EU's Von der Leyen urges world leaders to put price on carbon emissions

European Commission President Ursula von der Leyen told the United Nations COP26 summit on Monday that countries must put a price on carbon emissions.

"We need to agree to a robust framework of rules, for example, to make global carbon markets a reality. Put a price on carbon, nature cannot pay that price anymore," Von der Leyen said.

Carbon pricing is a mechanism that captures the costs of emissions such as the damage to crops, costs from heat waves and droughts etc. During COP26, negotiators will attempt to agree on carbon pricing.

The EU countries have pledged to cut their carbon emissions at least 55 percent by 2030 from 1990 levels.

"We have to give strong commitments to reduce emissions by 2030. Net zero by 2050 is good, but it's not enough," she said.