Support for a worldwide price on carbon emissions is growing with 73 countries including China, Russia and South Africa now backing such a move, says the World Bank.

It claims in a report the 73 nations as well as 22 states and cities make up 54% of global greenhouse gas emissions and 52% of GDP.

Nearly 40 nations are already planning to get their own system for taxing carbon or trading carbon credits.

World Bank Group Vice President and Special Envoy for Climate Change Rachel Kyte said: “The science is clear. The economics are compelling. We are seeing a shift toward the economic architecture that will be necessary to avoid a 2-degree-warmer world, an architecture that supports green growth, jobs and competitiveness.”

Tying in with the UN’s Climate Summit in New York this week, the World Bank announced plans to form a carbon pricing leadership group – “to move carbon pricing use forward” – with the World Economic Forum and the newly founded We Mean Business Coalition.

Find the full list of countries and businesses signed up to support a carbon price here.