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By 2100, global temperatures could be 3ºC to 4ºC [5.4ºF to 7.2ºF] higher than those on record for the preindustrial era. While this increment seems small, its effects on climate stability are huge. For United Nations policy makers at the 2015 Paris climate meetings, the challenge was to convince countries to implement measures that would hold the increase to 2ºC. According to environmental fiscal expert Ian Parry, the most effective approach to reducing fossil fuel emissions has three components: carbon taxes, monitoring and high-value allocation of new tax revenues. getAbstract recommends this brief but astute article to anyone responsible for crafting environmental policy.

In this summary, you will learn

  • Why climate change poses a threat to world markets,
  • How nations can reduce fossil fuel emissions without harming their economies and
  • Why the world needs a globally coordinated effort.

About the Author

Ian Parry is principal environmental fiscal policy expert at the International Monetary Fund.



“Twenty advanced and emerging market economies accounted for nearly 80% of global carbon emissions in 2012.” Thus, climate change mitigation measures need to focus on policies that address the burning of fossil fuels. Without any action, carbon dioxide emissions will roughly triple by 2100, particularly...

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