European Commission President Ursula von der Leyen, speaking today at Paris’s Summit for a New Global Financing Pact:

“The initiative I wanted to propose is that we look at global carbon pricing because that could of course generate much more funding – and it is private money – that could then go into the climate finance that we so badly need. And here again, two figures: How much of the global greenhouse gas emissions are covered by carbon pricing right now? Only 4%, it is almost nothing. But these 4% have already generated USD 55 billion last year. So it is really worth thinking about how we could increase the level of carbon pricing. For example, in the highly developed countries, if we take the G20, they generate 80% of greenhouse gas emissions. If we only cover for example 60% of the greenhouse gas emissions with carbon pricing, you can imagine what could be generated and how much investment this could liberate to go into climate finance.”

My maths for the headline is this, base on the data above: $55 billion divided by 4 multiplied by 60 = $825 billion