Back to Articles | « Previous | Next »
Home » G20 recognizes carbon pricing as climate change tool for first time

G20 recognizes carbon pricing as climate change tool for first time

G20 recognizes carbon pricing as climate change tool for first time

VENICE, Italy, July 10 (Reuters) - G20 finance leaders recognized carbon pricing as a potential tool to address climate change for the first time in an official communique on Saturday, taking a tentative step towards promoting the idea and coordinating carbon reduction policies.

The move marked a massive shift from the previous four years when former U.S. President Donald Trump's administration routinely opposed the mention of climate change as a global risk in such international statements.

The communique, issued on Saturday after a meeting of Group of 20 finance ministers and central bank governors in the Italian city of Venice, which is threatened by rising sea levels, inserted a mention of carbon pricing among a "wide set of tools" on which countries should coordinate to lower greenhouse gas emissions.

Such tools include investing in sustainable infrastructure and new technologies to promote decarbonization and clean energy, "including the rationalisation and phasing-out of inefficient fossil fuel subsidies that encourage wasteful consumption and, if appropriate, the use of carbon pricing mechanisms and incentives, while providing targeted support for the poorest and the most vulnerable," said the communique from the financial leaders of the world's 20 major economies.

The statement was issued just days before the European Union was scheduled to unveil a controversial carbon-adjustment border tax on goods from countries with high carbon emissions.

#globalwarming #climatechange #carboncompensation #bluesky #climateemergency #climatecrisis #blueskye #blueskyefoundation #compensate #greentechexchange #zerocarbon #climatenews #blueskyelife #elonmusk #billgates #greentech #nasa #nasaclimate #greenfacts
Sticker