According to a new World Bank report released this week, increased global cooperation through carbon trading could reduce the cost of climate change mitigation by 32% by 2030.
The new report subsequently concludes that, while the INDCs will rely on a variety of policies and programs, the World Bank believes that carbon pricing initiatives are going to play an increasing role. Already 100 Parties, representing 58% of global greenhouse gas emissions, are planning or considering carbon pricing, and around 40 national jurisdictions and over 20 cities, states, and regions, are putting a price on carbon, translating to a total coverage of around 7 gigatonnes, or 13% of global greenhouse gas emissions.
“The more we cooperate through carbon trading, the larger the savings and the greater the potential to increase ambition by countries in the short term,” said John Roome, Senior Director for Climate Change at the World Bank. “To be effective, carbon pricing policies must be coordinated with other energy and environmental policies — this will require collaboration within and between countries.”
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