IPCC Report highlights role of carbon pricing to achieve 1.5 degree target

October 08, 2018 – According to the new scientific report by the Intergovernmental Panel on Climate Change (IPCC) of the United Nations, limiting global warming to 1.5 degrees Celsius above pre-industrial level could stave off the most catastrophic consequences of climate change. Human activities are estimated to have caused 1 degree Celsius global warming already, and “rapid, far-reaching and unprecedented changes in all aspects of society” are required to achieve this aim. For this, the report mentions carbon pricing as one of many instruments to tackle climate change. Carbon pricing “could minimise the social costs of the low carbon transition by equating the marginal costs of abatement across all sources of emissions“. The report is the key scientific input into the COP 24 in Poland in December, when governments review the Paris Agreement.