Most studies indicate that to limit global warming to 1.5°C, carbon pricing would need to be complemented by stringent energy-specific policies. As of 2019, the price of carbon in most regions is too low to achieve the goals of the Paris Agreement. Carbon taxes provide a source of revenue that can be used to lower other taxes or help lower-income households afford higher energy costs. Some governments, such as the EU and the UK, are exploring the use of carbon border adjustments. These place tariffs on imports from countries with less stringent climate policies, to ensure that industries subject to internal carbon prices remain competitive. The scale and pace of policy reforms that have been initiated as of 2020 are far less than needed to fulfil the climate goals of the Paris Agreement. In addition to domestic policies, greater international cooperation will be required to accelerate innovation and to assist poorer countries in establishing a sustainable path to full energy access. Countries may support renewables to create jobs. The International Labour Organization estimates that efforts to limit global warming to 2 °C would result in net job creation in most sectors of the economy. It predicts that 24 million new jobs would be created by 2030 in areas such as renewable electricity generation, improving energy-efficiency in buildings, and the transition to electric vehicles. Six million jobs would be lost, in sectors such as mining and fossil fuels. Governments can make the transition to sustainable energy more politically and socially feasible by ensuring a just transition for workers and regions that depend on the fossil fuel industry, to ensure they have alternative economic opportunities. Finance Raising enough money for innovation and investment is a prerequisite for the energy transition. The IPCC estimates that to limit global warming to 1.5 °C, US$2.4 trillion would need to be invested in the energy system each year between 2016 and 2035. Most studies project that these costs, equivalent to 2.5% of world GDP, would be small compared to the economic and health benefits. Average annual investment in low-carbon energy technologies and energy efficiency would need to be six times more by 2050 compared to 2015. Underfunding is particularly acute in the least developed countries, which are not attractive to the private sector. The United Nations Framework Convention on Climate Change estimates that climate financing totalled $681 billion in 2016. Most of this is private-sector investment