The world has to reduce global carbon pollution from fossil fuels by 50% in this decade to avoid dangerous climate change impacts on vulnerable communities and nature. A full global move to 100% sustainable renewable energy is necessary by 2050 at the latest, with solar and wind power being the crucial components. Solid carbon pricing and ambitious emissions trading systems are fundamental contributors like other renewable energy financing and policy tools. To keep global warming below 1.5°C, we need a global effort directed at achieving:
- sectoral and tailor-made carbon or energy taxes, addressing highly different abatement costs;
- ETS permit prices of up to €80 – 150 per ton of CO2;
- sectoral targets and standards including energy efficiency and RES.
Stephan Singer, Senior Climate Science and Global Energy Policy Advisor, Climate Action Network. From his speech at the launch webinar of WCP “Carbon pricing as a win-win solution for a green recovery” held on 18th March 2021