What is the road ahead for interconnected carbon pricing systems and CBAMS?
December 9, 2023
11:00 (UTC+04:00)
Bellona Foundation Pavilion, Zone B7/88, Blue Zone, COP28
Focus area
Sustainable Economy
Our economic system is rife with market failures and mechanisms that continue to benefit fossil-based activities at the expense of low-carbon and renewable ones.
Public intervention is needed to ensure a level playing field that reflects the real cost of emissions and climate change
This, while promoting market conditions that encourage innovation, deployment, and scaling of net-zero technology by 2050.
Our economic systems still disproportionately favours fossil-based activities, ignoring the real cost of both emissions and climate change. Persistent market failures that impede climate action, can to an extent be addressed by targeted financial and non-financial public support mechanisms. Others, of a more systemic nature, require market regulation and oversight.
Ensuring appropriate pricing for emissions that reflects the real cost of climate change is an example of a regulatory measure that can help industries achieve necessary emission reductions. It is also essential to account for potential unintentional consequences or spill-over effects when setting up regulatory measures for markets. Governments and regulatory bodies must have important feedback mechanisms and consultation with the market and larger society to address these challenges and their potential unforeseen ramifications.
Both financial and non-financial public support mechanisms, regulations and market oversight must contribute to a well-functioning market that fosters innovation through competition.
December 9, 2023
11:00 (UTC+04:00)
Bellona Foundation Pavilion, Zone B7/88, Blue Zone, COP28
December 8, 2023
10:00 (UTC+04:00)
Bellona's Pavilion, Blue Zone COP28
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