Moving the economy to net zero – emitting less carbon dioxide than it consumes – will be messy and expensive unless the government has a radical rethink about how to simplify its approach to taxing greenhouse gas production.
Countries need to put a price on carbon to help the world cut greenhouse gas emissions and limit climate warming to agreed targets, the head of Europe’s biggest utility said on Tuesday.
A reluctance to raise the cost of natural gas is understandable, given that poorer households spend more of their income on heating their homes. But it only further underscores the importance of joined-up, coherent thinking about how Britain can hit its net zero emissions target by 2050.
The idea is simple. Companies that extract fossil fuels should be responsible for ensuring the same amount of CO₂ generated from using them is buried back deep underground.
Brazil, Russia, India, China and South Africa may strongly oppose the proposed Carbon Border Adjustment Mechanism (CBAM) by the European Union at the 13th BRICS Summit on Thursday as the five developing countries will likely be the biggest losers from its implementation. In a veiled reference to CBAM, BRICS trade ministers last week cautioned that any measure to tackle climate change must be in conformity with multilateral trading rules and shouldn’t put arbitrary restrictions on international trade.
Policy design and timing are critical to overcoming political costs to climate mitigation policies, as is the need to provide effective social insurance policies.
The European Commission recently proposed an EU-wide minimum tax rate for polluting aviation fuels such as kerosene to reduce CO2 emissions by 55% by 2030.
Global lender’s head Kristalina Georgieva calls on countries to step up their $100bn climate finance pledges.
Southeast Asia’s economy is set to lose trillions over the next 50 years if it does not significantly reduce its carbon emissions, a Deloitte report found.