Global carbon price needed for climate targets: Enel

Bloomberg

The world needs a single carbon price to reach climate targets including Europe’s pledge to eliminate emissions by 2050, said the head of the region’s biggest utility.
Such a level should be between 20 euros ($28) to 40 euros per ton of carbon dioxide for the coming years, then rising gradually to punish even the most efficient fossil-fuel plants, Enel SpA Chief Executive Officer Francesco Starace said in an interview with Bloomberg Television in Davos. Futures are currently trading at about 25 euros in Europe.
“We have different carbon prices in different parts of the world, so we should have one to make this work,” he said in an interview in Davos with Bloomberg Television. “We need to harmonise different mechanisms, which isn’t easy.”
The European Commission unveiled its Sustainable Europe Investment Plan designed to mobilise at least 1 trillion euros over the next decade to make Europe the world’s first continent to eliminate greenhouse-gas emissions in 30 years. The plan is the most ambitious yet and comes at a time when other nations are expanding in fossil fuels.