Berlin, Nov. 2 (BNA): Outgoing German Chancellor Angela Merkel endorsed carbon pricing as an effective tool to combat climate change during her speech at a major United Nations summit on Monday.
Merkel said of the policy that imposes a tax on carbon dioxide emissions in an attempt to stimulate investment in clean energyGerman Press Agency (dpa) reported.
Merkel urged further discussions on this topic and decisions during the United Nations Climate Conference (COP26) in Glasgow.
At the invitation of the United Nations, government representatives from nearly 200 countries plan to spend two weeks in the Scottish city to discuss how humanity can contain the acceleration of global warming.
“Once carbon dioxide has a price, private equity investors can also tell in which direction they are technically investing,” Merkel said, adding that it is important not only to use taxpayer money to fight global warming, but also tools that have “economic meaning.” . “
In general, a significant amount of investment is needed to achieve global climate goals. The German leader referred to an estimate by former UN Secretary-General Ban Ki-moon that mitigating global climate change would require $800 billion in annual funding.
In her speech, Merkel also announced a new energy partnership with South Africa on Monday as part of efforts to cool the global coal industry.
Merkel described the initiative as an “important pilot project for many African countries”. She did not go into more details.
The deputy leader, who also praised Germany’s work with Colombia, Norway and Britain on forest conservation, called for more international cooperation in the face of climate change.
Merkel, whose coalition has committed to shutting down Germany’s coal-fired power plants by 2038, said such action was needed to prevent global temperatures from rising further.
She commended the Group of 20 nations for agreeing to halt public funding for overseas coal plants during their weekend summit in Italy ahead of the climate conference.
However, observers reacted with disappointment after the world’s 20 largest economies failed to agree on target dates for carbon neutrality or phase out coal.
Merkel expressed optimism that the catastrophic repercussions of climate change can be avoided so far. “We know that the effects of climate change are devastating,” she told COP26 delegates. “And we must – and I also say we can – implement the Paris Agreement.”
The chancellor called on developed countries to provide assistance to poor countries.
“We must accept that we will not reach $100 billion in financing until 2023,” she said, referring to the goal of industrialized nations to provide $100 billion annually to poor countries by 2020.
MI