World Bank State and Trends Carbon Pricing 2019: Action Required to Align Coverage and Prices with Paris Agreement Goals

Guidehouse informs the World Bank's global update on carbon pricing initiatives

Launched at the Innovate4Climate Conference in Singapore on June 7, the report, State and Trends of Carbon Pricing 2019, shows continued progress on carbon pricing implementation. The World Bank report, prepared with support from Guidehouse, counts 57 jurisdictions worldwide that have implemented carbon pricing initiatives or have scheduled one for implementation. These include initiatives in Argentina, South Africa, Singapore, and subnational initiatives in Canadian provinces and territories.

Similar to last year, carbon pricing systems would cover 11 gigatons of carbon dioxide equivalent (GtCO2e), or about 20% of global greenhouse gas (GHG) emissions. At the same time, existing systems are being strengthened as governments are aligning their policies with climate objectives. However, more action is needed to align carbon prices with the Paris Agreement objectives. 

The report estimates that in 2018, governments raised about $44 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 $33 billion raised in 2017. Find additional insights in the World Bank press release.

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