Design of carbon markets is critical to success—CeraWeek
While a global carbon price would be ideal, political reality means a regional and sectoral approach will be needed to make short- to medium-term progress
Countries and regions should design internal carbon-trading systems built on sound financial principles so progress on decarbonisation can be made quickly without distorting economic activity more than absolutely necessary, experts agreed at a CeraWeek panel this week. The establishment of a global carbon-trading system is the gold standard but would take many years to accomplish and would have a disproportionate impact on certain countries. Therefore, economic blocs should go it alone, in the meantime, with measures such as carbon border taxes to reduce international distortion. “The committee… unanimously agreed that a price on carbon is the best and quickest solution to address clim
Also in this section
8 May 2024
Allowance prices rise 34% since start of year as regulator imposes tighter limits and considers reduction of free allocations
7 May 2024
Policymakers should consider backing enhanced weathering as a CDR technique with benefits to the agricultural sector
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach