{
  "title": "Introductory Remarks DMD Zhang—Virtual High-Level Dialogue of the Carbon Pricing Leadership Coalition (CPLC)",
  "publication": "IMF News, June 22, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/06/22/sp062220-introductory-remarks",
  "canonical": "https://www.imf.org/en/news/articles/2020/06/22/sp062220-introductory-remarks",
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  "summary": "Tao Zhang, IMF Deputy Managing Director",
  "publishDate": "2020-06-22",
  "sections": [
    {
      "heading": "Event and speaker",
      "content": "- Tao Zhang, IMF Deputy Managing Director\n- June 22, 2020"
    },
    {
      "heading": "Purpose and platform",
      "content": "- The Carbon Pricing Leadership Coalition (CPLC) provides a platform for discussing carbon-neutral transition strategies and for sharing perspectives and experiences across a broad range of countries, industries, and stakeholders."
    },
    {
      "heading": "IMF stance, tools, and advocacy",
      "content": "- The IMF has long advocated measures to support climate-change adaptation and mitigation, including the use of carbon pricing.\n- The IMF has developed practical tools to help member countries put carbon pricing into practice."
    },
    {
      "heading": "Urgency tied to the economic crisis and recovery",
      "content": "- The current economic crisis strengthens the urgency of carbon pricing because:\n  - As economic recoveries get underway, a great deal of investment will be taking place across the world.\n  - Having the right energy prices—reflecting supply and environmental costs—will be critical to allocating new investment efficiently across green and brown sectors.\n  - Revenues from carbon pricing can support sustainable fiscal positions and help fund social assistance and public investment for the recovery."
    },
    {
      "heading": "Political difficulties and opportunities",
      "content": "- Carbon pricing is often difficult politically, notably because of higher energy prices.\n- Today's low oil prices may provide an opportunity to enhance public support for carbon pricing.\n- Close consultations with stakeholders and effective communications are necessary.\n- Pricing can be phased in gradually and predictably as economies recover.\n- Assistance packages can be tailored to vulnerable groups, such as coal-mining communities and rural households."
    },
    {
      "heading": "Complementary instruments",
      "content": "- Pricing can be complemented with other instruments to improve overall environmental effectiveness while limiting impacts on energy prices.\n- Example provided:\n  - “Feebates” apply a sliding scale of fees to products or activities with above-average emissions rates and rebates to products or activities with below-average emissions rates."
    },
    {
      "heading": "Key numeric findings from CPLC and IMF work",
      "content": "- Measures equivalent to a global carbon price of at least $75 per ton in 2030 are needed to meet climate stabilization goals (from the 2017 CPLC report).\n- The world is currently at $2 per ton, on average."
    },
    {
      "heading": "Policy proposal highlighted",
      "content": "- One possibility proposed in the IMF Fiscal Monitor (published last October) is to complement the Paris commitments with a carbon price floor arrangement among major stakeholders."
    },
    {
      "heading": "Closing message",
      "content": "- Acting now is imperative; integrating climate issues into policymaking is essential even amid the pandemic and recovery.\n- Quoted lesson: “Don’t mess with Mother Nature.”\n\nIntroductory Remarks by Tao Zhang, IMF Deputy Managing Director; June 22, 2020.\n\n---\n\n\n References\n\n- Tao Zhang\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/06/22/sp062220-introductory-remarks"
    }
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    "Published: June 22, 2020",
    "Tao Zhang, IMF Deputy Managing Director",
    "June 22, 2020",
    "The Carbon Pricing Leadership Coalition (CPLC) provides a platform for discussing carbon-neutral transition strategies and for sharing perspectives and experiences across a broad range of countries, industries, and stakeholders.",
    "The IMF has long advocated measures to support climate-change adaptation and mitigation, including the use of carbon pricing.",
    "The IMF has developed practical tools to help member countries put carbon pricing into practice.",
    "The current economic crisis strengthens the urgency of carbon pricing because:",
    "Carbon pricing is often difficult politically, notably because of higher energy prices.",
    "Today's low oil prices may provide an opportunity to enhance public support for carbon pricing.",
    "Close consultations with stakeholders and effective communications are necessary.",
    "Pricing can be phased in gradually and predictably as economies recover.",
    "Assistance packages can be tailored to vulnerable groups, such as coal-mining communities and rural households.",
    "Pricing can be complemented with other instruments to improve overall environmental effectiveness while limiting impacts on energy prices.",
    "Example provided:",
    "Measures equivalent to a global carbon price of at least $75 per ton in 2030 are needed to meet climate stabilization goals (from the 2017 CPLC report).",
    "The world is currently at $2 per ton, on average.",
    "One possibility proposed in the IMF Fiscal Monitor (published last October) is to complement the Paris commitments with a carbon price floor arrangement among major stakeholders.",
    "Acting now is imperative; integrating climate issues into policymaking is essential even amid the pandemic and recovery.",
    "Quoted lesson: “Don’t mess with Mother Nature.”",
    "[Tao Zhang](https://www.imf.org/en/About/senior-officials/Bios/tao-zhang)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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