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, May 25, 2021 — 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.
emerging carbon pricing initiatives around the world including national, sub-national and corporate activities, emissions trading systems, carbon taxes, and crediting mechanisms Building on the efforts made in 2018, it will include a discussion on the carbon pricing trends. It will also address the feedback received last year and focus on developing clearer lessons learned from the various carbon pricing initiatives and from various publications (including WBG ones), improved infographics featuring key facts and numbers. In addition, it will feature a section on the various ways to price carbon, including through implicit and negative carbon pricing policies. Finally, the report will continue to complete the online dashboard that was launched in 2017, and which allows for direct access to this data and more regular updates. This report is expected to have approximately about 50 pages.
carbon units held by account holders and (ii) enable the exchange of carbon units between account holders. with the support from the Partnership for Market Readiness (PMR), the Government of Sri Lanka aims to design a national registry system for recording project or mitigation action details, registration and approval, reporting of monitoring data, and the transactional features of carbon units. The registry is an essential tool through which the success of the mechanism will be measured and improved. It will be used for all reporting, collecting, and checking purposes, storing compliance data and identifying any cases of enforcement. It will also track the emissions and trading activity for registered users over the life of a particular scheme.
fund to support countries to prepare and implement climate change policies in order to scale-up mitigation efforts. The PMR consists of 13 Contributing Participants, who provide financial support to the PMR Trust Fund and share their carbon pricing experience, and 19 Implementing Country Participants, who receive funding and technical support. In Thailand, the PMR supports the design of an Energy Performance Certificate scheme and prepares infrastructure such as a database and MRV system. PMR activities also include a study on the legal framework for an ETS and preparation of the Low Carbon City Program and Fund.
out to be not only technically challenging, but also politically risky. As the benefits of carbon pricing policies are not always self-evident, a strategic communication plan for awareness raising and risk management both within the government, among businesses and for the general public can be critical to ensure the successful adoption and implementation of such policies.
Netherlands for the World Bank 
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