VENICE, July 11 — G20 finance leaders recognised carbon pricing as a potential tool to address climate change for the first time in an official communique on Saturday, taking a tentative step towards promoting the idea and coordinating carbon reduction policies.
Such tools include investing in sustainable infrastructure and new technologies to promote decarbonisation and clean energy, “including the rationalisation and phasing-out of inefficient fossil fuel subsidies that encourage wasteful consumption and, if appropriate, the use of carbon pricing mechanisms and incentives, while providing targeted support for the poorest and the most vulnerable,” said the communique from the financial leaders of the world’s 20 major economies.
Those efforts met strong US resistance for most of Trump’s presidency, during which the United States quickly withdrew from the Paris climate agreement.
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