Navigant informs the World Bank's global update on carbon pricing initiatives
Launched at the Innovate4Climate Conference in Frankfurt on May 22, the report State and Trends of Carbon Pricing 2018 shows continued progress on carbon pricing implementation. The World Bank report, prepared with support from Ecofys, a Navigant company, counts 70 jurisdictions worldwide that have implemented carbon pricing initiatives or have scheduled one for implementation. The three latest additions are Argentina, Singapore, and China.
Carbon pricing systems now would cover 11 gigatons of carbon dioxide equivalent (GtCO2e), or about 20% of global greenhouse gas (GHG) emissions, up from 15% last year. At the same time, the total value of carbon pricing initiatives in 2018 has increased to $82 billion, compared to $52 billion in 2017.
The report estimates that in 2017, governments raised about $33 billion in carbon pricing revenues from allowance auctions, direct payments to meet compliance obligations, and carbon tax receipts. This represents an increase of nearly $11 billion compared to the $22 billion raised in 2016. Find additional insights in the World Bank press release.