Creating an international price for carbon emissions could reduce global greenhouse gases by 12% at a cost of less than 1% of global GDP, according to a new report from the World Economic Forum and PwC.
The production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and environmental costs.
The G20 group of the world's wealthiest nations have agreed for the first time to collectively sound the alarm over the threat to the financial system posed by the climate emergency.
