G20 countries can take several paths to cut carbon emissions, Yellen says

1 Minute Read by Reuters Staff On Capitol Hill in Washington, DC, U.S., on June 23, 2021, US Treasury Secretary Janet Yellen testifies before the Senate Appropriations Subcommittee on Financial Services regarding the FY22 Treasury budget request. REUTERS/Files/Shawn Thew/Pool (Reuters) – WASHINGTON (Reuters) – The G20 countries are responsible for 80% of global carbon emissions and must take immediate action, but there are other options outside explicit carbon pricing, according to US Treasury Secretary Janet Yellen. In remarks at a G20 climate tax meeting in Venice, Italy, Yellen stated that member countries will need to make large public and private expenditures as well as make “tough economic decisions” in order to meet their targets of decarbonizing their economies by mid-century. “Rather than focusing just on explicit carbon price, any carbon border adjustment mechanism should focus on the degree to which a country’s climate policies reduce emissions, and hence carbon content.” David Lawder contributed reporting, and Mark Heinrich edited the piece./nRead More