EnvironmentStep up climate action: Yellen tells G20

Step up climate action: Yellen tells G20


Venice, Italy: US Treasury Secretary Janet Yellen on Friday called on her G20 counterpart’s meeting in Venice to take urgent action to decarbonize the global economy and tackle climate change.

The Group of 20 richest countries “are responsible for 80 percent of global carbon emissions, so it is our responsibility to take action — and do so immediately,” she told a forum before the formal opening of the talks between finance ministers and central banks.

She also emphasized the importance of increased international cooperation to avoid “friction” between different countries trying to reduce their greenhouse gases.

French Finance Minister Bruno Le Maire, also speaking in Venice, proposed a global minimum for the price of carbon.

“Instead of having a global unique carbon price, which we cannot reach, for the time being, we propose to have a global floor for a carbon price,” he said.

“I think a global floor could be a very good starting point to have all the G20 member states committed on a carbon price.”

The International Monetary Fund last month issued a report calling for all the world’s top polluters to adopt such a floor.

It said that carbon pricing was now widely accepted as the most important policy tool to achieve the drastic emissions cuts required to limit global warming to two degrees Celsius by 2050.

But four-fifths of emissions currently remain unpriced and the global average carbon price is just $3 a tonne — far below the level needed to incentivize energy efficiency and redirect innovation towards green technologies.

AFP is a leading global news agency for comprehensive, verified coverage of events shaping the world.


Please enter your comment!
Please enter your name here

Latest news

Swiss unanimously votes for same-sex union referendum

GENEVA — In Switzerland, a controversial same-sex marriage referendum has been resoundingly approved by voters of the conservative, rich Alpine...

New Covid surge overwhelms hospitals in parts of US

WASHINGTON, D.C. — According to one of the country's top health officials, the spike in coronavirus cases in the...

China wants effeminate male celebs to man up

WASHINGTON — Macho men are in and effeminate male performers are out as Beijing expands its crackdown on China's entertainment...

Billie Eilish, BTS to perform at climate change concert

Billie Eilish, BTS, and Elton John, among others, will donate their star power to Global Citizen Live on Saturday...

Google faces off EU in court over record $5.1 billion antitrust fine

This week, Google will face the European Commission in a five-day court hearing, appealing a record $5.1 billion fine...

WHO’s Covax misses 2021 target. What went wrong?

The latest supply forecast for Covax – the programme for sharing COVID-19 vaccines around the world – suggests that accelerating vaccination...

Must read

You might also likeRELATED
Recommended to you