Carbon Prices now Apply to Over a Fifth of Global Greenhouse Gases

Carbon pricing generated $53 billion in revenue in 2020-21, but despite progress, carbon pricing efforts are not on track to meet Paris Agreement goals, new World Bank report finds

WASHINGTON,   A total of 64 carbon pricing instruments are now in operation around the world, covering over 20% of global greenhouse gas emissions and generating $53 billion in revenue. According to the World Bank’s annual “State and Trends of Carbon Pricing” report released today, these advances represent a 17% increase in revenue from last year, However the full potential of carbon pricing remains largely untapped.

Revenue growth is driven mainly by the rise in EU allowance prices – a program that caps emissions, requiring countries that exceed these limits to purchase additional allowances..  Emissions trading systems have been also largely resilient to reduced economic activity during the COVID-19 pandemic, and likely helped by their price or supply adjustment mechanisms.

«It is encouraging to see how governments and companies are integrating carbon pricing into their climate strategies,» said Bernice Van Bronkhorst, Global Director for Climate Change at the World Bank«But the potential of carbon pricing is still largely untapped, despite the fact that it can be effective in driving decarbonization for countries in all stages of development. If implemented carefully, these policies can also be redirected to support lower income communities, getting resources to those who need them the most.”

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