The London School of Economics and Political Science's prestigious publication, the LSE International Development Review, has published a pivotal research paper by Anna Mae Yu Lamentillo, titled "A Price Tag on Pollution: The Case on Carbon Pricing," shedding light on the imperative role of carbon pricing in combating climate change and facilitating a sustainable future.

In the wake of the United Nations Climate Change Conference (COP 28) in Dubai, UAE, where the "UAE Consensus" was adopted signaling the start of the end for the fossil fuel era, Lamentillo's research comes at a critical time. Her study underscores the urgent need for global actions, highlighting that without the implementation of carbon pricing, the goal to limit global warming to 1.5 degrees Celsius above pre-industrial levels remains a distant dream.

Drawing on the latest IPCC reports and comprehensive data analyses, Lamentillo argues that the current trajectory could lead to a 3.2 degrees Celsius increase by 2100, with catastrophic implications for biodiversity, food security, and human livelihood. The research stresses that carbon pricing, by making polluters pay for the greenhouse gases they emit, can significantly deter fossil fuel use and accelerate the transition to clean energy.

The paper details various carbon pricing mechanisms, including emissions trading systems (ETS) and carbon taxes, and their successful implementation in regions like the European Union and countries like South Korea and Singapore. It also explores the International Monetary Fund's proposal for an International Carbon Price Floor (ICPF), aimed at harmonizing carbon pricing globally and mitigating competitive disadvantages among nations.

Lamentillo's findings indicate that carbon pricing not only serves as an effective tool for reducing emissions but also generates significant revenues that can be reinvested in climate adaptation and mitigation efforts. The research provides a call to action for policymakers worldwide to adopt and enhance carbon pricing strategies to meet their Nationally Determined Contributions (NDCs) under the Paris Agreement.

This landmark study is a valuable contribution to the ongoing discourse on climate policy and a testament to the LSE International Development Review's commitment to fostering insightful research that addresses the most pressing global challenges.

About LSE International Development Review

The LSE International Development Review is an academic journal based at the London School of Economics and Political Science, dedicated to publishing cutting-edge research that contributes to understanding and solving global development challenges.