Climate change “the biggest market failure in history”

Nearly 20 years ago, the economist Nicholas Stern, in a groundbreaking report for the UK government, memorably called climate change “the biggest market failure in history”. 

That sadly remains largely true. Emissions costs are still mostly loaded on to the planet rather than borne by polluters. 

The OECD says 60 per cent of carbon emissions from the world’s leading economies are completely unpriced, and only 10 per cent are taxed to a level that probably reflects the true cost of carbon.

Alan Beattie FT 13 July 2023

https://www.ft.com/content/c17ab330-3803-4629-9e54-2c6a3ed33814