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  "documentTitle": "ey e book the green transition",
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  "notes": "Slide 33 of a deck. Includes footnotes referencing World Bank and IMF data.",
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      "kind": "callout",
      "text": "The higher the CO2 content of a process (or behavior), the stronger the incentive to transform.",
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      "text": "US$95 billion",
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      "text": "Revenue raised from carbon pricing: US$95 billion",
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      "text": "In addition, revenues raised by governments can be given back to taxpayers through direct payments or by reducing the amount of tax collected, mitigating negative effects for lower-income households. One advantage of carbon pricing policies is that they are technology neutral — the schemes do not pick winners or discriminate among decarbonization solutions, leading to fewer market distortions and a more just transition to a low-carbon economy. Another advantage is that efficient carbon pricing policies can realign supply chains and global trade, shifting the production of goods to the most efficient (and least carbon-intensive) regions — hence leaving no space for carbon leakages.",
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      "text": "A carbon price also helps rebalance the impacts of GHG emissions — shifting the economic burden back to the organizations and countries that are responsible for them.",
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      "text": "Carbon pricing also helps address the \"green premium\" — the additional cost of green relative to non-green behavior that has proved a barrier for companies and consumers in the past. It does so by raising the cost of non-green behaviors, practices and technologies. Credits, incentives and grants can also reduce the green premium by lowering the cost of green behavior. A successful carbon pricing mechanism should not only encourage low-carbon behavior; it should also drive investment, innovation and implementation of low-carbon technologies and projects by making adopting the technologies that are financially advantageous for emitters.",
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      "text": "Today, carbon pricing schemes in 39 national and 33 subnational jurisdictions cover 23% of global emissions, raising US$95 billion. Given that carbon prices are rising as high as US$90 per ton in the European Union, it's clear that expanding the reach and coordinated impact of carbon pricing could play a major role in transforming the global economy.",
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      "text": "A carbon price is an additional cost levied by governments to establish the economic cost of emissions. Pricing emissions allows organizations and consumers to consider the true costs of their activities, thereby giving an economic incentive to reduce emissions.",
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      "text": "26. Carbon Pricing Dashboard, The World Bank, 2023. 27. More Countries Are Pricing Carbon, but Emissions Are Still Too Cheap, IMF, 2022.",
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      "text": "Carbon taxes and trading schemes can lead to a more just transition, but current applications are suboptimal.",
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      "text": "02 What have we learned from existing carbon pricing strategies?",
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