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Climate change is one of the defining challenges of our age. Without drastic cuts in greenhouse gas emissions, the world faces devastating impacts. If policy responses are slow, these impacts are likely to be more costly than any economic crisis the world has experienced so far. Delaying the low carbon transition will exacerbate the costs, since taking action only when it is truly unavoidable will render carbon-intensive capital obsolete.
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Tackling climate change requires deep cuts in greenhouse gas emissions, including CO2 emissions. Carbon pricing is an effective and low cost means of inducing carbon abatement. While not in itself sufficient to deliver the degree of abatement required for limiting the risks of climate change, carbon pricing is an essential part of the solution. However, new evidence presented in this report shows that 90% of carbon emissions are not priced at a level reflecting even a conservative estimate of their climate cost.
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This report is divided into two main parts: Part I sets the scene and provides a crosscountry analysis of effective carbon rates, Part II presents detailed information on the effective carbon rates for the 41 countries included in this report. Annexes A and B have additional detail on the methodology and data.
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