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Status and Trends of Carbon Pricing - 2014

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http://www.leonardo-energy.org/webinar/status-and-trends-carbon-pricing-2014

The webinar will outline key developments on carbon pricing based on the 2014 report “State and Trends of Carbon Pricing”. The report gives insights to existing and emerging carbon pricing initiatives around the world. Those initiatives cover instruments that put an explicit price on greenhouse gas emissions, such as emissions trading schemes, offset mechanisms, carbon taxes and results-based financing. This report goes a step further than 2013 version also prepared by Ecofys, with better coverage of carbon taxes, and a good look at prices.

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Status and Trends of Carbon Pricing - 2014

  1. 1. Carbon Expo Cologne May 2014
  2. 2. 12% of global GHG emissions under the KP CP2 (so far, only 9 Countries have ratified) So far, the only country with a CP2 target that ratified the KP CP2 is Monaco, with 90k CO2e (0.0002% of global GHG) European Union Australia Ukraine Kazakhstan Belarus Norway Switzerland Iceland Liechtenstein Monaco Size represent relative annual GHG emissions Ukraine, Kazakhstan, and Belarus have not yet confirmed
  3. 3. International credit supply outstrips demand, but CDM success should not be overlooked Full potential for issuance for 2014–2020 Residual demand for 2014–2020 OVERALL CDM SUCCESS MtCO2e
  4. 4. Uncovering the cover Increasing share of global emissions under ETSs GHG covered by each scheme is represented by the quantity of tiles Swiss ETS Saitama ETS Tokyo CaT RGGI Hubei pETS Shenzhen pETS Chongqing pETS Guangdong pETS EU ETS Alberta SGER NZ ETS Australia CPM Tianjin pETS KAZ ETS Québec CaT California CaT Beijing pETS Korea pETS Shanghai pETS
  5. 5. About 40 national and over 20 sub-national jurisdictions are putting a price on carbon global GHG emissions Carbon pricing instruments cover almost 6 GtCO2e, about 12% of the annual global GHG emissions
  6. 6. Eight new carbon markets opened their doors in 2013, and more is coming in 2014 California CaT Québec CaT Kazakhstan ETS Shenzhen pilot ETS With the new joiners, the world’s emissions trading schemes are worth about US$30 billion Share of global GHG covered by ETS Start date of compliance Shanghai pilot ETS Beijing pilot ETS Guangdong pilot ETS Tianjin pilot ETS Hubei pilot ETS Jan 2013 Jun 2013 Nov 2013 Dec 2013 Apr 2014 2014 2015 Chongqing pilot ETS Korea ETS
  7. 7. Emissions trading schemes continue to develop at pace, despite the dire state of the international carbon market
  8. 8. An increasingly larger share of global emissions are being covered by ETS
  9. 9. Carbon taxes around the world are evolving to allow more flexibility to reduce emissions
  10. 10. Price signals in carbon pricing schemes are diverse • Carbon prices between schemes occupy a significant range • Increased ambition in these systems could lead to increased prices • An illiquid market where few reductions are traded do not necessarily reflect the economic fundamentals of a mature market • Prices reflect a range of political realities and goals
  11. 11. Full deployment of available instruments of international cooperation is needed
  12. 12. Jurisdiction and status of each carbon pricing instruments Instrument Status Regional National Sub-national ETS Implemented EU ETS Australia, Kazakhstan, New Zealand, Switzerland Alberta, California, six Chinese pilots, three Japanese schemes, Québec, RGGI Implementation scheduled Republic of Korea Chongqing Under consideration Brazil, Chile, China, Japan, Mexico, Thailand, Turkey, Ukraine Rio de Janeiro, São Paulo, Washington Tax Implemented Denmark, Finland, France, Iceland, Ireland, Japan, Mexico, Norway, Sweden, Switzerland British Columbia Implementation scheduled South Africa Under consideration Chile, Republic of Korea Yet to be chosen Colombia, Costa Rica, India, Indonesia, Iran, Jordan, Morocco, Peru, Russia, Tunisia, Vietnam Manitoba, Ontario, Oregon
  13. 13. Carbon Expo Cologne May 2014 www.carbonfinance.org www.ecofys.com Thank you!!

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