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Why the world must set a price on carbon

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on TIME or enjoy below:

🗞️ Driving the news: The U.N. COP28 climate conference in Dubai highlighted the urgent need for a global carbon pricing strategy 
• A carbon price would create a strong market incentive for businesses and investors to shift away from fossil fuels toward clean energy solutions

🔭 The context: Current sustainability reports and voluntary commitments are viewed as insufficient to effect change at the necessary scale 
• Carbon pricing is seen as a unifying model that aligns the interests of investors, businesses, and governments towards decarbonization

🌍 Why it matters for the planet: Implementing a carbon price is critical for transitioning to green energy and reducing global reliance on fossil fuels 
• It's expected to make green products more affordable and accessible, reshaping consumer behavior and business practices 
• Over time, this would decrease the cost of green solutions and reduce the proportion of individual income spent on energy

⏭️ What's next: The debate continues on setting the optimal carbon price, with suggestions ranging from $40 to $50 per ton
• This revenue could help offset carbon expenses for households until renewable markets become cost-competitive

📈 One stat: Over 70 countries have implemented some form of carbon pricing, including taxes, credits, or emissions trading systems, indicating a global shift towards recognizing the need for such measures

Click for more news covering the latest on environmental sustainability

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