Global pollution price could cut greenhouse gases by 12%, says report

Global pollution price could cut greenhouse gases by 12%, says report

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 (WEF) and PwC.

The report found that if global governments agreed together to set a price for pollution to help cut carbon emissions the cost would be less than the economic losses triggered by the fallout of a runaway climate crisis.

The “carbon revenues” raked in to government coffers from the world’s most-polluting companies could also be used to help hard-pressed households or ploughed back into green industries which help reduce emissions while creating jobs and economic growth, the report found.