Prime Minister Justin Trudeau, together with the President of the European Commission, Ursula von der Leyen, held a meeting with world business representatives on the sidelines of the 79th session of the UN General Assembly and declared a common vision on the issue of carbon pricing and decarbonization of industry.
This is stated in the congratulatory speech of the head of the European Commission.
Ursula von der Leyen said that last year the EU held a number of round tables on clean transition issues with various sectors of the economy. At them, the authorities and industrialists discussed how decarbonization and competitiveness can go hand in hand.
The President of the European Commission announced that, based on this dialogue, she will propose a new Clean Industrial Course, which will complement the European Green Course. She is sure that such a "Dialogue on Clean Transition" is needed at the global level as well.
As proof of the effectiveness of the Emissions Trading System (ETS), she cited the following figures: the introduction of carbon pricing helped reduce emissions in the sectors covered by it by 50%. At the same time, the economy of the European Union continues to grow, the president emphasized.
"We were able to prove that carbon pricing is a market tool that works to reduce emissions and increase GDP," she said.
The official said that carbon pricing generates revenue. According to her, ETS brought more than €200 billion, which the EU countries then invested in a clean transition, that is, in climate action and in the research and development of new technologies.
“Carbon pricing turns pollution into innovation. This sends a very clear signal to the business world: if you pollute, you pay. But if you do everything environmentally friendly, it will pay off," said Ursula von der Leyen.
She reminded that the European Union has joined the Canadian initiative "Global Challenge on Carbon Pricing". Together, they help countries that want to develop carbon pricing. Over the past 5 years, 35 new agreements have been concluded as part of the dialogue on clean technologies, hydrogen and critical raw materials, the president says.
Finally, she called on business representatives from around the world to work together on new business models that include "carbon credits" or "green credits" that are good for the planet and economic prosperity.
Earlier, Ecopolitic wrote, that in 2022 Canada introduced a tax credit of up to 60% for companies that invest in carbon capture technologies to reduce emissions.
