$9.6 million in exchange for 3.4 million metric tons of reduced CO2e emissions

The Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) is an innovative climate finance model developed by the World Bank Group to stimulate investment in projects that reduce greenhouse gas emissions while maximizing the impact of public funds and leveraging private sector financing.

Its results-based payment mechanism sets a floor price for future carbon credits in the form of a tradeable put option, which is be competitively allocated via auctions.

The PAF is backed by Germany, Sweden, Switzerland (Through a joint contribution of the State Secretariat of Economic Affairs (SECO) and the Climate Cent Foundation), and the United States.  The facility has a capitalization target of $100 million. In a first phase, it will support projects that cut methane emissions at landfill, animal waste, and wastewater sites facing low carbon prices.

The establishement of the facility was an outgrowth of the Methane Finance Study Group Report, delivered to the G8 in 2013 as a result of its request for innovative pay for performance approaches to addressing methane. In its design and development phase the facility benefited from the support of Partners in the Climate and Clean Air Coalition.

The PAF Secretariat has sent us this important news.

"Dear Colleagues,

We are pleased to announce that the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) has made the second repayment of PAFERNs bonds issued after its three auctions held in July 2015, May 2016 and January 2017.

This year’s redemption provided $9.6 million in exchange for 3.4 million metric tons of reduced CO2e emissions from projects that achieved methane and nitrous oxide abatement around the globe. The carbon credits came from landfill gas-to-energy projects in Brazil, Chile, Malaysia, Mexico, Thailand, and Uruguay; wastewater treatment and biogas utilization projects in Thailand; and a project addressing nitrous oxide emissions from nitric acid production in Egypt.

The World Bank issued a press release highlighting the results of this year’s redemption, available here.

The PAF provides a price guarantee for eligible future carbon credits in the form of a zero-coupon bond, allocated through an online auction. The bonds issued after the three initial auctions will continue redeeming through 2020. The PAF is backed by funding from Germany, Sweden, Switzerland, and the United States. Building on the success of the pilot, the World Bank is expandinLa g the facility into a broader Climate Auctions Program and willexplore how to use auctions to help countries implement their goals under the Paris Climate Agreement.

For more information about the PAF, please visit www.pilotauctionfacility.org or contact the PAF Secretariat at paf_secretariat@worldbank.org".

Leaders Commit to Regional Cooperation on Carbon Pricing in the Americas

Paris, 12 December – Today, on the occasion of the One Planet Summit, government leaders of

Canada, Colombia, Chile, México, the Governors of California and Washington, and the Premiers of Alberta, British Columbia, Nova Scotia, Ontario and Quebec launched the Carbon Pricing in the Americas cooperative framework where climate leaders rea ffirm their commitment to the Paris Agreement by pledging to implement carbon pricing as a central policy instrument for climate change action; deepen regional integration of carbon markets across the hemisphere; develop carbon policies that support competitiveness, encourage innovation, create jobs, provide healthy environment for its citizens, and deliver meaningful emissions reductions.

This new initiative on regional cooperation comes at a pivotal time for climate action and carbon pricing – with eight new or enhanced carbon pricing initiatives in place since early 2016 - three quarters of them in the Americas (Colombia, Chile, and several Canadian provinces) – there are now 42 national and 25 sub-national jurisdictions putting a price on carbon emissions.

The Carbon Pricing in the Americas cooperative framework builds on the sustainability commitments established by member countries of the Pacific Alliance and the ongoing efforts of Canada and California to accelerate efforts towards clean growth.

The Carbon Pricing in the Americas will serve as the platform for countries in the Americas to take on the climate challenge using the most cost-efficient path. According to a 2016 World Bank report, greater cooperation through carbon trading could reduce the cost of climate change mitigation by 32 percent by 2030.

As the working group “Carbon Pricing in the Americas (CPA)” sets to identify opportunities to increase alignment of carbon pricing systems and promote carbon markets; the private sector will have an instrumental role to play. Companies that apply a carbon price, can effectively manage their climate risk exposure and use this to their advantage to generate superior profitability and more earnings stability.

Quotes from Leaders:

Michelle Bachelet President of Chile

Our economies must stop denying climate change. When we incorporate climate change through carbon pricing we allow market forces to push climate action. When we align economic and environmental goals we make sustainable development inevitable. That is why we are happy that carbon pricing is spreading across the Americas, so that more people can benefit from market driven climate mitigation.

Enrique Peña Nieto, President of Mexico

The pilot phase of our carbon market is scheduled to initiate on the second half of 2018. This is an unprecedented step in Mexico and Latin America. By adopting this Declaration, we recognize the enormous potential of collaboration in the continent, to continue broadening, deepening and linking our carbon markets.

Manuel Gonzalez Sanz, Minister of Foreign Affairs of Costa Rica

Costa Rica has a long history of recognizing the economic value of environmental services as key aspect of our environmental policy, both at home and abroad. We are proud to adopt this Declaration and look forward to continue working with our friends and colleagues to find ways to strengthen the connections between carbon pricing, transparency and ambition in support of the goal of the Paris Agreement. 

Iain Rankin, Environment Minister, Nova Scotia

“Nova Scotia has worked hard to reduce greenhouse gas emissions. We can be proud of what we’ve accomplished, and through our new cap and trade program, we will keep contributing to the global effort on climate change. We are happy to be working with other countries, states and provinces to reduce greenhouse gas emissions”

As co-conveners of the One Planet Summit, Emmanuel Macron President of France, Jim Yong Kim, President of the World Bank Group, and António Guterres Secretary-General of the United Nations welcomed the initiative and stated.

Jim Yong Kim, President, World Bank Group

As the world comes together to reaffirm its commitment to the Paris Agreement, we welcome the Carbon Pricing in the Americas cooperative framework. Carbon pricing provides the most stable, cost-efficient and predictable path for transitioning countries toward low-carbon economies. The World Bank Group stands ready to support countries in the Americas as they work together to implement carbon pricing for ambitious climate action.

Other supportive quotes:

Ban Ki-moon, former Secretary-General of the United Nations

Carbon pricing is a critical quantum jump for the much-needed fundamental transformation towards low carbon future. Carbon Pricing of the Americas will unleash market forces to drive climate innovations and solutions. This unprecedented unique initiative should lead the Global Coalition for Carbon Pricing as was called for in 2015 by the Paris Climate COP President Hollande

Kofi A. Annan, Chair of the Kofi Annan Foundation

I welcome this engaging initiative for climate change action. By putting a price on carbon, we are setting the right incentives to green our economies and accelerate the shift towards clean and efficient sources of energy.

Feike Sijbesma, CEO of Royal DSM, World Bank Climate Leader and co-chair of the Carbon Pricing Leadership Coalition

The collaboration of leaders across the Americas is an important milestone. A famous expression is “If you want to go fast, go alone. If you want to go far, go together.” Fortunately, when governments collaborate on carbon pricing, this incentivizes the private sector to go not only further, but faster too! Many companies in the Americas are already future-proofing their business by putting an internal price on carbon, and I would encourage more to join us. At DSM, we apply already an internal price of €50/ton CO2. A price on carbon unlocks the potential of the private sector, like business and investors to contribute more and faster to addressing climate change by ensuring an economic incentive.

Dirk Forrister, President and CEO, International Emissions Trading Association (IETA)

IETA wholeheartedly supports the commitment of governments across the America’s to form a cooperative framework to integrate their carbon markets in the future. The rising interest in market based solutions around the world will help mobilize business to advance the Paris Agreement’s goals while preserving competitiveness. IETA congratulates the signatories for their vision and pledges to help the signatories meet the objectives of this important declaration.

Fred Krupp, President, Environmental Defense Fund (EDF)

Coming two years to the day after the Paris Agreement was adopted, the Carbon Pricing Declaration of the Americas shows what the Paris accord made possible: A new model of international cooperation that brings countries together with states and provinces to raise global ambition on climate action and move the world closer to a future of low-carbon prosperity.  Carbon pricing is already working to reduce greenhouse gas emissions and spur clean energy innovation in California and Quebec. This declaration paves the way to spread those benefits throughout the Americas, positioning the region as a leader in the fight against climate change.  Environmental Defense Fund applauds the signatories for their leadership and looks forward to supporting the implementation of the Declaration.

The Carbon Pricing of the Americas initiative drives action to strengthen the implementation of carbon pricing as a central policy instrument for climate action and the shift to clean energy, innovation and the promotion of sustainable economic development. This initiative strengthens the alignment of carbon pricing systems and introduces harmonized systems for measurement, reporting, and verification (MRV) of greenhouse gas emissions, as a necessary foundation for regional cooperation, and development, of carbon markets within the Americas.    

Sign-On Letter: G20 Nations and Multilateral Development Banks – Stop Funding Fossils

On the eve of the One Planet Summit in Paris, France, as governments and stakeholders gather to discuss the urgent need for climate finance, over 180 civil society groups released a letter being sent to leaders of multilateral development banks, including the World Bank, and leaders of G20 governments.

The letter calls for multilateral development banks and G20 governments to commit to phase out subsidies and public finance for fossil fuels as soon as possible, except in extreme cases where there is clearly no other viable option for increasing energy access to the poor. This total phaseout should be achieved by no later than 2020.

Signatories including Oil Change International, Les Amis de la Terre – Friends of the Earth France, Christian Aid, Greenpeace, Reseau Action Climat – Climate Action Network France, WWF International, BankTrack, Climate Action Network International, Global Witness, 350.org, Germanwatch, CIDSE, and the Asian Peoples Movement on Debt and Development were part of more than 190 organisations from over 55 countries around the world who signed the letter.

190+ GROUPS:  STOP FUNDING FOSSILS AT ONE PLANET SUMMIT

 Multilateral Development Banks and G20 Nations Must Stop Funding Fossils

 

To the leaders of the multilateral development banks and G20 nations,

As more than 190 civil society organizations from over 55 countries, we urge all multilateral development banks and G20 nations to commit to phase out subsidies and public finance for fossil fuels as soon as possible, with a total phaseout by no later than 2020. This ongoing government support for fossil fuels undermines global climate mitigation and adaptation efforts.

As leaders gather in Paris, France for the One Planet Summit, climate impacts around the globe are mounting in severity each year, and the poorest and most vulnerable continue to be hit first and hardest. The Paris Climate Agreement’s objective to “align finance flows with low-emission, climate-resilient development and to shift public finance away from high-emitting infrastructure” is more urgent than ever before.

But instead of funding the solution, G20 governments and multilateral development banks still overwhelmingly fund the problem. For the most recent three years where data is available, G20 public fossil fuel finance averaged $71.8 billion annually – nearly 90 times the rate of global assistance for small island developing states for resilience to climate change and disasters at only $800 million annually. And the multilateral development banks financed projects with fossil fuel exploration components at $1.8 billion annually – three times the rate of all global climate-related development finance to small island developing states, at $550 million annually.

Given their importance to the world’s energy trajectory both in their financing of energy projects and their crucial signaling role for the broader investment community, we urge multilateral development banks to:

• Set a clear timeline for the phase out of public finance for oil, gas, and coal production, starting with the elimination of all finance for fossil fuel exploration and coal, except in extreme cases where there is clearly no other viable option for increasing energy access to the poor. Fossil fuel finance should be phased out no later than 2020. 

• Commit to transparency and accountability by tracking and publishing greenhouse gas emissions of all investments, making these figures publicly available on an annual basis, and establishing a clear timeline to achieve a science-based reduction of portfolio-wide emissions. 

Likewise – given their annual commitment since 2009 to “phase out inefficient fossil fuel subsidies, we urge G20 leaders to make good on this promise at their 2018 summit in Argentina, and to:

• Set a clear timeline for the full and equitable phaseout by all G20 members of all fossil fuel subsidies by 2020, starting with the elimination of subsidies for fossil fuel exploration and coal. 

• Set a clear timeline for the full and equitable phaseout by all G20 members of domestic and international public finance for oil, gas, and coal production by 2020, except in extreme cases where there is clearly no other viable option for increasing energy access to the poor. Fossil fuel finance should be phased out no later than 2020. 

• Commit to be fully transparent about all fossil fuel subsidies in a consistent format made publicly available on an annual basis, to increase transparency of reporting on investment in fossil fuel production by publicly-owned financial institutions, and to complete fossil fuel subsidy peer reviews by the end of 2018.

Recent assessments have found that: a) G20 nations are providing billions in public finance to fossil fuel production, at more than 4 times the rate they are supporting renewable energy;[1] b) multilateral development banks funded more than $5 billion in oil, gas, and coal production in 2016, after the Paris Climate Agreement was reached in December 2015;[2] and c) G20 governments spend more than $444 billion each year on support to fossil fuel production alone.[3] All of this public support to fossil fuels comes as we must rapidly shift investment towards clean energy, and despite clear evidence that we need to keep at least 80% of existing fossil fuel reserves in the ground if we hope to avoid the worst impacts of climate change. 

We urge multilateral development banks and G20 leaders to take the decisive steps toward ending public support for fossil fuels outlined above. Governments of the richest countries in the world, and their key institutions must establish an ambitious 2020 deadline for the phase out of subsidies and public finance for fossil fuels, in order to drive sustained and scaled-up climate action.

Footnotes:

[1] http://priceofoil.org/2017/07/05/g20-financing-climate-disaster/

[2] http://priceofoil.org/2017/10/12/development-banks-still-funding-fossils/

[3]https://www.odi.org/publications/10058-empty-promises-g20-subsidies-oil-gas-and-coal-production

Sincerely, 

[192 organisations from 58 countries and several regions, presented alphabetically] 

Abibiman Foundation – Ghana Act Alliance EU – Belgium Adivasi Mulvasi Astitva Raksha manch – India African Climate Reality Project – South Africa Africa Youth Coalition Against Hunger Sierra Leone – Sierra Leone AKSI for Gender, Social and Ecological Justice – Indonesia All Nepal Peasant's Federation – Nepal All Nepal Women's Association – Nepal Alliance Sud – Alliance of Swiss Development Organisations – Switzerland Alofa Tuvalu – Tuvalu & France Alternative Information Development Centre – South Africa Amazon Watch – United States Les Amis de la Terre – Friends of the Earth France – France Amsterdam Fossielvrij – The Netherlands Aotearoa Youth Leadership Institute – New Zealand Appropriate Technology for Living Association – New Zealand Arab Youth Climate Movement Lebanon – Lebanon Asian Peoples Movement on Debt and Development – Asia Asian Regional Exchange for New Alternatives – South Korea Bangladesh Jatiyo Sramik Jote – Bnagladesh Bangladesh Krishok Federation – Bangladesh Bank Information Center Europe – The Netherlands BankTrack – The Netherlands Both ENDS – The Netherlands Bretton Woods Project – United Kingdom Bulig Visayas – Philippines Campaign for Climate Justice Nepal – Nepal Carbon Action Aotearoa – New Zealand CARE International – Climate Change and Resilience Platform CDL Bangladesh – Bangladesh CEMBI-USB – Venezuela Centar za Ekologiju i Energiju – Bosnia and Herzegovina Center for Biological Diversity – United States Center for Environmental Justice – Sri Lanka Center for International Environmental Law – United States Centre for Human Rights and Climate Change Research – Nigeria CHANGE – Vietnam Change Partnership – International Christian Aid – United Kingdom CIDSE – International Clean Air Action Group – Hungary Climate Action Hobart – Australia Climate Action Network Europe – Europe Climate Action Network International – International Climate Alliance Switzerland – Switzerland Climate and Development Advice – Germany Climate and Development Lab – United States The Climate Justice Project – United States CliMates – France CNCD-11.11.11 – Belgium Collectif Causse Méjean – Gaz de Schiste NON ! – France Columbus Community Bill of Rights – United States CONAJEC – Coordination Nationale des Jeunes pour l'Environnement et le Climat – Burkina Faso Concerned Citizens against Climate Change – The Netherlands Coordination Office of the Austrian Bishop's Conference for International Development and Mission – Austria Counter Balance – Czech Republic Debt Watch – Indonesia Derecho Ambiente y Recursos Naturales – Peru DIB – Denmark Les Dindons de la Farce – France East Africa Climate Change Network – Kenya Ecoaction – Ukraine EcoEquity – United States Economic Justice Network Sierra Leone – Sierra Leone eco-union – Spain EKOenergy – Finland Engajamundo – Brazil Environics – India Environmental Defence Canada – Canada Environmental Justice Foundation – United Kingdom Epikaizo Care Initiative – Tanzania EquityBD – Bangladesh European Environment and Health Youth Coalition – Hungary Focus Association for Sustainable Development – Slovenia Fossielvrij NL – The Netherlands fossil-free.ch – Switzerland Fossil Free Göttingen – Germany Fossil Free Uppsala – Sweden Frederick Mulder Foundation – United Kingdom Freedom from Debt Coalition – Philippines FreshWater Accountability Project – United States Friends of the Earth England, Wales and Northern Ireland – United Kingdom Friends of the Earth U.S. – United States Fundacion Madariaga – Argentina Fundacja Instytut Rozwoju Innowacyjnej Energetyki – Poland Fundacja Rozwoj TAK – Odkrywki NIE – Poland GARJAN-Nepal – Nepal GEFONT Trade Union Federation – Nepal Germanwatch – Germany Gitib – Philippines Global Catholic Climate Movement – International Global South Initiative – Nepal Global Witness – International Greenpeace Grupo de Financiamiento Climático para Latinoamérica y el Caribe (GFLAC) – Mexico Health and Environment Alliance – Belgium Himalaya Niti Abhiyan – India Honor the Earth – United States Human Rights Alliance Nepal – Nepal Human Rights Foundation Aotearoa New Zealand – New Zealand iMatter – United States Indian Social Action Forum – India InspirAction USA – United States Institute for Policy Studies – Climate Justice Program – United States Jagaran Nepal – Nepal Japan Center for a Sustainable Environment and Society – Japan JATAM – Indonesia Kazdagi Association for the Preservation of Natural and Cultural Resources – Turkey Kerala Independent Fishworkers Federation – India Khazer Ecological NGO – Armenia Kiko Network – Japan Koalicja Klimatyczna – Poland KRuHA – People's Coalition for the Right to Water – Indonesia LDC Watch – International Legambiente – Italy Leave it in the Ground Initiative – International Living Legacies – New Zealand Madden Sainsbury Foundation – Australia Market Forces – Australia Maryknoll Office for Global Concerns – International McCulloch Consulting Limited – United Kingdom Mediterranean Youth Climate Network – Morocco Migrant Forum in Asia – Philippines Milieudefensie – The Netherlands Mom Loves Taiwan Association – Taiwan Monitoring Sustainability of Globalization – Malaysia Mouvement Ecologique – Friends of the Earth Luxembourg – Luxembourg Nadi Gati Morcha – India National Federation of Hawkers Bangladesh – Bangladesh National Federation of Women Hawkers – India National Hawkers Federation – India Natural Resources Defense Council – International NGO Ecoclub – Ukraine North Country Veterans for Peace – United States Oil Change International – International Oil Money Out – United States Our Climate Declaration – New Zealand Our Rivers Our Life – Philippines Overseas Development Institute – United Kingdom Pacific Islands Climate Action Network – Fiji Pakistan Fisherfolk Forum – Pakistan Pakistan Rabita Committee – Pakistan Philippine Movement for Climate Justice – Philippines Plateforme de la Société Civile sur le Changement Climatique – Haiti Polski Klub Ekologiczny Okręg Mazowiecki – Poland Power Shift Network – United States Reacción Climática – Bolivia REFEDD – French Student Network for Sustainability – France REK Rowlands & Partners – United Kingdom The Renewables – New Zealand Reseau Action Climat – Climate Action Network France – France River Basin Friends – India Rootskeeper – United States Rural Reconstruction Nepal – Nepal Sanlakas – Philippines Sawit Watch – Indonesia SEAFish for Justice – Indonesia Sierra Club – United States Sierra Leone School Green Club – Sierra Leone Sisters of Mercy of the Americas' Institute Justice Team – United States Stop Petróleo Vila do Bispo – Portugal Solidaritas Perempuan – Indonesia SUPRO – Bangladesh South Asian Alliance for Poverty Eradication – Nepal Southern Oregon Climate Action Now – United States SustainUS – United States Swiss Youth for Climate – Switzerland Taiwan Environmental Protection Union – Taiwan TENMYA 21 – Tunisia Trade Un. Turtle Island Restoration Network – United States Unitarian Universalist Congregation of Binghamton Green Sanctuary – United States Unnayan Onneshan – Bangladesh Urgewald – Germany Voice – Bangladesh Wodonga Albury Towards Climate Health – Australia Woman, Development, Future Public Union – Azerbaijan Women Engage for a Common Future – Germany WoMin African Alliance – Africa WWF – International Youth for Environment, Education and Development Foundation – Nepal Youth Movement for African Unity – Ghana Youth for Ocean! – France ZERO – Associação Sistema Terrestre Sustentável – Portugal Zukunft statt Kohle – Future instead of Coal – Switzerland 11.11.11 – Belgium 350 Africa – Africa 350 Ankara – Turkey 350 Montgomery County – United States 350 New Orleans – United States 350 New Zealand – New Zealand 350.org – International

VCSs News: Carbon Pricing Takes Off

The October / November 2017 Newsletter of Verified Carbon Standard (VCS), has included the following report of great importance.

Limiting the increase in global average temperature to within 2° Celsius of preindustrial levels requires dramatic cuts in carbon dioxide emissions. One of the best ways to do that is to shift the social and economic costs of greenhouse gases from the public to the polluter.

BONN – The hurricanes that pummeled the Caribbean, Texas, and Florida this year left highways submerged, homes and businesses demolished, and lives lost. The floodwaters have since receded, but the images of upheaval remain etched in our collective memory. Recovery will take years, perhaps decades, and it will cost billions of dollars.

Experts tell us that warming oceans are causing hurricanes to become more powerful, and other consequences of anthropogenic climate change – from severe droughts in the Horn of Africa to extreme flooding in Asia – are leaving millions without food and basic shelter. But while the link between burning fossil fuels and deadly weather has been strengthening for years, policymakers have not always heeded the warnings.

This is changing rapidly. Today, countries, citizens, and a growing number of businesses around the world are finally taking action. This month, thousands gathered for the UN’s climate change conference in Bonn, Germany, to ratchet up global ambition in the fight against climate change. Following the successful Paris climate agreement two years ago, expectations for further progress and continued collaboration are high.

One of the more promising recent initiatives is the Carbon Pricing Leadership Coalition (CPLC), which brings together 30 governments and more than 180 businesses and strategic partners to put a value on carbon dioxide emissions. The idea is simple: if we are to meet the Paris accord’s target of limiting the increase in global average temperature to less than 2° Celsius above preindustrial levels – ideally, to 1.5° above preindustrial levels – we must dramatically cut emissions. As co-chairs of the CPLC, we believe that one of the best ways to do that is by shifting the social and economic costs of heat-trapping gases from the public to the polluter.

With the sense of climate urgency increasing, it is no longer acceptable to pollute for free and pass the bill to future generations. Putting a price on carbon is the most efficient way to reduce global emissions while encouraging sustainable and robust economic growth. Moreover, by putting a price on pollution, governments can generate revenue for investments like clean energy, schools, and health care, making it a double win.

The ultimate goal, of course, is to encourage businesses to clean up their acts, and today, a growing share of business leaders understand that pricing carbon is one of the best ways to combat climate change. They also recognize that their businesses can thrive even as they work to reduce emissions.

In fact, many business leaders are among the most enthusiastic supporters of effective carbon pricing. Just last month, the Carbon Disclosure Project revealed that the number of companies with plans to pursue internal carbon price mechanisms has grown to almost 1,400 globally, up from 150 in 2014. This includes more than 100 of the world’s largest companies, with total annual revenues of some $7 trillion. Royal DSM (which is led by one of the authors) has set a carbon price of €50 ($59) per ton, joining other global companies like Michelin, Danone, and General Motors in applying meaningful carbon prices to “future-proof” their business.

Some 40 countries – including Canada – are also putting a price on carbon pollution, and more governments are planning to implement similar schemes soon. In 2015, China announced plans to create the world’s largest carbon-pricing system. And earlier this year, Ontario, Québec, and California signed an agreement to create the world’s second-largest carbon market.

This trend must continue – for environmental and economic reasons. A May 2017 study conducted by the High-Level Commission on Carbon Prices – led by two of the world’s top economists, Joseph E. Stiglitz and Nicholas Stern – found that setting a “strong carbon price” is essential not only for reducing global emissions, but also for sustaining innovation and growth.

To be sure, putting a price on carbon pollution must become part of a broader set of actions to future-proof our economies and societies. To reduce greenhouse-gas emissions further and foster economic vitality, we must improve public transportation; construct energy-efficient buildings; and support efforts by businesses, innovators, and investors to develop clean-energy solutions. This is what Canada is already doing, because we know that these policies can reduce emissions and help create new, well-paying jobs.

As is often said, climate change represents both a challenge and an opportunity. By pricing carbon pollution and harnessing our collective abilities, we can address the former and seize the latter. Pooling the innovative and entrepreneurial spirit found in countries and businesses will enable us to fight climate change, strengthen our economies and societies, and leave our children and grandchildren a healthier planet.

Sources: https://www.carbonpricingleadership.org/blogs/2017/11/24/carbon-pricing-takes-off