On Tuesday, the UN’s 2021 Emissions Gap Report highlighted how far many nations still have to go to reach the target of under 2º C, to say nothing of the preferable Paris 2015 target of 1.5º C.
The exercise will hardly be helped by the fact that big emitters China and Russia will be staying away.
For Israeli companies that export to Europe, paying a carbon tax would seem inevitable anyway.
Companies that pollute more than their permit allows can purchase credits from those who pollute less at a price determined by supply and demand without affecting an overall national emissions cap.
The European Union’s Emissions Trading System established the world’s first major carbon market and remains its biggest.
The meeting kicks off just two weeks before a deadline on passing a budget — Israel’s first in years — and many in the ministry are focused on that goal.
The only official from the public sector side of the financial world will be Lior Gallo, a research economist at the Bank of Israel, who has been working closely with the Environmental Protection Ministry.
The Environmental Protection Ministry is anxious for the country’s banks, financial organizations and insurance companies to integrate climate risks into their investment decisions.
She will join Bennett in a meeting with Australian premier Scott Morrison, although the reason for her participation is not clear.
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