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Heads of state, city,Ìýprovincial and businessÌýleaders joined forces Monday in Bonn in Germany to put a price on carbon pollution in order toÌýreduce greenhouse gas emissions.Ìý
Launched on Monday,Ìýthe Carbon Pricing Panel takesÌýcarbon pollution pricing as a key strategy to fight climate change and increase investments for a low carbon future, according to The World Bank statement.Ìý
Convened by World Bank GroupÌýPresident Jim Yong Kim, the Carbon Pricing Panel includesÌýtheÌýIMF’sÌýManaging Director Christine Lagarde andÌýOECDÌýSecretary General Angel Gurria.ÌýIn addition,ÌýGerman Chancellor Angela Merkel,ÌýFrench President Francois Hollande, andÌýChilean,ÌýPhilippines and MexicanÌýpresidents,ÌýEthiopian prime minister, the governor of U.S. state California and mayor ofÌýBrazil's Rio de Janeiro haveÌýalsoÌýtakenÌýpart inÌýthe panel.Ìý
"There has never been a global movement to put a price on carbon at this level and with this degree of unison," PresidentÌýJim Yong Kim said.Ìý
"It marks a turning point from the debate on the economic systems needed for low carbon growth to the implementation of policies and pricing mechanisms to deliver jobs, clean growth and prosperity. The science is clear, the economics compelling and we now see political leadership emerging to take green investment to scale at a speed commensurate with the climate challenge," he explained.Ìý
Carbon pricingÌýreduces emissions by tackling global warming and helpsÌýtoÌýalleviate health and environmental problems. In addition, carbon pricing supports solutions for clean energy by driving innovation and investments in low-carbon research and development.Ìý
AroundÌý40 nations and 23 cities, states and regions have implemented, or are putting a price on carbon withÌýprograms and mechanisms covering about 12 percent of global greenhouse gas emissions, the World Bank statement said.Ìý
The number of implemented or scheduled carbon pricing instruments hasÌýnearly doubled since 2012, reaching an aggregate market value of about $50 billion, it added.Ìý
Moreover, more than 400 businesses around the world are using a voluntary, internal price on carbon as part of their investment strategies, asÌýthe number of companies tripled compared with last year.Ìý
The call for carbon pricing comes ahead ofÌýtheÌýParis climate talksÌýin December.ÌýThe UN's international climate change conferenceÌýin Paris will be held between Nov. 30 and Dec. 11. It aims to achieve aÌýlegally bindingÌýinternational agreement, althoughÌýthe 1997 Kyoto Protocol, whichÌýtried to reduce greenhouse emissions, wasÌýnot ratified by all countries throughoutÌýthe world.Ìý
By Ovunc Kutlu
Anadolu Agency
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