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The Coalition for Carbon Price Leadership (CPLC) has defined the price of carbon as an important tool for promoting sustainable development and reducing carbon pollution.
The phrase "putting a price on carbon" is becoming more and more common in business and government discussions as discussions on how to tackle climate change move from concern to climate change. ;action.
The World Bank Group, Business Groups and Investors Called on Governments and Businesses Worldwide to Support Carbon Pricing to Reduce Emissions and Foster Cleaner Investment in Cleaner Technologies .
Industry stakeholders believe that cooperation at the national, regional and international levels can promote greater ambition and efficiency of carbon pricing initiatives.
In addition, communication and stakeholder engagement are essential to ensure that carbon pricing initiatives are equitable and aligned with broader development goals.
At the end of the African Climate Week in Accra, Ghana, key stakeholders from across the continent met and discussed how to design a carbon price to achieve both of these goals. .
The event showed how policies and programs to put a price on carbon can mobilize climate-related investments, generate social benefits and reduce carbon pollution.
The program included key stakeholders who implement, envision or advance carbon pricing.
Representatives from Burkina Faso, Côte d 'Ivoire, South Africa, Rwanda, Senegal, Ghana and Nigeria led the 250 participants who discussed the issue.
The main conclusions were that there was a compelling case for carbon pricing to promote sustainable development in Europe. Africa.
The group observed that carbon pricing dynamics were strengthening in Africa, but that much remained to be done to expand coverage of initiatives across the continent.
These catches and the results will provide the foundation for future activities of the Carbon Pricing Coalition (CPLC).
This includes increased awareness of the important role that carbon pricing can play in African countries, the participation of young people and other stakeholders in the region, and increasing the creation of country-specific knowledge.
Asmau Jibril from the Federal Ministry of the Environment of Nigeria explained the importance of the session and discussed with other stakeholders the role that carbon pricing could play in achieving the Sustainable Development Goals.
"Africa has united to join the rest of the world in tackling climate change issues because we have only one world and we need to protect it now."
The importance of designing carbon pricing initiatives in the context of local conditions to ensure the predictability of future investments was emphasized.
The group also mentioned the benefits of incentives created by carbon pricing policies and measures, including technological development, revenue generation that can be channeled to additional priorities, and job creation.
The role of private Sector
With regard to the private sector, the discussion underlined the functioning of African enterprises in a globalized world with global supply chains.
Representatives explained how, in South Africa, the number of companies disclosing the current or future use of an internal carbon price was increasing.
Applying a carbon price can help increase transparency and allow companies to make long-term decisions about their investments and operations.
Faced with these problems, competitiveness issues, especially in energy-intensive economies, need to be taken into account in order to increase business responsiveness.
The group added that as companies begin to link their finances to their carbon footprint, climate action will accelerate.
They stressed the need for a clearly defined climate strategy, with a global vision and a goal to set carbon prices that are responsive, equitable and relevant.
It will also ensure a just transition for people whose livelihoods depend on fossil fuel intensive industries.
Ongoing carbon pricing initiatives
Other representatives from the West Africa Alliance, the UNFCCC, the Climate Outlook Group, UNEP and the World Bank Group reviewed initiatives in the field of climate change. Carbon pricing courses in Africa, including those based on past experiences with carbon markets and new pilot opportunities.
A recurring theme in ongoing initiatives was the importance of aligning carbon pricing initiatives with other national policies to avoid inefficiencies and unforeseen impacts and to ensure coherence with the Sustainable Development Goals.
Venkata Ramana Putti, of the World Bank Group, called for increased engagement with governments, private sector representatives and civil society organizations.
She also highlighted how institutional partnerships, such as the West African Carbon Markets Alliance and climate finance, can improve the likelihood of adopting carbon pricing. .
"It is possible to explore ways to put in place carbon pricing mechanisms in Africa that are not in conflict with the gains of poverty eradication. Complementary mechanisms in national plans to achieve the Sustainable Development Goals (SDGs) ensure that the carbon pricing tools chosen are adapted to national circumstances. "
The discussions highlighted the fact that the efficiency of carbon markets and their ability to increase climate ambition deserved to be fought to pave the way for further negotiations on climate change. 39, Article 6.
Go ahead with MCPL
At the end of the discussions, the representatives defined the next steps to take to advance the agenda;
Carbon Pricing Leadership Coalition (CPLC) partners, such as the World Bank Group, will continue to explore ways to conduct research on carbon pricing by country and region in Africa.
The purpose of the CPLC is to broaden the Africa Working Group to bring together more stakeholders and encourage important discussions on the role that carbon pricing and best practices can play in its implementation.
CPLC partners will continue to support capacity building in African countries to ensure adequate preparation for the implementation of environmentally sustainable carbon pricing initiatives aligned with sustainable development.
It is clear that the momentum for a socially beneficial and environmentally friendly carbon price is building across Africa.
Why price on carbon?
A carbon price helps redistribute the burden of damage to those who are responsible for it and can reduce it.
Instead of dictating who should reduce emissions where and how, a price of carbon gives an economic signal and polluters decide themselves to stop polluting activities, reduce their emissions or continue to pollute them and pay them. .
In this way, the overall environmental goal is achieved in the most flexible and least costly way for society. The price of carbon also stimulates clean technologies and innovation in the markets, fueling new drivers of low-carbon economic growth.
About the Coalition of Leaders in Carbon Pricing
The Carbon Pricing Leadership Coalition (CPLC) brings together leaders from all levels of government, the private sector and civil society to put in place effective carbon pricing policies that maintain competitiveness, encourage innovation and reduce emissions. significantly emissions.
The workshop and discussions were organized by the World Bank Group (WBG) and the International Association for Emissions Trading (IETA).
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