Pricing carbon is crucial to getting emissions down.
That’s according to Michael Azlen, Founder and CEO of Carbon Cap, who told ELN the climate crisis is now at a point where ‘every policy lever needs to be pulled’.
He stressed one of the most important levers is putting a price on carbon, as market-based economies respect supply, demand and price – he said a high price will drive large emitters to find lower carbon and less expensive ways of going about their business.
He noted that since the EU’s Emissions Trading System (ETS) came into force in 2005, emissions across the region are down one billion tonnes a year.
Mr Azlen said: “Putting a price on carbon emissions, which have a negative, damaging economic impact has to be one of the best ways to get a market-based economy to respond.”