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The global climate target is in jeopardy without carbon price improvements

Steam and other emissions from a power station in Belgrade on February 7, 2012. REUTERS / Marko Djurica // File photo

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  • A coalition of net-zero property owners is demanding action
  • Says the failure will destroy the world’s climate goal
  • G7 Leaders Meeting in Berlin

LONDON, June 22 (Reuters) – Investors who manage $ 10.6 trillion on Wednesday say they need an overhaul of international carbon pricing policies to prevent the world from losing its goal of limiting climate change.

As part of a global effort to limit global warming to 1.5 degrees Celsius (2.7 Fahrenheit) above the pre-industrial average, most governments are trying to keep prices low for emissions by increasing the cost of carbon production.

But with less than 25% of global emissions covered by carbon prices, its levels vary greatly between regions and are too low to affect change.

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In a paper released before the G7 Leaders Summit in Berlin beginning Sunday, the Net-Zero Property Owners’ Association (NZAOA) laid out five principles to underpin a redesign of government policies and promote change from high-emissions activities.

It said policymakers could introduce legally binding carbon prices that are set in accordance with the science of climate change.

A high-level commission report on carbon prices found that carbon prices should be in the range of $ 50- $ 100 a ton to reduce global warming by 2 degrees Celsius by 2030.

To protect those in disadvantaged communities affected by the transition, governments must design carbon pricing policies that reduce impact through reimbursement, total transfer or lower income taxes, the NZAOA said.

Governments must provide a more predictable price signal to help businesses transition to a low-carbon economy, such as by establishing price corridors that show the direction of travel over time.

To protect domestic heavy emitters from migration and prevent carbon leaks, the industry moves to jurisdiction where they are not penalized for pollution.

He said more international cooperation could be made through the “climate clubs” of countries working together on the issue.

“The Alliance believes that governments should implement carbon prices in accordance with the principles … providing the basis for an economic-wide adjustment to the goals of the Paris Agreement,” the group said in the White Paper.

The 2015 Paris Climate Agreement seeks to limit global warming to below 2C and ideally 1.5C.

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Report by Simon Jessop; Edited by Barbara Lewis

Our Standards: Thomson Reuters Trust Principles.

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