Joint report explores scope for coordinated approaches on climate action, carbon pricing, and policy spillovers
A new report by the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), and the International Energy Agency (IEA) explores the scope for coordinated approaches on climate action, carbon pricing, and policy spillovers. The report finds that there is a strong case for international cooperation on climate change mitigation, and that carbon pricing is a key policy tool for reducing emissions. However, the report also identifies a number of challenges to implementing carbon pricing, including the risk of carbon leakage and the potential for trade distortions.
The report recommends a number of measures to address these challenges, including:
- Developing a common understanding of the scope and objectives of carbon pricing
- Establishing a global carbon price floor
- Providing financial assistance to developing countries to help them implement carbon pricing
- Addressing the risk of carbon leakage through border carbon adjustments
The report concludes that coordinated approaches to climate action, carbon pricing, and policy spillovers are essential for achieving the goals of the Paris Agreement. The report also provides a number of recommendations for how to implement these approaches.
Key findings of the report
- There is a strong case for international cooperation on climate change mitigation.
- Carbon pricing is a key policy tool for reducing emissions.
- There are a number of challenges to implementing carbon pricing, including the risk of carbon leakage and the potential for trade distortions.
- A number of measures can be taken to address these challenges, including:
- Developing a common understanding of the scope and objectives of carbon pricing
- Establishing a global carbon price floor
- Providing financial assistance to developing countries to help them implement carbon pricing
- Addressing the risk of carbon leakage through border carbon adjustments
- Coordinated approaches to climate action, carbon pricing, and policy spillovers are essential for achieving the goals of the Paris Agreement.
Recommendations of the report
The report recommends a number of measures to promote coordinated approaches to climate action, carbon pricing, and policy spillovers. These measures include:
- Establishing a global carbon price floor
- Providing financial assistance to developing countries to help them implement carbon pricing
- Addressing the risk of carbon leakage through border carbon adjustments
- Developing a common understanding of the scope and objectives of carbon pricing
- Establishing a global carbon market
- Promoting the use of carbon pricing in developing countries
- Supporting research on carbon pricing and its impacts
- Raising awareness of the importance of carbon pricing
The report also recommends that governments consider a number of other measures to support climate action, such as:
- Investing in renewable energy and energy efficiency
- Promoting sustainable land use practices
- Reducing deforestation
- Adapting to the impacts of climate change
Conclusion
The report concludes that coordinated approaches to climate action, carbon pricing, and policy spillovers are essential for achieving the goals of the Paris Agreement. The report also provides a number of recommendations for how to implement these approaches.
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