Status and Trends of Carbon Pricing - 2014
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Carbon Expo Cologne May 2014
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
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
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
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
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
Sha
re o
f gl
obal
GH
G c
over
ed b
y ET
S
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
Emissions trading schemes continue to develop at pace, despite the dire state of the international carbon market
An increasingly larger share of global emissions are being covered by ETS
Carbon taxes around the world are evolving to allow more flexibility to reduce emissions
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
Full deployment of available instruments of international cooperation is needed
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
Carbon Expo Cologne May 2014
www.carbonfinance.org www.ecofys.com
Thank you!!