Global Cooperation through Carbon Markets Could Cut Climate Mitigation Costs Dramatically: New World Bank Report

101 Countries Consider Carbon Pricing as Part of their Paris Agreement Commitments9781464810015-pdf

HANOI, Vietnam, October 18—Greater cooperation through carbon trading could reduce the cost of climate change mitigation by 32 percent by 2030, according to a new World Bank report released today at an international carbon event in Vietnam.

New modelling analysis undertaken for the State and Trends of Carbon Pricing 2016 report shows that increased international carbon trading could enable large-scale emissions reductions at much lower cost than at present, based on the carbon mitigation goals spelled out in countries’ national climate plans under the Paris Agreement — the Nationally Determined Contributions, or NDCs.  By the middle of the century, an international market has the potential to reduce global mitigation costs by more than 50 percent.

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