Many people (including many economists) argue that a carbon tax would be the most efficient method of reducing carbon emissions to mitigate the effects of climate change. A recent (October 2021) study by Resources For the Future (RFF) looked at global carbon pricing and reductions in carbon emissions. They estimate a (semi) elasticity value of -0.03% change in emissions for every $1/ton of CO2 increase in the carbon tax.

If we were to rely on carbon taxes to achieve global targets of reducing carbon emissions by 50%, how much would the tax need to be increase (i.e., how high would the price need to increase)?