The idea of putting a price on carbon dioxide emissions to help tackle climate change has been slowly spreading around the globe over the past two decades.
This week, Canada’s federal government took the latest step when it extended its carbon-pricing program nationwide by imposing a tax on fossil fuels in four provinces that had declined to write their own climate plans.
More than 40 governments worldwide have now adopted some sort of price on carbon, either through direct taxes on fossil fuels or through cap-and-trade programs. In Britain, coal use plummeted after the introduction of a carbon tax in 2013. In the Northeastern United States, nine states have set a cap on emissions from the power sector and require companies to buy tradable pollution permits.
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