As the UN Climate Summit convenes this week, a new coalition which includes the World Bank Group, the World Economic Forum, the We Mean Business Coalition and governments and businesses from around the world is pushing for a carbon tax to reduce emissions and fight global warming.

In addition to fighting off the worst impacts of looming climate change, the group believes that a sound carbon pricing strategy will spur innovation and create new business opportunities.

“The science is clear. The economics are compelling. We are seeing a shift toward the economic architecture that will be necessary to avoid a 2-degree-warmer world, an architecture that supports green growth, jobs and competitiveness,” said World Bank Group Vice President and Special Envoy for Climate Change Rachel Kyte in a statement.

The government side of the coalition includes countries, cities, states and provinces including China, South Africa, Russia, Tokyo and British Columbia. All of these governments either having in place or are planning to implement a carbon pricing strategy.

The private sector members of the We Mean Business coalition include Sprint, General Motors, Unilever, IKEA, Nike and many others including large investors and funds. In total the members of the business coalition represent $24 trillion in assets.

“Without the price on carbon, it is difficult for companies to make investment decisions and therefore impedes investments in climate-friendly technologies. A price on carbon enables all sectors – private, government, and the general public – to factor the cost of greenhouse gas emissions into everyday decisions. The sooner we begin to incorporate these costs, the better,” said Anthony Earley, the CEO of U.S. utility PG&E, another member of the coalition.

With the EU and China along with a broad coalition of private sector groups supporting market based, carbon pricing solutions to tackling climate change, the United States Congress is emerging as the largest global obstacle to reducing global warming.