Carbon-pricing is the most effective approach to shift energy production from fossil fuels to more sustainable alternatives following the signing of the landmark Paris Agreement, experts have said.

“If we raise the price of carbon, then fossil fuels become expensive and producers have to change production processes in favor [of] less carbon-intensive energies,” Soogil Young said during his keynote speech at a seminar jointly held by the Pacific Economic Cooperation Council and The Jakarta Post on Monday.

Young, former chair of South Korea’s Presidential Committee on Green Growth, pointed out that this was a political decision to be made by Paris Agreement signatories to challenge any short-term vested interests of any businesses still relying on the old fossil fuel paradigm.

Under the Paris Agreement, signatories must comply with the target of keeping the glo...