Current carbon prices are falling short of the levels needed to reduce greenhouse gas emissions driving climate change, but even moderate price increases could have a significant impact, according to new OECD research.
The OECD has welcomed the release by China and the US of peer reviews of their fossil fuel subsidies.
France has improved its environmental performance over the last decade, lowering greenhouse gas emissions, reducing some air pollutants and cutting its use of fresh water. Further effort will be needed, however, to reduce pollution by nitrates and pesticides and meet ambitious renewable energy targets, according to a new OECD report.
Further structural reforms are needed to help the business sector boost productivity growth and overcome the key challenges of sluggish investment in advanced economies and excess capacity in emerging economies, according to a new OECD report.
Advanced economies have reduced their consumption of raw materials and improved waste management, but more should be done to design and produce goods in a way that uses fewer natural resources and produces less waste, according to a new OECD report.
This is a watershed day for the world and especially heartening for the OECD as one of the first international bodies to call for zero net emissions in the second half of the century, for a price on carbon and for greater efforts to channel finance into the low carbon economy.
OECD urges efforts to better price carbon as new analysis finds that 90% of CO2-emissions are priced below EUR 30 per tonne, a low-end estimate of climate damage, and 60% are not priced at all. Effective Carbon Rates in the OECD and Selected Partner Economies calculates effective carbon rates (ECR) on CO2-emissions from energy use for 41 countries which together use 80% of global emissions.
Advanced and emerging economies have made progress in addressing climate change, yet most are on a trajectory that would see them fall short of their mitigation goals. Governments need to significantly accelerate their efforts and strengthen their climate change policies.
Economic and social reforms over the past two decades have enabled Peru to significantly improve growth and well-being while raising incomes and reducing poverty.
OECD Secretary-General Angel Gurría today called on all countries to fully engage with the new Sustainable Development Goals (SDGs) and said advanced and emerging economies had a particular responsibility to translate the global goals into national policy and to support developing countries in doing the same.