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World Bank: Global carbon pricing revenue has exceeded the $100 billion mark for the first time

On May 21, the World Bank released a report entitled “State and Trends of Carbon Pricing 2024” , showing that global carbon pricing revenue reached $104 billion in 2023, breaking the 100 billion mark for the first time.

The report found:At present, there are 75 carbon pricing mechanisms in operation worldwide, and an increasing number of middle-income countries are considering and implementing carbon taxes and emissions trading systems. In 2023, the EU Carbon Border Adjustment Mechanism (CBAM) becomes operational, multilateral initiatives on emissions from the aviation and maritime sectors are making progress, and countries are actively exploring how non-traditional sectors such as maritime transport and waste disposal can be included in the carbon trading system.

Carbon pricing instruments cover only 24 per cent of global greenhouse gas emissions, and no more than 30 per cent even if the carbon pricing mechanisms currently under consideration were put into operation. In 2023, the carbon tax rate rose slightly, but price changes within the ETS were mixed, with prices falling in 10 ETS, including those in the EU, New Zealand and South Korea, and the current carbon price level is still insufficient to help meet the Paris Agreement goals.

In 2023, driven by an increase in the EU carbon price and the transfer of part of the German emissions trading system revenue from 2022 to 2023, global carbon pricing revenue reached $104 billion, breaking the 100 billion mark for the first time, a slight increase over 2022. The emissions trading system accounted for the majority of this revenue, and more than half of the revenue was used to finance climate – and nature-related projects.

A growing number of countries are simultaneously using multiple carbon pricing tools to expand greenhouse gas coverage or increase carbon price levels. The government continues to allow regulated physical industries to use carbon credits to offset unmitigated greenhouse gases, increase flexibility, reduce compliance costs, and guide the expansion of carbon markets to unregulated sectors through price signals. In addition to reducing emissions, carbon pricing is also a fiscal tool.
Governments, particularly middle-income countries, are integrating carbon credit frameworks into their policy portfolios to support compliance and voluntary markets, where compliance demand continues to increase and demand for voluntary carbon credits remains dominant. In 2023, the number of carbon credits issued continues to decline, the number of retired credits remains significantly lower than the number of issued credits, the price of trading credits in most project categories has declined except for carbon removal projects, over-the-counter trading prices are more flexible, and carbon credits are traded at a premium.

The overall integrity of carbon credits remains a key area of concern for the market. On the supply side, the Integrity Council for the Voluntary Carbon Market has established a high-integrity carbon credit benchmark, and the first approved carbon credits are expected to be issued in 2024. On the demand side, all parties are committed to reducing value chain emissions and unlocking the potential of carbon credits to address remaining emissions. Despite setbacks and delays, the development and implementation of Article 6 of the Paris Agreement continues.

Reference: Global Change Research Information Center


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