G20 finance ministers have collectively endorsed carbon pricing for the first time, describing the once contentious idea as one of “a wide set of tools” to tackle climate change.
The issue of taxing carbon dioxide emissions has long divided G20 members, with the US in particular historically opposed.
“Tackling climate change and biodiversity loss and promoting environmental protection remain urgent priorities,” G20 finance ministers said on Saturday after talks on a global tax deal and other issues in Venice. The solutions could include, “if appropriate, the use of carbon pricing mechanisms and incentives”, the group said, expressing support for a carbon price in a communique for the first time.
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