As the world grapples with the dramatic effects of record temperatures in recent months, the United Nations has issued a dire warning about the potential for average global temperature increases to hit a "hellish" 3 C by the end of the century.
Carbon pricing policies have been a central part of the conversation about avoiding the worst effects of climate change. Carbon pricing is a market-based solution that incentivizes organizations and individuals to emit less greenhouse gases and invest in climate solutions.
Addressing an audience at the COP28 climate summit in Dubai, European Commission President Ursula von der Leyen made the case for carbon pricing: "If you pollute, you have to pay a price for that. If you want to avoid paying that price, you innovate and invest in clean technologies."
However, it's vital to understand both the potential and limitations of these policies. Our recent research shows that global carbon pricing policies must advance much more rapidly, and be combined with other mitigation measures, to avoid harmful warming scenarios. As von der Leyen said in her remarks, "we must go further and faster."
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