So what does it mean to put a price on carbon, and why do many government and economic leaders support it? Natural gas is the cheapest and low-emission source of flexible generation for long periods of time and therefore plays an important role in meeting the demand for grid compensation needed for the development of renewable energy. While battery storage is an excellent provider of short-term flexibility, the analysis shows that while the cost of batteries continues to improve, gas is likely still the weakest option for increasing intermittency management costs beyond the 4-8 hour range, and nearly half of peak events fall into this category. It is particularly important to use most of the revenue from carbon pricing in a transparent, fair and productive manner. A carbon tax of $70 $US per tonne in Canada and the United States and a tax of $35 per tonne in China and India, due to their impact on the price of energy and general consumer goods, would impose additional bills for the average household of about 2 percent of their consumption in 2030. But if, for example, transfers were used to compensate the bottom 40 per cent of households for the burden of higher prices and the remaining incomes (about 70 per cent) were used to help the country`s economy by significantly reducing income taxes or increasing productive investment, the bottom 40 per cent of poor households in the four countries would be better off. while the average overall burden for higher-income households would be quite modest (about 1 to 2 percent). It was essential to strengthen international cooperation. Governments are committed to cooperating and businesses are committed to working with governments to achieve the long-term goal of a carbon price applied across the global economy: policy must go beyond raising the price of emissions from electricity generation or domestic transmission. . . .