(MENAFN- Kuwait News Agency (KUNA)) Head of state, regional, and company leaders joined forces Monday to urge countries and companies around the globe to put a price on carbon after holding a Carbon Pricing Panel convened by the World Bank Group and International Monetary Fund (IMF).
"Global leaders are calling on their peers to join them in pricing carbon to steer the global economy towards a low carbon, productive, competitive future without the dangerous levels of carbon pollution driving warming," said an IMF statement.
Forty countries and 23 regions have implemented or are putting a price on carbon with programs covering about 12 percent of greenhouse gas emissions. This number has nearly doubled since 2012, reaching an aggregate market value of about USD 50 billion, affirmed the statement.
"There has never been a global movement to put a price on carbon at this level and with this degree of unison," stressed World Bank President Jim Yong Kim in the statement. "It marks a turning point from the debate on the economic systems needed for low carbon growth to the implementation of policies and pricing mechanisms to deliver jobs, clean growth and prosperity." Those on the Carbon Pricing Panel includes, German Chancellor Angela Merkel, Chilean President Michelle Bachelet, French President FranØ£§ois Hollande, Ethiopian Prime Minister Hailemariam Desalegn, Philippines President Benigno Aquino III, Mexican President Enrique Pena Nieto, Governor Jerry Brown of California, and Mayor Eduardo Paes of Rio de Janeiro.
Merkel highlighted, "With a price for carbon and a global carbon market, we promote investment in these climate friendly technologies ... We should advance our effort along this path further so that we can actually reach our goal of maintaining the two degree upper limit." The climate change conference in Paris is scheduled to begin on November 30.
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