$100 carbon tax by 2030 could save climate, say economists

Economists say countries should ramp up the price of carbon emissions to as much as $100 per metric ton by 2030 to stop catastrophic global warming.

Experts including Nobel Laureate Joseph Stiglitz and former World Bank chief economist Nicholas Stern say should be taxed at $40-$80 per ton by 2020.

They say prices should rise to $50-$100 by 2030 to give businesses and governments an incentive to lower emissions even when are cheap.

In a report published Monday, they suggest poor countries could aim for a lower tax since their economies are more vulnerable.

The Trump administration has rejected calls to introduce a carbon tax in the United States, saying it would cost jobs.

European Union carbon prices stand at just under $6 per ton.

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Citation: $100 carbon tax by 2030 could save climate, say economists (2017, May 29) retrieved 25 May 2024 from https://phys.org/news/2017-05-carbon-tax-climate-economists.html
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