Journal. “Within two decades, the carbon price should rise in real terms to US$82 to US$260 per tonne of CO2,” it added.
Such a price should limit the concentration of greenhouse gases in the atmosphere to 425 to 500 particles per million, the level required to contain global warming to 1.5°C to 2°C, said the report.
The study was co-authored by Stern’s colleague, Simon Dietz, at the Grantham Research Institute on Climate Change and the Environment. It was released a day after the close of United Nations talks in Bonn on concluding a deal to curb greenhouse gas emissions. The pact is expected to be signed in Paris in December 2015.
In April, the UN’s expert Intergovernmental Panel on Climate Change (IPCC) said the world can still limit global warming to relatively safe levels, provided annual emissions are cut by 40% to 70% by 2050. The panel