The new European Commission's aim will be to extend carbon pricing to the rest of the world

Extending the system for pricing greenhouse gas emissions to the rest of the world will be a key priority for the EU commissioners who take office in 2024. This was stated by the European Commission's top climate official, Kurt Vandenberghe. Currently, around 23% of global greenhouse gas emissions are covered by either a carbon tax or an emissions trading system.

According to Vandenberghe, the European Union's Emissions Trading System (EU ETS) has succeeded in cutting carbon emissions in the sectors it covers—energy and heavy industry—by more than 37% since 2005.

"The answer to the global climate crisis is putting a price on carbon," Kurt Vandenberghe said at Bruegel's annual meeting on Wednesday.

Last year alone, auctions of emissions allowances under the EU ETS raised EUR 38 billion, bolstering national government budgets and their ability to invest in climate and energy measures.

Could an emissions trading system be introduced in Africa?