Rapport: Shifting the carbon pricing debate
Surrounding this year’s 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21), increasing numbers of multinational businesses and global institutions have come out in support of carbon pricing.
This report, commissioned by EY’s Climate Change and Sustainability Services practice, highlights the ndings from a survey exploring the prevailing views of businesses around the world toward carbon pricing, as both a regulatory necessity and strategic corporate priority. It not only that carbon pricing is welcomed by the majority of respondents as the best way to cut carbon emissions, but that it is also expected to bring bene ts to companies in a number of areas.
On 1 June 2015, six major oil companies wrote an open letter saying that they would be able to take faster action on climate change if there was a stronger — eventually global — carbon pricing framework in place.1
This is a sharp change from a decade ago, when energy sector companies were more commonly raising doubts about the urgency of climate change rather than actively supporting strategies to reduce carbon emissions. What’s driven this? “There is a growing likelihood that we will see some price on carbon established,” explains Mathew Nelson, Deputy Global Leader of EY’s Climate Change and Sustainability Services practice. “The conversation is gradually changing from ‘if and when’ carbon pricing will happen to ‘how’ it will happen.”