World Bank discusses carbon pricing with 30 countries

The World Bank has brought together more than 30 developed and developing nations to discuss carbon pricing. Its conference in Zurich this week will address the opportunities and challenges in […]

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By Priyanka Shrestha

The World Bank has brought together more than 30 developed and developing nations to discuss carbon pricing.

Its conference in Zurich this week will address the opportunities and challenges in using carbon pricing to reduce greenhouse gas emissions and build carbon markets.

The carbon price is a charge on businesses for producing emissions.

The event follows the COP21 conference in Paris last December when 195 nations committed to keeping temperatures well below 2°C.

In the run up to the global event, more than 185 countries submitted national proposals for climate action in an effort to move towards a low carbon economy.

Out of that, 64 included positive statements on the use of carbon markets, according to the World Bank.

It adds many governments have already started to put a price on greenhouse gas emissions and private companies are calling for widespread use of carbon pricing policies to maintain competitiveness, create jobs and encourage innovation.

The conference this week aims to promote dialogue and exchange between countries, with technical workshops held on domestic actions to reduce emissions, including emissions trading systems (ETS) and carbon taxation.

James Close, Director at the World Bank’s Climate Change Group said: “This event gives us a chance to talk about concrete actions that countries are pursuing, the challenges that lie ahead and ways that we support our clients to design and implement carbon pricing solutions that put countries and companies on a low carbon development pathway.”