The price of carbon needs to average at least $75 a ton globally by the end of the decade for global climate goals to succeed, the head of the International Monetary Fund told Reuters.
Speaking on the sidelines of the COP27 climate talks in the Egyptian coastal resort town of Sharm el-Sheikh, IMF Managing Director Kristalina Georgieva said the pace of change in the real economy was still "way too slow".
While some regions such as the European Union already price carbon at above that level - the EU's benchmark price is around 76 euros a tonne - other regions such as the U.S. state of California see carbon allowances selling for just under $30 per ton, while some have no price at all.IMF Managing Director Kristalina Georgieva gestures during an interview with Reuters, in Berlin, Germany, October 26, 2022.
"Just focus on equivalency. Whether the U.S. opts to impose a carbon cost through regulation and rebates rather than through tax or trade, that should not matter. What should matter is the price equivalent."
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