Higher taxes to discourage heavy use of fossil fuels have come in the form of carbon pricing. It covers 11,000 power stations and industrial plants in 30 countries, whose carbon emissions make up almost 50% of Europe’s total. The fund manager estimates the move to $100 carbon pricing across various global schemes will probably happen over the next three decades. Philip Hammond, the British chancellor, is expected to give more details about carbon pricing in the UK for the 2020s in his autumn budget. Many economists have described climate change as an example of market failure, as unbounded capitalism has so far failed to curb rising pollution.

Source: The Guardian September 04, 2017 06:02 UTC