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Publication(Washington, DC: World Bank, 2015-09-20) Kossoy, Alexandre ; Peszko, Grzegorz ; Oppermann, Klaus ; Prytz, Nicolai ; Klein, Noemie ; Blok, Kornelis ; Lam, Long ; Wong, Lindee ; Borkent, BramThe report is a one stop shop for learning about key developments and prospects of existing and emerging carbon initiatives. A challenging international carbon market has not stopped the development of domestic carbon pricing initiatives. Today, about 40 national and over 20 sub-national jurisdictions responsible for almost one fourth of global greenhouse gas emissions are putting a price on carbon. Together, these initiatives cover the equivalent of almost 6 gigatons of carbon dioxide, or about 12% of global emissions.
Publication(World Bank, Washington, DC, 2015-05-26) Kossoy, Alexandre ; Peszko, Grzegorz ; Oppermann, Klaus ; Prytz, Nicolai ; Gilbert, Alyssa ; Klein, Noemie ; Lam, Long ; Wong, LindeeSignificant progress in carbon pricing has been made over the last ten years. In 2015, about 40 national and over 20 subnational jurisdictions, representing almost a quarter of global greenhouse gas emissions (GHG), are putting a price on carbon. Together, the carbon pricing instruments in these jurisdictions cover about half of their emissions, which translates into approximately 7 GtCO2e or about 12 percent of annual global GHG emissions. This figure represents a threefold increase over the past decade. The total value of the emissions trading schemes (ETSs) reported in the State and Trends of Carbon Pricing 2014 report was about US$30 billion (US$32 billion to be precise). Despite the repeal of Australia’s Carbon Pricing Mechanism in July 2014, and mainly due to the launch of the Korean ETS and the expansion of GHG emissions coverage in the California and Quebec ETSs, the value of global ETSs as of April 1, 2015 increased slightly to about US$34 billion. In addition, carbon taxes around the world, valued for the first time in this report, are about US$14 billion. Combined, the value of the carbon pricing mechanism globally in 2015 is estimated to be just under US$50 billion.
Publication(Washington, DC: World Bank, 2014-05-28) Kossoy, Alexandre ; Oppermann, Klaus ; Platonova-Oquab, Alexandrina ; Suphachalasai, Suphachol ; Höhne, Niklas ; Klein, Noémie ; Gilbert, Alyssa ; Lam, Long ; Toop, Gemma ; Wu, Qian ; Hagemann, Markus ; Casanova-Allende, Carlos ; Li, Lina ; Borkent, Bram ; Warnecke, Carsten ; Wong, LindeeThis report follows the evolution of carbon pricing around the world. Last year's report mapped the main carbon pricing initiatives. This year the report presents the status of each of these developing initiatives and explores the emerging trends of carbon pricing. The focus is on the recent highlights from around the world and on key lessons that can be drawn from the growing experience. Despite the difficult ongoing international climate negotiations, there is an increased focus on climate change policy and several economies are planning, implementing or refining domestic mitigation actions. These activities take careful note of past experiences, mirroring successes and dealing with weaknesses. About 40 national and over 20 sub-national jurisdictions are putting a price on carbon. Together these carbon pricing instruments cover almost 6 gigatons of carbon dioxide equivalent (GtCO2e), or about 12 percent of the annual global GHG emissions. Cooperation remains a key feature of success The international market has been struggling for some time. However, the current spate of domestic action has been buoyed by growing cooperation among regional, national and sub-national stakeholders. Piloting and scaling up carbon pricing on an international level and increasing climate finance through market-based mechanisms is an important first step. The next challenge will be to create a product that is greater than the sum of its parts by converting fragmented initiatives into internationally integrated carbon pricing approaches.
Publication(World Bank, Washington, DC, 2013-05) Kossoy, Alexandre ; Oppermann, Klaus ; Reddy, Rama Chandra ; Bosi, Martina ; Boukerche, Sandrine ; Höhne, Niklas ; Klein, Noémie ; Gilbert, Alyssa ; Jung, Martina ; Borkent, Bram ; Lam, Long ; Röser, Frauke ; Braun, Nadine ; Hänsel, Gesine ; Warnecke, CarstenThe Mapping Carbon Pricing Initiatives Report maps existing and emerging carbon pricing initiatives around the world. It does not provide a quantitative, transaction-based analysis of the international carbon market since current market conditions invalidate any attempt to undertake such an analysis. The development of national and subnational carbon pricing initiatives in an increasing number of countries calls for a different focus. The uncertainty surrounding the existing carbon markets in the last years has prevented valuable resources to be channeled to low-carbon investments, particularly from the private sector. Following the economic downturn and slow economic recovery in major economies, industrial output plummeted and the demand for carbon assets used for compliance fell. With limited support, prices reached historical lows. At the same time, several national and sub-national carbon pricing initiatives are emerging. It is not surprising that several of these new carbon pricing initiatives also include design features to prevent similar developments in the future, including mechanisms to stabilize the carbon price.