State and Trends of Carbon Pricing

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The State and Trends of Carbon Pricing series reflects on the growing momentum for carbon pricing worldwide. It targets public and private stakeholders engaged in carbon pricing design and implementation. This report provides an overview of existing and emerging carbon pricing instruments around the world, including regional, national and subnational initiatives. It also investigates trends surrounding the development of these instruments and how they could accelerate to deliver long-term mitigation goals. While the State and Trends is published annually, the carbon pricing dashboard provides up-to-date information on existing and emerging carbon pricing initiatives around the world. The dashboard is an online interactive platform that allows users to visualize, download and compare carbon pricing in different parts of the world. https://carbonpricingdashboard.worldbank.org

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  • Publication
    State and Trends of Carbon Pricing 2021
    (Washington, DC: World Bank, 2021-05-25) World Bank
    This report provides an up-to-date overview of existing and emerging carbon pricing instruments around the world, including international, national and subnational initiatives. It also investigates trends surrounding the development and implementation of carbon pricing instruments and how they could accelerate the delivery of long-term mitigation goals. Specifically, this includes the use of carbon taxes, emissions trading systems and crediting mechanisms. International cooperation on carbon pricing and the status of work surrounding Article 6 of the Paris Agreement is also canvassed.
  • Publication
    State and Trends of Carbon Pricing 2020
    (Washington, DC: World Bank, 2020-05-27) World Bank
    This report provides an up-to-date overview of existing and emerging carbon pricing instruments around the world, including international, national and subnational initiatives. It also investigates trends surrounding the development and implementation of carbon pricing instruments and how they could accelerate the delivery of long-term mitigation goals. Specifically, this includes the use of carbon taxes, emissions trading systems and crediting mechanisms. International cooperation on carbon pricing and the status of work surrounding Article 6 of the Paris Agreement is also canvassed.
  • Publication
    State and Trends of Carbon Pricing 2019
    (Washington, DC: World Bank, 2019-06-06) World Bank Group
    This report provides an up-to-date overview of existing and emerging carbon pricing instruments around the world, including international, national and subnational initiatives. It also investigates trends surrounding the development and implementation of carbon pricing instruments and how they could accelerate the delivery of long-term mitigation goals. This edition also discusses the relation between policies that put an explicit price on carbon and policies that put an implicit price on carbon.
  • Publication
    Carbon Pricing Watch 2017
    (Washington, DC: World Bank, 2017-05-22) World Bank; Ecofys
    The report is a one stop shop for learning about key developments and prospects of existing and emerging carbon initiatives. There is a continued momentum for carbon pricing. As of 2017, over 40 national and 25 subnational jurisdictions representing almost a quarter of global greenhouse gas emissions are putting a price on carbon. Over the past decade the number of jurisdictions with carbon pricing initiatives have doubled. On average, carbon pricing initiatives cover about half of the emissions in these jurisdictions, which translates to a total coverage of about 8 Gigatons of carbon dioxide or about 15% of global emissions (a fourfold increase over the past decade).
  • Publication
    Carbon Pricing Watch 2015
    (World Bank, Washington, DC, 2015-05-26) Kossoy, Alexandre; Peszko, Grzegorz; Oppermann, Klaus; Prytz, Nicolai; Gilbert, Alyssa; Klein, Noemie; Lam, Long; Wong, Lindee
    Significant 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
    State and Trends of Carbon Pricing 2014
    (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, Lindee
    This 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
    State and Trends of the Carbon Market 2006 : A Focus on Africa
    (World Bank, Washington, DC, 2006-11) Capoor, Karan; Ambrosi, Philippe
    Many African countries have thin energy and industrial sectors with limited opportunities to reduce carbon emissions, certainly relative to countries such as China and India. Carbon sequestration from avoided deforestation and from agriculture--potentially important areas for climate mitigation and important in many African economies--has been systematically excluded from the Clean Development Mechanism (CDM). At the same time, CDM-eligible assets from afforestation and reforestation are excluded from entry into the large European Union-Emissions Trading Scheme (EU ETS), substantially limiting their market value and potential share in the multi-billion dollar global carbon market. The Africa share of the CDM market is lower than the share of African countries to developing nations in Foreign Direct Investment (FDI) over the past few years, which has been around 10 percent.
  • Publication
    State and Trends of the Carbon Market 2006 : Update, January 1-September 30, 2006
    (World Bank, Washington, DC, 2006-10) Capoor, Karan; Ambrosi, Philippe
    Carbon transactions are defined as purchase contracts or ERPAs (Emission Reductions Purchase Agreements) whereby one party pays another party in return for greenhouse gas (GHG) emissions reductions that the buyer can use to meet its compliance or corporate citizenship - objectives vis-a-vis GHG mitigation. Payment is made using one or more of the following forms: cash, equity, debt, or in-kind contributions. This paper includes the following headings: executive summary; methodology; allowance-based markets; project-based markets; investment climate and regulatory environment; and regulatory outlook.
  • Publication
    State and Trends of the Carbon Market 2006
    (World Bank, Washington, DC, 2006-05) Capoor, Karan; Ambrosi, Philippe
    The overall value of the global aggregated carbon markets was over US$10 billion in 2005. In the first quarter of 2006, overall transactions worth US$7.5 billion had le d some to predict that this new financial market would be valued at between US$25-30 billion in 2006. We dedicate a significant portion of our effort in this study to exploring the project-based market in particular. This segment is also of the most interest to the World Bank's Borrowing Country clients. Our interest in the EU ETS and other emerging Kyoto- and non-Kyoto allowance markets is strong to the extent that events in those markets help explain the development of the project-based markets. The objective of this study is to get a representative sense of the activity of the carbon markets, their evolution over time up to April 2006, and sketch what we see as the likely trends in the future. The study is organized as follows. Section 2 describes the structure and main segments of the carbon market. Section 3 explains the methodology that was followed to conduct the analysis. Section 4 focuses on allowance markets, and particularly on the EU ETS. Section 5 focuses on project-based transactions, and particularly on the CDM and JI projects. Section 6 presents the major trends that we see emerging.