Carbon pricing will be needed to help finance the global transition to renewable energy, the International Monetary Fund's second-most senior official said Wednesday, warning against escalating the use of 'green' subsidies. ManilaBulletin
WASHINGTON, United States -- Carbon pricing will be needed to help finance the global transition to renewable energy, the International Monetary Fund's second-most senior official said Wednesday, warning against escalating the use of "green" subsidies.
"We cannot think of the subsidies as a complete substitute for carbon taxes," she said, adding that current discussions on the energy transition "seem to focus on subsidies and not on prices." The practice increases revenues which can then be used to help households and businesses deal with the energy transition, and also reduce debt, she noted.
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