Climate protection OECD calls for higher CO2 prices faster

Climate protection OECD calls for higher CO2 prices faster

Climate protection OECD calls for higher CO2 prices faster

According to an expert report, emissions of the climate-damaging greenhouse gas carbon dioxide (CO2) are only slowly becoming more expensive for polluters. Governments would have to increase carbon prices much faster to meet their emissions reduction targets, the Organization for Economic Cooperation and Development (OECD) said in Paris.

The OECD study examines how much money 42 industrialized and emerging countries collect from CO2 emitters – through or through the sale of pollution rights as in EU emissions trading. This is a means of creating incentives for the economy to protect the climate: If the emission of carbon dioxide costs money, companies have an interest in emitting less greenhouse gas.

The countries examined, including the USA, China and most of the EU states, are jointly responsible for around 80 percent of global CO2 emissions from fuel combustion. According to OECD estimates, this year they are charging an average of 54 percent of their self-generated emissions such a CO2 price. That is 10 percentage points more than in 2015.

However, a price of at least 30 euros per ton of greenhouse gas will only be charged for 12 percent of the emissions. From the perspective of the OECD, the amount corresponds to a low estimate of the current real climate costs. However, the proportion of emissions compensated accordingly has not increased since 2015.

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