Call – summary
Climate change accelerates and mitigation actions lag behind. It is estimated that the level of ambition needs to be roughly tripled or maybe even five-folded to achieve Paris Agreement targets. Today, only less than a quarter of of global greenhouse gas emissions are covered by carbon pricing initiatives. To achieve needed level of actions and necessary investments we need to kick-start a step change on this.
We, the undersigned, call on governments to:
- back their net zero targets with effective, robust, reliable and fit-for-purpose carbon pricing instruments, consistent with the Paris Agreement, to facilitate a cost-efficient investment path to reach net zero emissions;
- align their carbon pricing instruments where appropriate to create a stable and predictable investment environment; and
finalise the rules for international market mechanisms under Article 6 of the Paris Agreement to support cost-effective mitigation efforts, create a level playing field and minimise carbon leakage while enabling greater ambition