OECD says G20 countries must do more to meet climate goals

Moscow, Oct 27 (FN Agency) The Organization for Economic Cooperation and Development (OECD) said on Wednesday that G20 member states must do more if they want to reach their long-term climate goals. “Almost half of all energy-related CO2 emissions in G20 economies are now covered by a carbon price, as several countries introduced or extended carbon taxes or emissions trading systems in the last few years. More needs to be done using the full range of policy tools, if countries are to match their long-term climate ambitions with outcomes,” OECD said in a statement.

The organization found that in 2021, G20 economies put a price on 49 per cent of their CO2 emissions. In 2018, this percentage reached 37 per cent. The increase was pushed forth with new emissions trading systems, which were introduced in Canada, China and Germany. “However, progress remains uneven across countries and sectors and is not well enough coordinated globally. We need a globally more coherent approach which enables countries to lift their ambition and effort to the level required to meet global net zero by 2050, with every country carrying an appropriate and fair share of the burden while avoiding carbon leakage and trade distortions,” Secretary-General of OECD Mathias Cormann said. Countries of the G20 are responsible for around 80 per cent of global greenhouse gas emissions. Cormann stressed carbon prices and other measures become more demanding and better coordinated, which will help put countries on the right path in meeting the climate goals of the Paris Agreement. The G20 summit will take place on October 30 and 31 in Rome, Italy and will focus on a number of topics including climate change, Afghanistan and recovery from the pandemic.