600% Gain in Carbon Prices Vital to Rein in Global Warming
- CO2 prices need to reach $160/ton by 2030, up from $22 in 2020
- Companies need to capture, store and use ‘huge volumes’ of CO2
Photographer: Kevin Frayer/Getty Images
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The world’s governments will need to significantly increase the cost of emitting carbon dioxide in order to keep global warming at bay.
That’s according to energy consultant Wood Mackenzie Ltd. To stop global temperatures from rising above 1.5 degree Celsius from pre-industrial levels, carbon prices must surge to $160 per ton of CO2 by 2030, up from a global average of $22 at the end of last year, it said in a report Thursday.