Elaborate how and why carbon pricing should be promoted.
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Solution and Explanation
Encouraging Emission Reduction: Carbon pricing discourages excessive emissions by making polluters pay for their carbon output.
Economic Efficiency: It provides economic incentives for firms to adopt cleaner technologies and energy-efficient processes.
Revenue Generation: Governments can use the revenue generated from carbon pricing to fund climate mitigation efforts and sustainable development.
Global Climate Goals: Carbon pricing aligns with international climate agreements and helps achieve emission reduction targets.
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