American Nations to Start Carbon-Price Talks, World Bank Says
by Mathew Carr (Bloomberg) Chile, Colombia, Mexico, Peru plan July meeting in Santiago; Nations studying taxes, trading systems after Paris deal — Four American nations are set to start talks on ways to co-operate on carbon pricing, according to the World Bank.
Government officials from Chile, Colombia, Mexico and Peru will meet late June through July 1 in Santiago to discuss emission-reduction tools including markets and taxes, according to Thomas Kerr, the head of the Carbon Pricing Leadership Coalition, a World Bank program to promote climate protection among business, government and the public.
Measures to put a price on emissions, either through taxes or trading systems, are increasing as the United Nations Paris climate deal struck in December requires countries to boost efforts to cut pollution causing global warming. China’s plan to introduce a national greenhouse-gas market next year may double the value of the world’s carbon-pricing programs, the Washington-based bank said last week in a report.
As developed nations promise $100 billion of climate finance a year to poorer nations from 2020, emerging nations are beginning to realize they need to spend it cost effectively in order to win it, said Martijn Wilder, head of the climate-change practice at law firm Baker & McKenzie in Sydney.
In some nations where renewable energy is becoming less expensive than fossil fuels, a carbon price may not even become necessary, he said. Other nations will use pricing to hasten their transition and win finance, Wilder said in a May 25 interview. READ MORE