Activists blasted Davos attendees for paying lip service to the environment but not actually doing much.
Banks and pension funds that attend Davos are “collectively financially exposed to fossil fuel companies to the tune of $1.4 trillion,” Greenpeace“We got the feeling WEF [the World Economic Forum] was closed in a bubble of positivity away from reality,” said Loukina Tille, an 18-year-old climate activist from Switzerland, as she protested outside the conference center in Davos on Friday with Thunberg and others.Mnuchin’s dismissal of a carbon tax did not sit well with European leaders.
to European Commission President Ursula von der Leyen, took to the Davos stage to endorse putting a price on carbon.“Do we want to go down in history as the people who did nothing to bring the world back from the brink?” Prince Charles said.The European Union has committed to becoming carbon-neutral by 2050 and already has a cap-and-trade system in place.
Von der Leyen threatened to impose a border tax — similar to Trump’s tariffs — on goods imported to Europe that don’t come from countries with a price on carbon. The tax “would hit importers from countries that do not respect international climate goals,” she said.Canada started a tax of $20 per ton of carbon dioxide last year that is gradually set to rise. Other countries are moving even more aggressively. Finland is aiming to be carbon-neutral by 2035.
“It would be very effective if we had a global carbon price,” Finnish Prime Minister Sanna Marin said in an interview with The Washington Post. “We don’t have the luxury of time. We need to act now. That’s a fact.”Some companies like Microsoft and Verizon are planning ahead, based on a price of carbon they have calculated internally.
Axel Weber, the chairman of UBS bank, put it this way: “Whatever that price is, it will increase over time,” and he encouraged companies to start planning for it.
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