A group of over 200 leading businesses has said that a worldwide carbon pricing system is required to combat climate change.

A carbon price is the cost applied to carbon pollution with the purpose of encouraging polluters to decrease the amount of greenhouse gas that they emit into the atmosphere. In its report, the Carbon Pricing Leadership Coalition (CPLC) said that businesses and governments should work together to realise the full potential of carbon pricing, regarding it as one of “the most potent and efficient strategies” in reducing carbon emissions.

The CPLC outlined how over 60 governments and 1,200 businesses are now pricing carbon emissions, however, it warned that current efforts are “not nearly enough” if targets under the Paris Agreement are to be achieved. The alliance is seeking to expand carbon pricing so that it will cover 25% of global emissions by 2020 and 50% within the next decade.

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