Oxfam reaction to World Bank Carbon Pricing statement

Oxfam welcomes today’s announcement by the World Bank Group on a new Carbon Pricing Leadership Coalition before the UN Climate Summit in New York. The Summit is meant to build political momentum towards a post-2020 climate agreement in Paris in 2015, with governments on the hook to make meaningful commitments to reduce their emissions and to deliver climate finance to the poorest, most vulnerable countries.
 
Placing a price on carbon has potential to deliver significant emissions reductions. Any type of pricing mechanism, however, must take into account the disproportionate impacts of climate change emissions on poor communities and be designed accordingly.  Social safety nets and revenue recycling are examples of policies that can help to even the playing field.
 
Nicolas Mombrial, Head of the Washington DC Office of Oxfam International said: “This is an impressive coalition covering a large share of global emissions - but carbon pricing is no silver bullet solution unless the price is set high enough and revenues are used to benefit the poorest. Signatories must keep up the pressure to act in the weeks and months to come to ensure this is more than just a paper promise."
 
Oxfam looks forward to working with the World Bank Group and other partners of this coalition to make sure that a price on carbon leads to actual emissions reductions while still ensuring that the poor are protected.