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The head of the International Monetary Fund (IMF), Kristalina Georgieva, has emphasized the importance of carbon pricing at the COP28 climate summit. Georgieva stated that carbon pricing creates an incentive for polluters to decarbonize quickly and is regarded as a cost-effective way to reduce pollution. The IMF has raised its average price forecast to $85 a ton by the end of the decade. Georgieva also highlighted the devastating effects of climate change and the need to accelerate decarbonization. The COP28 conference is an opportunity to reassess policies that incentivize fossil fuel use and reduce government subsidies for coal, oil, and gas.

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