Tax official: 24% of carbon units are covered by carbon pricing globally

Some 24% of global carbon emissions are currently covered by some form of carbon pricing, Samira Musayeva, Deputy Head of the State Tax Service, said at the conference themed "The Role of Small and Medium Businesses in the Green Economy" held in Baku, Report informs.

“While this figure may seem low, it represents a significant increase from just 7% a decade ago, highlighting the growing popularity of carbon pricing as a tool to achieve emission reduction targets among nations,” Musayeva said.

Musayeva emphasized that carbon pricing is becoming increasingly recognized as a necessary financial instrument to fund adaptation programs worldwide. “According to the World Bank, in more than 100 countries, or two-thirds of the nations that have announced their national targets, the implementation of carbon pricing provisions is directly defined as a target,” the tax official added.