancing cooperation to share information, expertise and lessons learned on developing and implementing carbon pricing through various “readiness” platforms.

The pledge comes ahead of the U.N. meeting in New York, and a little more than a year before world leaders will gather in Paris for U.N. talks that seek to produce an international agreement on emissions reduction and climate financing.

Red-on-line EHS Legal Counsel

Source:

73 Countries and Over 1,000 Businesses Speak Out in Support of a Price on Carbon, World Bank Press Release, September 22, 2014