The UN released a report recently that outlayed how little time there is to stop climate change. A United Nations climate change conference is scheduled for November where big decisions will need to be made in order to stop global warming. One such method is the implementation of a global carbon price.

Currently, the goal of keeping temperatures under 1.5 degrees of pre-industrial levels looks difficult. It is still a possible goal however it would require immediate and drastic action on a global scale. The problem countries are facing however is how to implement a global effort to reduce carbon emissions.

What may work in one country may not work in another. Previous agreements allowed nations to pick their own voluntary standards. However, urgency is high as ever and that may not solve the crisis. The EU recently put forth their own carbon pricing mechanisms but that is not enough to solve the world’s problems.

The IMF is proposing to create global carbon floors where floors would be created for countries to trade carbon at standard prices. This would include setting higher prices for developed countries and letting developing countries pay less for carbon emissions. Although these floors would be higher than what countries are currently paying for carbon emissions. This would be a huge step in the fight against climate change.