As people in Canada and around the world face the devastating realities of climate change-from wildfires to floods to heatwaves-this is the moment to raise our ambition on climate action.

Today, during the Climate Ambition Summit at the United Nations, Prime Minister Justin Trudeau and Steven Guilbeault, Minister of Environment and Climate Change, were joined by other world leaders to affirm their commitment to Carbon Pricing and call for its expansion in order to accelerate global climate action and decarbonization. Together, they welcomed Norway and Denmark as new members of the Global Carbon Pricing Challenge, and the Côte d’Ivoire as a Friend of the Challenge.

The Global Carbon Pricing Challenge, launched by Prime Minister Trudeau at COP26, is a partnership of carbon pricing champions committed to accelerating climate action by setting an ambitious goal: tripling the coverage of carbon pricing mechanisms around the world to reach 60 percent of global emissions by 2030.

Countries around the world recognize that a price on carbon pollution is the most effective way to drive innovation while reducing the emissions that cause climate change. Pricing systems can be designed to return money back to families-as is the case in Canada-and grow strong, competitive economies. The impact and effectiveness of carbon pricing increases as more countries adopt pricing solutions. Through international co-operation, countries can send consistent signals to investors that pollution cannot be free.

The Global Carbon Pricing Challenge has attracted support from countries and organizations around the globe. It has boosted awareness of the role of carbon pricing in decarbonization, and its flexibility and adaptability to support multiple objectives, such as economic development and equity. The Challenge serves as a driver for accelerating the adoption of carbon pricing, and as a forum for supporting countries as they develop and implement their carbon pricing systems.

Canada stands with Norway, Denmark, the United Kingdom, Chile, New Zealand, the Republic of Korea, and Germany as countries that have pricing systems in place, or under development, and that are committed to exploring opportunities to expand and strengthen their systems and support emerging ones. Colombia and Vietnam were also recognized among those nations that support the Challenge’s goals and objectives since they have both adopted domestic carbon pricing systems.

Canada encourages more jurisdictions and organizations to step up and join the Challenge to help spur momentum and offer technical support to those countries considering carbon pricing.

The Challenge places special emphasis on supporting developing countries, recognizing the unique situations that they face in addressing climate change. Through its commitment to inclusivity, the Challenge aims to ensure that the benefits of global collaboration extend across diverse economies and circumstances, fostering co-operation in building a low-carbon future.

The Global Carbon Pricing Challenge is supported by a Secretariat that co-ordinates communications and engagement, convenes senior government and non-government leaders, and facilitates the sharing of technical advice and assistance to support jurisdictions at various stages of developing domestic carbon pricing systems.

Together, the Challenge represents the expanding global partnership of champions working together to advance the global conversation on carbon pricing.