73 global carbon pricing instruments cover 23% of global greenhouse gas emissions, with Canada raising its price by $15 annually.
Carbon pricing aims to increase the cost of burning polluting fossil fuels, encouraging cleaner alternatives. It creates a financial incentive for individuals and businesses to reduce pollution, with rebates to minimize household cost impacts. As of 2023, 73 global instruments are in use, covering around 23% of global greenhouse gas emissions, with varying prices. Canada began at C$20/tonne in 2019, raising it $10 annually to $50 in 2022, and now increasing by $15 each year.
April 10, 2024
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