Full Title: State and Trends of Carbon Pricing 2020
Author(s): The World Bank and Guidehouse
Publisher(s): The World Bank and Guidehouse
Publication Date: May 27, 2020
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It is hard to focus on anything other than the current global health crisis. COVID-19 has upended our societies and the loss of normalcy, human connection and the economic toll is not to be underestimated. Unfortunately, even after countries embark on the path to recovery after this crisis, the threat of climate change remains. Bush fires raged across California and Australia at the beginning of this year, the coral reef suffered a third mass bleaching in five years and Antarctica experienced the first known heatwave. In the last year, growing public and investor pressure has moved climate change further up the agenda.
As a result, we saw increased attention and efforts to address climate change around the world. More than 70 countries have committed to working toward net zero emissions by 2050 and to enhance their international climate pledges under the Paris Agreement. How these government and private sector pledges will be translated into action will be crucial in ensuring we can confine global warming to below two degrees Celsius. An effective carbon price is one tool that can help both countries and companies to successfully decarbonize economies and supply chains. Encouragingly, as more ambitious climate pledges are taken, many of these programs and strategies are factoring in the role and potential for carbon pricing and carbon markets.