Developed countries should hike taxes on oil products in a bid to accelerate moves to a low-carbon future.

By -Paul Stevens, Chatham House.

This week in Shima, Japan, the G7 is attempting to address the major challenges of growing uncertainty in the global economy, including the sharp drop in oil prices. Last month I had the opportunity to brief Shinzo Abe, Japan’s Prime Minister on oil markets.

Out of my presentation came the idea that in what is now a competitive oil market, there...