This collaborative international report stresses that climate action needs to be stepped up to meet global emission reduction targets while contributing to broader development goals. 

It observes that cooperation and coordination on technological development and deployment could increase efficiency, and accelerate and ensure a just transition. The report outlines how international organisations can support the coordination of cross-border policies and scale up climate action by closing the transparency, implementation and ambition gaps.

The report makes four main contributions to international collaboration for better climate action:

1. establishes a common understanding of carbon pricing metrics,
2. examines the composition of climate change mitigation policies, emphasizing the role of carbon pricing,
3. outlines how international organizations can support the coordination of policies to foster positive and limit negative cross-border spillovers, and
4. illustrates how coordination can help scale up climate action by closing the transparency, implementation and ambition gaps.

Key findings

• Gaps in ambition and implementation in nationally determined contributions need to be closed to achieve the objectives of the Paris Agreement.  
• Decarbonization requires a balanced and integrated policy mix with an important role for carbon pricing, national circumstances permitting. 
• Climate policies generate a number of cross-border spillover effects on the climate and economic outcomes beyond the jurisdiction where they are implemented.
• Promoting the positive spillover effects of climate action, while limiting the negative spillover effects, will require enhanced international coordination.