The debate around carbon pricing and its implementation is only likely to intensify as COP21 draws nearer. In that context, a new report released by the New Climate Economy (NCE) think-tank provides some interesting data. NCE’s report analyses existing carbon pricing schemes and suggests that far from damaging economic competitiveness, carbon pricing can actually have a positive impact.
In total, the research analysed existing schemes that cover around 12% of global carbon emissions. It found that the nine states in the U.S. committed to carbon pricing grew 0.4% more and cut emissions more effectively than other municipalities. The report also claims that Ireland’s carbon tax, introduced in 2010, raised much-needed revenues, while British Columbia has cut its carbon emission while continue to produce better economic growth than the rest of Canada.
The topic fits into a general narrative around the need for markets to reflect the full, or true, cost of energy and other resources. The findings of the NCE report are in-line with thinking that aligning economic structure with environmental considerations needn’t have negative financial impacts, quite the opposite in fact.
Lead image licensed under CC – credit Flickr user: michaelgreenhill
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