Global climate goal could be in peril without carbon price reform

A report by the High-Level Commission on Carbon Prices found carbon prices needed to be in the $50-$100 tonne range by 2030 to keep global heating below 2 degrees Celsius

Investors managing $10.6 trillion on Wednesday said an overhaul of international carbon pricing policies was necessary to prevent the world missing a goal to limit climate change.

As part of a global effort to cap global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above the pre-industrial average, more governments are seeking to place a price on carbon to lower emissions by increasing the cost of producing them.

But less than 25% of global emissions are covered by a carbon price whose level varies greatly between regions and is mostly too low to effect change.

In a paper released ahead of a G7 Leaders