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Biden's Virtual Summit Draws Xi, Putin and Pope: Climate Update bloombergquint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloombergquint.com Daily Mail and Mail on Sunday newspapers.
Citi Says Clients Need to Join Push to Net Zero: Climate Update Bloomberg 32 mins ago Bloomberg News (Bloomberg) President Joe Biden’s climate summit has drawn 40 heads of state including China’s Xi Jinping, Vladimir Putin of Russia and Boris Johnson from the U.K. The two-day virtual event kicks off Thursday and will also include corporate executives, union heads, Pope Francis and Bill Gates. The stakes are high. While Biden is seeking to reestablish the U.S. as a major player on the climate stage, he’s facing skepticism from other nations after President Donald Trump reversed key environmental policies. Meanwhile, the world has dealt with widespread drought, extreme weather, record wildfires and other catastrophic events over the last several years. ....
In many countries carbon pricing has become a key part of the journey to decarbonisation. Currently, the World Bank reports that there are 64 carbon pricing initiatives around the world which have either been implemented or are scheduled for implementation. Recently there have also been calls for a worldwide coalition for carbon pricing. At their core, carbon pricing mechanisms ensure that “polluters pay” by setting a price on CO2 or equivalent ( CO2-eq) emissions. However, there is a diversity of approaches to setting a carbon price; the most popular alternatives are carbon taxes and “emissions trading systems” ( ETS). Carbon tax. A carbon tax fixes the carbon price (e.g., requiring emitters to pay per tonne of CO2-eq emitted). As emitting becomes expensive, there will be an incentive to reduce emissions. If the cost of reducing emissions becomes lower than paying the tax, then emitters will profit from reducing emissions and investing in clean projects. A ....