German parliament's president Schäuble says fast rise of CO2 price is necessary

A quick increase of Germany's CO2 price in the heating and transport sector is "exactly the right way forward" to ensure the country is achieving lower emissions in a cost-efficient way, conservative (CDU) politician Wolfgang Schäuble, president of the German parliament, told the Neue Osnabrücker Zeitung. "I've always considered a higher price on CO2 to be adequate. And this has to happen faster," Schäuble said. "We should not be scared if driving a car becomes more expensive, although social hardships should of course be compensated for," Schäuble argued. The former finance minister said politicians should be more honest to voters regarding the costs of climate action ahead of September's election. "We should tell people that the necessary measures will cost everyone. We're not being honest if we say that these structural changes will not affect everyone individually because that's not the truth," he said, adding that "people will be able cope with it."

Germany introduced its national carbon price at the beginning of the year, initially charging emitters 25 euros per tonne of carbon dioxide. The price will increase to 55 euros per tonne by 2025 to induce consumers to switch to less CO2-intensive technologies, such as heat pumps and electric vehicles.