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EU chief urges global carbon pricing for climate finance boost

The President of the European Commission has urged world leaders to examine the implementation of global carbon pricing as a means to generate significant funding for climate finance

President of the European Commission, Ursula von der Leyen, has called on global leaders to consider the adoption of a global carbon pricing mechanism to enhance climate finance.

Speaking at the Summit for a New Global Financing Pact in Paris, von der Leyen emphasised the potential of carbon pricing as an effective tool for curbing emissions and mobilising funds for climate-related initiatives.

During her address, von der Leyen highlighted the EU’s investment strategy, known as the Global Gateway, launched in 2021.

The initiative aims to mobilise significant investments of up to €300 billion (£256bn) for sustainable projects worldwide.

Ursula von der Leyen said: “For example, if we take the G20, they generate 80% of greenhouse gas emissions. If we only cover for example 60% of the greenhouse gas emissions with carbon pricing, you can imagine what could be generated and how much investment this could liberate to go into climate finance.”

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