Estimating Carbon Emissions: Key Tool, Says IMF's Margaret Cotton At Baku Forum
Date
9/25/2024 9:17:13 AM
(MENAFN- AzerNews)
Nazrin Abdul
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Estimating carbon emissions is increasingly recognized as a
powerful tool.
Margaret Cotton, a representative of the International Monetary
Fund (IMF), made this statement at the International Forum on
Carbon Emissions Assessment held in Baku, Azernews
reports.
"We often hear discussions about tax and climate policy
development, but even the best-designed policies are ineffective
without proper governance. I hope this forum will provide a
platform to explore practical aspects of implementing these
initiatives. Climate risks have significant macroeconomic
implications, impacting economies, communities, and households,
leading to increased financial instability and inequality.
Transitioning to a new climate economy presents unique
opportunities for growth and job creation," she stated.
Cotton emphasized that the IMF supports the acceleration of the
decarbonization process through a comprehensive set of measures,
including carbon emissions assessment, elimination of harmful
subsidies, policy support, and active cooperation.
"When it comes to carbon pricing, we see it working effectively.
Currently, there are around 70 initiatives in 40 countries. Carbon
pricing is a powerful tool because it not only generates revenue
but also incentivizes the transition to low-carbon investments and
consumption. In Europe alone, hundreds of millions of euros have
been collected through compliance, and these funds can be used to
tackle inequality and stimulate 'green' development," she
highlighted.
She also pointed out that one of the main advantages of a carbon
tax is its flexibility, allowing it to adapt to local contexts
through gradual increases.
"While the IMF generally does not endorse subsidies and
advocates for their elimination, revenues from carbon taxes can be
allocated to justified subsidies for research and development of
infrastructure that facilitates rapid decarbonization," she
added.
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