To stop climate change, use the power of priceBy The Editorial Board / Bloomberg OpinionA barrel of oil fetches about US$80 on the global market. Another option is carbon trading, whereby governments impose emissions limits and let markets set the price. However, unifying those markets to achieve something close to a global price remains a distant prospect. The global weighted average price of carbon is about US$5 per tonne, less than one-10th the minimum estimated level required to keep climate change in check. For examle, experts at the IMF have proposed price floors that governments could establish using taxes, carbon trading or equivalent measures.
