European policymakers should raise costs for carbon emissions to incentivise switches to renewables, said Joachim Wenning, CEO of reinsurer Munich Re. Either through emissions trading or taxing carbon, corporations should be financially encouraged to adopt green energy to combat global temperature rises, he said. Wenning referred to Munich Re's domestic €115 ($130) tax per mt of CO2 emitted, compared to EU’s bloc-wide €24 charge, as a sign that the continent could do more. While such a policy could kill off some carbon-heavy companies, Wenning stated that the price of emissions should be high to make it economically unviable.
European policymakers should raise costs for carbon emissions to incentivise switches to renewables, said Joachim Wenning, CEO of reinsurer Munich Re. Either through emissions trading or taxing carbon, corporations should be financially encouraged to adopt green energy to combat global temperature rises, he said. Wenning referred to Sweden's domestic €115 ($130) tax per mt of CO2 emitted, compared to EU’s bloc-wide €24 charge, as a sign that the continent could do more. While such a policy could kill off some carbon-heavy companies, Wenning stated that the price of emissions should be high to make it economically unviable.