The tutelary value of carbon, a metric to follow?

France - Feb 21 2019
  • #carbon
  • #carbon/climate change
  • #climate

The tutelary value of carbon, a metric to follow?

On Tuesday 19 February, Quinet Commission published a reassessment of France's tutelary value of carbon compared to that resulting from the Commission's proposals in 2008 (Editor’s note: the “tutelary” price of carbon refers to the reference price of carbon set by a State for public/private investments). Indeed, based on the new models, the reassessment proposes to increase it from a value of 100€/tCO2 to 250€/tCO2 in 2030.

The new tutelary value of carbon gives a monetary value to public and private decarbonation actions to achieve objectives aligned with the Paris Agreement. A 2.5-fold increase in this value by 2030, compared with the previous planned trajectory, would be a strong signal of the State's need and will to make efforts to catch up its delay in relation to its emissions reduction targets. This multiplier is high for France, but it could very probably be just as important for a large majority of the countries concerned with the objectives of further reducing their emissions.

In addition, the tutelary value of carbon also provides a potential reference framework for carbon tax policies overall in addition to promoting "low-carbon" investments. Putting this idea in perspective, such an increase in the tutelary value of carbon would also be an indicator that, even despite the challenges and uncertainties of the current context, the price of carbon could continue to increase in the medium and long-term (if climate targets are to be achieved), with impacts for households but also for carbon-intensive financial assets and their allocation.

Félix Fouret, Junior Research Analyst
Sources: Beyond Ratings, Les Echos, « The value of action for the climate» - Quinet Commission

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