Carbon pricing should be “cornerstone of climate policy”

“Credible and consistent” carbon pricing should form the cornerstone of climate policy according a new report by the OECD.

Policies which put a price on carbon emissions have come under heavy fire from businesses around the world for being too much of a burden – and in Australia have arguably led to the downfall of a government.

But the influential organisation for the world’s high-income economies has suggested they are essential – and recommended fossil fuel subsidies should be trimmed.

Its latest report states: “Without a clear policy signal that there is a rising cost of CO2 emissions over time there will be little incentive for societies to undertake the needed shift away from fossil fuels.”

Angel Gurria, OECD Secretary-General said: “Whatever policy mix we put in place it has to lead to the complete elimination of emissions to the atmosphere from fossil fuels in the second half of the century.”

Source: Energy Live News / CHPA