The International Monetary Fund has called for a “more equitable” carbon price floor to help contain carbon emissions based on the stage of an economy's development.
“We have proposed an international carbon price floor as a way to first ensure large emitters have compatible carbon pricing,” the fund's head Kristalina Georgieva said on Tuesday.
“What we suggest is that we make it equitable. In other words, it is a differentiated price – depending on the level of development. It is lower for low-income countries, higher for middle-income countries, and somewhat higher again for rich economies.”
The Washington-based multilateral lender has been vocal in calling for a higher price of carbon. The IMF has proposed a minimum price of $75 per tonne to help the world contain the warming of the planet to 1.5°C above pre-industrial levels
The proposal for more equitable pricing follows calls by India, the world's third-largest emitter, urging rich countries to pay more for carbon emissions.
India's Prime Minister Narendra Modi told heads of state gathered at Cop26 this week that rich nations needed to carry more of the burden when it comes to offsetting emissions.
“It is India’s expectation that the world’s developed nations make $1 trillion available as climate finance as soon as possible,” he said at the climate change summit in Glasgow.
“Justice would demand that those nations that have not kept their climate commitments should be pressured,” Mr Modi said.
An international carbon price floor – as proposed by the IMF – could help reduce global carbon emissions by 12.3 per cent by 2030, according to a report by the World Economic Forum and consultancy PwC.
The introduction of a carbon pricing mechanism is set to impact gross domestic product by less than 1 per cent. However, the cost is minimal when compared with the huge losses to be incurred by the global economy should global warming continue unabated.
If temperatures rise more than 3°C above pre-industrial levels, the global economy is expected to shrink by 18 per cent.
“The findings of our analysis are very encouraging,” said Bob Moritz, global chairman at PwC.
“The political and technical challenges remain very significant, but we hope the research will encourage countries to consider pricing carbon in such a way that it scales up the effort to reach net zero in time to limit the worst effects of climate change on people and our planet,” he added.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
UAE currency: the story behind the money in your pockets
The five pillars of Islam
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Match info
Costa Rica 0
Serbia 1
Kolarov (56')
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The%20specs
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E666hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20at%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ1%202023%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh1.15%20million%20(estimate)%3C%2Fp%3E%0A
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
UAE currency: the story behind the money in your pockets
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
