US should participate in carbon pricing rather than oppose it: IMF directorDUBAI: The US should participate, rather than being a “loud opponent,” in carbon pricing, urged the director of the International Monetary Fund. The director deemed carbon pricing a “wonderful instrument” due to its dual role in revenue generation and addressing inequality. According to Georgieva, revenues generated from carbon pricing can be strategically directed to compensate the most vulnerable parts of the global population. Despite the current average carbon price standing at $20 per ton in areas covered by carbon pricing, when amalgamating this figure with 75 percent of the world without carbon pricing, the average carbon price would fall to $5, she noted. The director expressed concerns that geopolitical tensions might exacerbate economic fragmentation amid a global climate crisis.

Source: The Nation December 02, 2023 06:44 UTC