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In the outcomes from Paris, countries highlighted the economic and social value of carbon.  By estimating the monetary value of potential damages avoided, the social and economic value of carbon can serve as a reference level for stakeholders to evaluate the development, implementation and effectiveness of their mitigation actions.

Furthermore, it could play a key role to inform the decision making process, particularly on setting the stringency of climate policies at levels that will promote the highest possible mitigation efforts called for[1].

On Friday, 20 May 2016, a Technical Expert Meeting (TEM) will approach different specific applications that some governments have incorporated into their public investment decision-making process. Many governments have successfully set economic instruments that reflect a monetary value of carbon via a carbon price. Similarly, some companies in the private sector also prioritize their investment decisions and evaluate risk using an internal price of carbon.

Read the full agenda of the TEM here.

The UNFCCC is coordinating the Climate Action Fair during the May 2016 session, which encompasses the activities related to pre-2020 action by Parties uinder the climate change convention and non-Party stakeholders. Key events of the Climate Action Fair are the four technical expert meetings. The purpose of the TEMs is to identify practices and actions that could enhance mitigation ambition and adaption actions in the pre- 2020 period.

 

[1] Paragraph 106 of decision 1/CP.21.

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