How a minimum carbon floor price can help reduce emissions?

Scientists around the world are elbow-deep in research to come up with newer techniques to reduce carbon emissions. The International Monetary Fund, for one, believes that to truly attain climate goals, countries need to make carbon more expensive. In a new research paper, the IMF proposes having in place a minimum carbon price, similar to the global minimum corporate tax rate considered by the G7. The G20 nations, on the other hand, are projected to emit almost 85 per cent carbon dioxide in the next 20 years. The minimum carbon price scheme can start with the largest polluters and eventually be applied to other countries.

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