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Carbon pricing & policy In order for industry to embrace Carbon Productivity as a key performance indicator — and to drive improvement at the necessary pace and scale — policy-makers need to set the right incentives (and disincentives). Carbon pricing has long been the favoured climate solution of economists, but efforts to introduce an effective price on carbon (whether through carbon taxation or emissions trading schemes) have been continually frustrated in many jurisdictions. Nonetheless, there is growing momentum around the world. According to the Carbon Pricing Leadership Coalition, 42 national and 25 subnational jurisdictions were pricing carbon as of 2017, covering 22% of global emissions. When existing and planned initiatives are taken into account, they cover almost half of global emissions.43 In order for carbon pricing to incentivise the full spectrum of solutions necessary to achieve Drawdown (the point at which the quantity of CO2 in the atmosphere peaks and begins to fall), a key challenge will be to ensure next-generation pricing mechanisms take into account carbon removal/sequestration as well as emissions. Nori – creating a market for carbon removal Nori, a US-based start-up, plans to launch the world’s first CO2 removal marketplace, using a transparent and secure platform that will allow anyone in the world to pay to remove excess carbon dioxide from the atmosphere.44 It will be a voluntary marketplace connecting suppliers directly with buyers, using a blockchain-based cryptocurrency, with each token tied to one ton of physical carbon sequestered in soil. The mission of the organisation is to reverse climate change, and they have openly declared that they hope this is the first of several marketplaces that will make it easier and more profitable to remove carbon from the atmosphere.45 43 https://www.carbonpricingleadership.org/who/ 44 https://nori.com/ 45 https://nori.com/podcast/8-aldyen-donnelly-director-of-carbon-economics-for-nori 17PDF Image | Our Carbon Future White Paper
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