2017年-世界发展银行全球_State_and_Trends_of_Carbon_Pricing_2017_104页_5mb

Summary of "State and Trends of Carbon Pricing 2017"

Core Content

The State and Trends of Carbon Pricing 2017 report, published by the World Bank, Ecofys, and Vivid Economics, provides a comprehensive overview of the global landscape of carbon pricing initiatives, emphasizing the need for an integrated approach to climate finance and market mechanisms to support the goals of the Paris Agreement. It highlights the importance of carbon pricing in reducing greenhouse gas (GHG) emissions and outlines key challenges and opportunities for its expansion and effectiveness.

Main Points

• Global Progress: Carbon pricing initiatives have continued to expand at the regional, national, and subnational levels. As of 2017, 67 jurisdictions—representing about half of the global economy and more than a quarter of global GHG emissions—are implementing or planning carbon pricing. The report notes that the total emissions covered by carbon pricing initiatives are about 8 gigatons of CO₂e, or 15% of global emissions.

• Carbon Pricing Mechanisms: Carbon pricing initiatives include both Emissions Trading Systems (ETS) and carbon taxes. The report maps these initiatives, showing their current status, planned implementation, and those under consideration. The Chinese national ETS, once implemented, is expected to increase the global coverage of carbon pricing to 20–25%.

• Key Regions:

  • In the Americas, Canada has adopted a pan-Canadian approach requiring all provinces and territories to implement carbon pricing by 2018. British Columbia, Alberta, and Ontario have launched ETS or carbon tax initiatives.
  • The United States has seen a decline in federal climate action due to its intended withdrawal from the Paris Agreement. However, subnational actors, such as states and cities, are continuing to support carbon pricing through initiatives like the California ETS and Washington State’s ETS.
  • Mexico, Colombia, and Chile are also exploring the introduction of ETS.

• Corporate Actions: More than 100 companies have started setting internal carbon prices, with the number increasing by 11% since 2016. This is supported by the recommendations of the Financial Stability Board (FSB), which encourages transparency in climate-related financial risks and opportunities.

• Price Levels: Current carbon prices are mostly below $10/tCO₂e, with only 1% priced within the $40–80/tCO₂e range needed to align with the Paris Agreement's temperature goals. The report highlights that even moderate price levels can lead to significant reductions in emissions, as seen in the UK, where coal consumption dropped by 76% after the introduction of the Carbon Price Floor.

• Challenges:

  • Competitiveness Concerns: Some industries fear the impact of carbon pricing on international competitiveness.
  • Policy Uncertainty: The long-term viability of carbon pricing is questioned due to potential policy changes, such as those in the US.
  • Need for Alignment: Carbon pricing must align with broader domestic policies to be effective and acceptable to the public.
  • Trust and Coordination: International cooperation and trust are essential for the success of market mechanisms, including the avoidance of "double counting" in emissions reductions.

Key Recommendations

• Expand Coverage: Develop new carbon pricing initiatives and broaden the scope of existing ones to cover more GHG emissions.
• Raise Carbon Prices: Increase carbon prices to better reflect the true cost of emissions and drive investment in low-carbon technologies.
• Integrate Policies: Align carbon pricing with other domestic policies and climate finance to ensure a coherent and effective approach.
• Enhance International Cooperation: Develop international market mechanisms and trust between nations to facilitate the linking of domestic carbon pricing initiatives.
• Strategic Use of Climate Finance: Use climate finance in an integrated and strategic way to catalyze the development of climate markets and support low-carbon investments.

Future Directions

The report emphasizes the importance of Results-Based Climate Finance (RBCF) in supporting the transition to international carbon markets. It also highlights the potential for an international carbon market by 2030 to mobilize $220 billion annually, which would cover about one-third of the $700 billion incremental investment needed for low-carbon development. The Carbon Pricing Dashboard was launched by the World Bank in May 2017 to provide interactive and updated data on carbon pricing initiatives.

The report also outlines future topics for exploration, including the interaction between carbon taxes and fiscal policy, and the development of a more integrated policy response that includes domestic carbon pricing, climate finance, and market mechanisms.

Conclusion

Achieving the $2°C temperature target of the Paris Agreement requires a significant expansion and deepening of carbon pricing initiatives. The report underscores the importance of an integrated policy approach that combines domestic carbon pricing, climate finance, and international market mechanisms to achieve both climate and economic benefits. It calls for accelerated action on these priorities to ensure that carbon pricing becomes a central tool in the global transition to a low-carbon economy.