G20 recognizes carbon pricing as climate change tool for first time

Oil at the second phase of separation from the sand at the Suncor tar sands processing plant near at their mining operations near Fort McMurray, Alberta, September 17, 2014.REUTERS/Todd Korol

VENICE, Italy, July 10 (Reuters) – G20 finance leaders recognized carbon pricing as a potential tool to address climate change for the first time in an official communique on Saturday, taking a tentative step towards promoting the idea and coordinating carbon reduction policies.

The move marked a massive shift from the previous four years when former U.S. President Donald Trump’s administration routinely opposed the mention of climate change as a global risk in such international statements.

The communique, issued on Saturday after a meeting of Group of 20 finance ministers and central bank governors in the Italian city of Venice, which is threatened by rising sea levels, inserted a mention of carbon pricing among a “wide set of tools” on which countries should…

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