Head of Products at Inrate | Pioneering ESG impact ratings and data to drive sustainable transformations worldwide. (All views personal)
The World Bank's annual "State and Trends of Carbon Pricing 2024" report is out! In a significant development, ‘Carbon Pricing’ revenues surpassed the USD 100 billion milestone in 2023, marking a pivotal moment in efforts to address climate change. Nonetheless, global adoption of carbon pricing remains modest, encompassing just 24% of global emissions. While there are promising signs of progress in middle-income countries and subnational entities, a substantial gap persists between commitments and action. Despite reaching record highs, carbon prices still fall short of the ambitious targets set by the Paris Agreement. This underscores the pressing need to bridge the implementation gap for tangible impact. Adaptable designs and approaches show promise in tailoring carbon pricing to diverse national contexts, amidst mixed movements in carbon credit markets. Rebuilding integrity and credibility in these markets is essential for their effectiveness. It is crucial to recognize that despite the hurdles, carbon pricing remains a powerful instrument in our climate toolkit, offering a pathway towards mitigating climate change. #climatechange #esg #carbonpricing #carbon #carboncredit #climate #esg #sustainability #emissions #mitigation #climaterisk #parisgoals