The world is not making nearly enough progress in reducing greenhouse gas emissions to achieve the goals for limiting global warming agreed at the Paris climate summit in 2015, a group of political and business leaders has warned.
The Global Commission on the Economy and Climate said on Wednesday the next decade or so would be “a unique ‘use it or lose it’ moment in economic history”, creating an opportunity to put the world on a path of low-emissions growth. If that opportunity was not grasped, however, the group warned that “by 2030 we will pass the point by which we can keep global average temperature rise to well below 2C”, the objective set at Paris.
It is calling for a price of $40-$80 a tonne on carbon dioxide emissions by 2020, well above today’s price of about $23.70 for allowances in the EU’s emissions trading system.