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US’s Yellen: carbon pricing can work, with caveats

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Reuters

BRUSSELS (Reuters) – U.S. Treasury Secretary Janet Yellen acknowledged on Tuesday the use of carbon-pricing schemes such as a planned new European border levy but stressed such moves should take into account emission-cutting progress made in other ways. Yellen was in Brussels a day before the European Union unveils a major package of measures to tackle climate change. Among them, it will outline what a carbon border adjustment mechanism (CBAM), designed to cut emissions by creating financial incentives for greener production and by discouraging “carbon leakage,” as the transfer of operations t…

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