A global emissions trading system would be the ideal instrument to fight climate change, according to German Chancellor Angela Merkel. “It would be best if damaging emissions had a price world-wide. A global carbon market would be an incentive for the most efficient production possible, while ruling out a distortion of competition,” Merkel said in her speech at the 8th Petersberg Climate Dialogue. She said this is why Germany initiated a platform for closer cooperation on this subject during its G7 presidency in 2015, and called Chinese plans for emissions trading encouraging. “This is also a subject that can be extended to the G20 very easily,” Merkel added.

For background, read the CLEW article Germany, China urge US to remain in climate agreement.