There is growing global momentum to put a price on carbon pollution. About 40 national and 23 subnational governments have put in place carbon pricing mechanisms, covering 12 percent of global emissions.

Nearly half of the national pledges submitted in the run-up to the Paris COP21 climate conference reference carbon pricing, and new approaches are being rolled out in China, France, Canada and other countries.

The Carbon Pricing Leadership Coalition, which brings together more than 20 governments and 90 companies, is holding its first High Level Assembly in Washington this week, where it will push for greater global support for stronger carbon pricing policies.

Read the full story on the World Bank Group's website.