Governments ‘to raise $22bn from carbon pricing’

Governments 'to raise $22bn from carbon pricing'

Global governments will raise around $22 billion (£14.8bn) this year by putting a price on carbon.

That’s a “significant” increase from $15 billion (£9.6bn) in 2014, according to a report from the Climate Markets and Investment Association (CMIA).

Around three quarters of the revenue raised will be in Europe which has an emissions trading system (ETS) as well as carbon taxes in some countries, it added.

Carbon tax and pricing schemes have also increase din the UK, France, Scandinavia and California.

Revenue from carbon pricing “appear likely to continue to increase” around the world and continuing debate will be needed about how these funds should be best used in the future, the report suggests.

Richard Folland, Executive Director at CMIA said: “carbon pricing looks likely to be a signature issues at the Paris COP21 as a contribution to the public policy debate”