World Bank Group announces new Carbon Pricing Leadership Coalition on eve of Climate Summit
WASHINGTON, September 22, 2014 – Seventy-three national and 11 regional governments responsible for 54 percent of global greenhouse gas emissions, and more than 1,000 companies and investors have expressed support for putting a price on carbon ahead of the UN Secretary-General’s Climate Summit.
The supporters include emitters like China, Russia, and the European Union, growing economies from Indonesia and Mexico to South Africa, and some of the most vulnerable countries, including The Philippines and small island nations of Kiribati and Nauru. For the first time, they have joined with states and provinces like California and Quebec, cities like Tokyo and Rio de Janeiro, NGOs like the Environmental Defense Fund, and household names such a Nokia, LG Electronics, Lego and Shell in support of carbon pricing.
“By supporting a price on carbon, leaders from across the political and business world have come together to send a strong signal that they will build their economies for a safer, cleaner, and more prosperous planet,” said Jim Yong Kim, President of the World Bank Group. “Today we see real momentum. Governments representing almost half of the world’s population and 52 percent of global GDP have thrown their weight behind a price on carbon as a necessary, if insufficient, solution to climate change and a step on the path to low carbon growth.”
The growing support is clear recognition that carbon pricing, whether by carbon taxes, emissions trading systems or other means, is a necessary part of the solution to drive investments in a cleaner economy, and a foundation on which other climate actions can build.
To keep the momentum going, the World Bank Group, the We Mean Business Coalition, and the World Economic Forum will convene a new “carbon pricing leadership coalition.”
“The carbon pricing leadership coalition will advance carbon pricing solutions after the Summit ends tomorrow and up to the climate negotiations in Paris in 2015,” said President Kim. “Members will be sharing experience, research, and best practice and spurring action across their sectors, supply chains, and with their neighbors and allies.”
Countries have expressed support including by aligning themselves with the Put a Price on Carbon Statement. Businesses have expressed support by aligning themselves with the Put a Price on Carbon Statement, the Carbon Price Communiqué, the Caring for Climate Initiative, and the 2014 Global Investor Statement on Climate Change. Twenty-eight NGOs have also aligned with the Put a Price on Carbon Statement, as has ICLEI, a network of over 1,000 cities dedicated to sustainable development.
“Often we hear that carbon pricing is difficult,” said Rachel Kyte, World Bank Group Vice President and Special Envoy for Climate Change. “Today, we can see that the economics are compelling and that leaders, elected or selected, are finding a way to manage the politics and business models in order to embrace our low-carbon future.”