Setting the global average price of carbon per tonne significantly higher at $100 or more is necessary right away to incentivise net zero emissions by 2050, according to a Reuters poll of climate economists.
The International Monetary Fund has recommended a global average carbon price of $75 per tonne by the end of the decade.
Nearly 70% of respondents - 19 of 28 - said the cost of carbon per tonne should be above $75, of whom 17 suggested $100 or above. While six respondents agreed with the IMF recommendation, only three believed it should be lower than $75. Recommendations ranged from $50 to $250. According to the International Energy Agency, current carbon pledges by governments are insufficient to reach targets, and closing the gap would need the global average price of carbon to be much higher than what the IMF recommends.
The EU price is expected to average around 55.88 euros and 69.87 euros per tonne this year and next, according to a separate Reuters poll.Wide economic disparities pose a major challenge to all countries agreeing to a uniformly high global carbon price, which partly explains the wide range of recommendations provided by climate economists to reach net zero by 2050.
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