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13.12.2017 12:21

IETA welcomes Carbon Pricing in the Americas initiative

AUTHOR: publics.bg

© European Commission

International emissions trading association (IETA) welcomes the Carbon Pricing in the Americas declaration, announced yesterday at the One Planet Summit in Paris, as a significant step for climate action across North and South America, the organisation said in a statement.

The initiative will see carbon pricing placed at the centre of climate policy across the continents and increase cross-border policy harmonisation and cooperation. The collaborative effort is led by the leaders of Canada, Colombia, Chile, Mexico, the Governors of California and Washington, and the Premiers of Alberta, British Columbia, Nova Scotia, Ontario and Québec.

"IETA wholeheartedly supports the commitment of governments across the Americas to form a cooperative framework to integrate their carbon markets in the future," says IETA's CEO and President Dirk Forrister. "The rising interest in market-based solutions around the world will help mobilise 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,” he added.

All of the participating jurisdictions already have, or are in the process of implementing, a carbon price in their economy. In its 2017 Status Report, the International Carbon Action Partnership estimated that around half of the world's GDP would be subject to an emissions trading system by the end of 2017. These include systems in California, Ontario and Québec.

The initiative gained supporting comments from CEOs of IETA member companies and partners with operations in the region.

"We expect, in the medium to long run, it could drive efficiency and economic benefits to all countries involved as they seek to reduce carbon dioxide emissions. The creation of a cooperation platform and the expansion of the underpinning carbon markets is exactly the sort of ambitious outcome that Article 6 of the Paris Agreement is seeking," Ben van Beurden, CEO of Royal Dutch Shell plc said.

"Putting a price on carbon is clearly the key decision-making signal we need to make the right choices and meet the less-than-2°C Paris Agreement target”, Isabelle Kocher, CEO of ENGIE commented.