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Illuminem summarizes for you the essential news of the day. Read the full piece on CNBC or enjoy below:
🗞️ Driving the news: At the COP28 climate summit, IMF Managing Director Kristalina Georgieva advocated for carbon pricing, emphasizing its necessity for accelerating decarbonization and acknowledging its growing acceptance in the oil and gas industry
🔭 The context: Carbon pricing sets a monetary cost on emissions, acting as a significant incentive for reducing pollution
• The IMF has recently upped its carbon price projection to $85 per ton by 2030, a notable increase from the earlier $75 estimate
🌍 Why it matters for the planet: Georgieva's remarks come at a critical juncture, with the COP28 conference offering a platform for major climate action amidst record-high global temperatures and increasing extreme weather events
• Her focus is on reshaping energy policies, moving away from fossil fuel subsidies.
⏭️ What's next: The IMF chief sees COP28 as a key moment to push for robust carbon pricing, highlighting its effectiveness in emissions reduction, revenue generation, and equitable impact
• She also notes the significant shift of the oil and gas industry towards renewables, driven by economic and public pressure
💬 One quote: "I want to tell everybody who is willing to listen that a carbon price has proven to work." - Kristalina Georgieva.
📈 One stat: In the last year, subsidies for fossil fuels like coal, oil, and gas reached a staggering $1.3 trillion
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