The UK Has the Strongest Carbon Pricing Policy in the G20

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Adi Ahdiat 15/11/2022 11:30 WIB

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According to a Bloomberg NEF report, the G20 nation with the highest carbon price is the UK, with an average rate of US$83 per metric ton of CO2.

Average Carbon Price in G20 Countries (2022)

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The UK Has the Strongest Carbon Pricing Policy in the G20

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Average Carbon Price in G20 Countries (2022)

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Carbon pricing is the price the public must pay for carbon emissions or greenhouse gas emissions they produce.

Each country can set different carbon pricing policies. However, according to the World Bank, the ideal carbon price to prevent global warming ranged from US$40-US$80 per metric ton of CO2 in 2020, and is to be increased to US$50-US$100 per metric ton by 2030.

Carbon pricing policies can also be implemented through various schemes, such as carbon trading, carbon offsetting, or carbon tax.

"Carbon pricing provides an economic signal to emitters. They can choose to reduce emissions, or continue emitting and pay the price," said the World Bank on its official website.

"This policy can help drive financial investment in clean technologies, market innovation, and foster new low-carbon economic growth," the World Bank continued.

According to a Bloomberg NEF report, the G20 country with the highest carbon price is the UK, with an average rate of US$83 per metric ton of CO2.

"Europe and Canada are G20 leaders in terms of strong carbon policies. The carbon prices they have set are quite appropriate, even above the level needed to limit global warming to 2 degrees Celsius," said Bloomberg NEF in its Climate Policy Factbook COP27 Edition report.

According to Bloomberg NEF, several G20 countries still do not have carbon pricing policies: Saudi Arabia, Turkey, Russia, India, and Brazil.

Meanwhile, Indonesia already has carbon tax regulations that were initially to take effect from April 1, 2022. However, the government has recently postponed its implementation until 2025 due to concerns about rising energy prices and inflation.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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The UK Has the Strongest Carbon Pricing Policy in the G20

The UK Has the Strongest Carbon Pricing Policy in the G20

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