2022年碳定價(jià)發(fā)展現(xiàn)狀與未來趨勢(shì)報(bào)告

2022年碳定價(jià)發(fā)展現(xiàn)狀與未來趨勢(shì)報(bào)告根據(jù)世界銀行最近發(fā)布的《碳定價(jià)發(fā)展現(xiàn)狀與未來趨勢(shì)》年度報(bào)告,2021年全球碳定價(jià)收入約為840億美元,相較2020年增長(zhǎng)了近60%〇這ー收入是未來低碳轉(zhuǎn)型的重要資金來源,包括支持可持續(xù)經(jīng)濟(jì)復(fù)蘇、資助更廣泛的金融改革或投資于社區(qū)。該報(bào)告介紹了全球碳定價(jià)的最新情況。目前,有68種直接碳定價(jià)機(jī)制在運(yùn)作:36種碳稅和32種碳排放交易(ETS)系統(tǒng)。自《2021年碳定價(jià)發(fā)展現(xiàn)狀與未來趨勢(shì)》發(fā)布以來,有4種新的碳定價(jià)機(jī)制投入運(yùn)行:1種在烏拉圭,另外3種在北美地區(qū)(安大略省、俄勒岡州、新不倫瑞克省)。以色列、馬來西亞、博茨瓦納宣布了制定新的碳定價(jià)政策的計(jì)劃。歐盟、加利福尼亞、新西蘭、韓國(guó)、瑞士、加拿大等地的碳價(jià)格已創(chuàng)歷史新高。然而,報(bào)告發(fā)現(xiàn),為達(dá)到《巴黎協(xié)定》溫度控制目標(biāo)的建議價(jià)格范圍,碳價(jià)格的直接覆蓋率不到全球排放量的4%〇伯尼斯?范?布朗克霍斯特,世界銀行氣候變化全球?qū)嵺`局局長(zhǎng)表示:“在過去一年中,出現(xiàn)了一些非常積極的跡象,例如可以投資社區(qū)和支持低碳轉(zhuǎn)型的收入大幅增加。ー些領(lǐng)域也取得了良好的進(jìn)展,包括跨境碳價(jià)格和通過COP26會(huì)議商定的國(guó)際碳市場(chǎng)新規(guī)則,這有助于確定更明確的政策方向。我們必須在這ー勢(shì)頭的基礎(chǔ)上再接再厲,確實(shí)提高碳價(jià)的覆蓋面和水平,以釋放碳定價(jià)支持包容性脫碳的全部潛カ?！薄?022年碳定價(jià)發(fā)展現(xiàn)狀與未來趨勢(shì)》涵蓋以下關(guān)鍵主題:跨境碳定價(jià)方法、能源價(jià)格上漲帶來的挑戰(zhàn)和機(jī)遇,以及塑造碳市場(chǎng)的新技術(shù)和治理框架。

THEWORLDBANKStateandTrendsofTHEWORLDBANKStateandTrendsofCarbonPriAdaptations-IfyoucdisclaimeralongwithWorldBank.ResponsilrestssolelywiththeAdaptations-IfyoucdisclaimeralongwithWorldBank.ResponsilrestssolelywiththeオWorldBankThird-partycontent-thecontentcontainedthattheuseofanythiworkwillnotinfringefromsuchinfringemethework,itbyourreireuseandtoobtainpecaninclude,butarcmAllqueriesonrightsaKnowledgeDivision.1far202-522-262S；eISBN(eiectronic)97￠DOI:10.1596ノ9781“92021InternationalBankforReconstructionandDevelopment/TheWorldBank1818HStreetNW,Washington.DC20433Telephone：202-473-1000;Internet:wwwworldbankorgSomerightsreserved123425242322ThisworkisaproductofthestaffoftheWorldBankwithexternalcontributions.Thefindings,interpretations,andconclusionsexpressedinthisworkdonotnecessarilyreflecttheviewsoftheWorldBank,itsBoardofExecutiveDirectors,orthegovernmentstheyrepresentTheWorldBankdoesnotguaranteetheaccuracyofthedataincludedinthtswork.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthepartoftheWorldBankconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.NothinghereinshallconstituteorbeconsideredtobeaiimiutionuponorwaiveroftheprivilegesandimmunitiesoftheWorldBank,allofwhicharespecificallyreservedRIGHTSANDPERMISSIONSThisworkisavailableundertheCreativeCommonsAttribution3.0IGOlicense(OCBY10IGO)http^/creiUvccOTnniQns UndertheCreativeCommonsAttnbutionlicense,youarefreetocopy,distribute,tranimit,andadaptthiswork,includingforcommercialpurposes,underthefollowingconditions：Attribution-PleaseritetheworkasfollowsTheWorldBank.2022uStateandTrendsofCarbonPricing2022"(May).WorldBank,Washington,DCDoi：10.1596/978-1-4648-1895-0.License：CreativeCommonsAttributionCCBY3.0IGOTranslations*Ifyoucreateatranslationofthiswork,pleaseaddthefollowingdisclaimeralongwiththeattribution：ThistranslationwasnotcreatedbytheWorldBankandshouldnotbeconsideredanofficialWorldBanktranslation.TheWorldBankshallnotbeliableforanycontentorerrorinthistranslation.

ThedevelopmentofthisreportwasledbytheWorldBankandpreparedbyexpertsfromtheWorldBankandClimateFocus.Contributions.Includingondataandinformationonmandatorycap-and-tradesystems,wereprovidedbytheInternationalCarbonActionPartnershipAdditionaldataandcontributionswerealsoprovidedbyEcosystemMarkrtpUceandCDPSinoCarbonInnovation&InvestmentandS&PGlobalPhttsalsosupporteddevelopmentofthisreportTheWorldBanktaskteamresponsibleforthisreportwascomposedofJosephPryor.JkhongWu.CameronByers.MustafaOzgurBozcaga.AlejandraMazanegos,MartzaMontesdeOcaLeon.SeoyiKim,HarikumarGadde,andDirkHeine.TheClimateFocusteamincludedDarraghConway,CarolinaInclan,Lleke*tGlide,ImogenLong,PaulDingkuhn,ElisaPerpignan,andAdnaanKorthuisLabuhn,CamilleLeboGlendaBezerraLust。，Matsuki；ErmiMiao;hCanada)；MinistryoftMinistryofFinancedNewBrunswickGima(Ireland);MatthiasOfRicard;SusanneRiedeJo蛙RicardoRamosシShim.GustavoSaboiaSoejachmoen;WillSp.TokyoMetropolitanGPublicRevenue,MinisVermaak;StefanieWuReportdesignwasdorThisreporthasbeendPartnershipforMarkeThisreportbenefitedgreatlyfromtheinsightsandcontributionsfromMegrnaAberaAbate,KyeongahAhn,GabrielaAlarc6n-Esteva,AndrasCamiloAlvarez;EnkvanAndel;VeliAuvtnen；IsabelUM^riaPereiradeAvila；MarcoAntonioMurciaBaquero,PiaBiestroLabuhn,CamilleLeboGlendaBezerraLust。，Matsuki；ErmiMiao;hCanada)；MinistryoftMinistryofFinancedNewBrunswickGima(Ireland);MatthiasOfRicard;SusanneRiedeJo蛙RicardoRamosシShim.GustavoSaboiaSoejachmoen;WillSp.TokyoMetropolitanGPublicRevenue,MinisVermaak;StefanieWuReportdesignwasdorThisreporthasbeendPartnershipforMarke(〉pmifss31qspupsaxoqjoJS3BOX1 THTOC\o"1-5"\h\z\o"CurrentDocument"Directcarbonpricinginstruments 13 QPTBOX2RevisionstoglobalGHGcoverageestimatesinthis TH\o"CurrentDocument"year*5report 18 DiBOX)\o"CurrentDocument"Theroleofthefinancialsectorinemissionstrading 24BOX4TheEU'sproposedCarbonBorderAdjustmentMechanism29?oxs\o"CurrentDocument"Article6rulesonlinkingemissionstradingsystems 31BOX，JusttransitionIntheEU'sclimatepolicy 32BOXT\o"CurrentDocument"Understandingcarboncreditmarkets 35MXSInternalcarbonpricing 42BOX9Whatistokenization? 47BOX10ThefinalizedArticle6Rulebookprovidesroomforflexibilityinvoluntarytransactions 43BOX11Article6activities 時(shí)SU0Z3EIA3.1SU0Z3EIA3.1qqeio一siqUSU55VCVCwBC BritishColumbiaBCA BordercarbonadjustmentCAD CanadiandollarCBAM CarbonBorderAdjustmentMechanismCCM CostconUinmmt mechanismCCR Costcontainment reserveCDM CleanDevelopmentMechanismCHF SwissfrancCNY ChineseyuanCOa CarbondioxideCOP ConferenceofthePartiesCOP26 2021UnitedNationsClimateChangeConference(26thConferenceoftheParties)COP272022UnitedNationsClimateChangeConference(27thConferenceoftheParties)CORSIACarbonOffsettingandReductionSchemeforInternationalAviationCP! CarbonpricinginstrumentEDGAREmissionsDatabaseforGlobalAtmosphericResearchElTe Emissions-intensivetradeexposedEPEEmpresadePesquisaEnerg?匕(EnergyResearchCorporation.Brazil)ETS EmissionstradingsystemEU EuropeanUnionEUR EuroG7 GroupofSevenG20 Groupof20GBP BritishpoundGHG GreenhousegasGtCO,Gigatons(abillionmetrictons)ofcartondioxideHFLD HighForestLowDeforestationICAO InternationalCivilAviationOrganizationICP InternalcarbonpriceIMF InternationalMonetaryFundIPCC IntergovernmentalPanelonClimateChangeITMO InternationallytransferredmitigationoutcomeJCM JointCreditingMechanismKCU KoreanCreditUnitKOC KoreanOffsetCreditLPG LiquefiedpetroleumgasTableofcontentsp10Ma10p10Ma10Theclimatecrisiscontinuestoescalateamidaprolonged firpandemic,increasingeconomicinstabilityandgeopolitical antensionsCommitmentsmadeatthe2021UnitedNationsClimate tnTOC\o"1-5"\h\zChangeConference(COP26)keephopealivethatavoidingtheworsteffectsofclimatechangeiswithinourreach,buttheperil (Xremainsstark.ThelatestworkfromtheIntergovernmental anPanelonChmateChangemakesplainthatwemustarrestrising foemissionsnowtowardoffclimatedangerMeetingthischallenge BeinuncertaintimescallsforambitiousJust,andcomprehensive )uiactionbypolicymakers.Inthisregard,carbonpricing,withinan caintegratedpolicymix.isoneofthemostpowerfultoolsavailable teforguidingeconomiestowardlow-emissionpaths.Tomaximize agthebenefits,carbonpricesignalsmustbesustained,strengthened. heandextendedtoagreaterportionofglobalemissions,three- tnquartersofwhicharecurrentlyuntouchedbyerbonpricinginstrumentsHowrver,recenteconomicinstability,volatile ErTOC\o"1-5"\h\zenergymarkets,andrisingenergypricesexacerbatethepolitical Uvchallengesforpolicymakers. codeTheWorldBank'sannualreportontheStateandTrendsof prCarbonPricingcontinuestoprovideatrustedglobalsnapshot pcofcarbonpricingdevelopmentsfromyeartoyear.Thepastyear dehasseensomepositivesigns,particularlyinrelationtohigher in：carbonprices,increasedrevenues,andtheadoptionofwwrules (Pforinternationalcarbonmarkets(underArticle6oftheParis coAgreement).However,asinpreviousyears,progresshasbeen anfarfromadequateAsofApril1,2022,onlyfournewcarbonpricinginstrumentshadbe?iimplementedinthepastyearand Ttdespiterecord-highpricestnsome}urisdiction$,thepriceinmost cojurisdictionsremainswellbelowthelevelsrequiredtodeliveron alltheParisAgreementtemperaturegoals acthIn2021,highercarbonprices,revenuefromnewinstruments,and Irincreasedauctioninginemissionstradingsystemsresultedina corecordUSD84billionofglobalcarbonpricingrevenue,around de60%higherthanin2020.Suchanimpressiveincreasehighlightscarbonpricing'sburgeoningpotentialtoreshapeincentivesandinvestmenttowarddeepdecarbonization.Further,itillustrates Blcarbonpricing'spotentialroleasabroaderfiscaltooltocontribute Ci:towardbroaderpolicyobjectives,suchastorestoredepletedpublicAieuiumsJQXAieuiumsJQX9tCARBONPRICINGCANPROVIDETHEIMPETUSFORECONOMICTRANSFORMATIONANDRECOVERYMoreambitiouscarbonpricescanhelpclosethe酬pbetweenpledgesandpolicyand"keep1.5alive."Alongwithloweringemissions,carbonpricingcanimproveenergyandindustrialefficiency,limitrelianceonimportedenergy,promotecleanerair,protectandregeneratelandscapes,andprovideavaluablesourceofgovernmentrevenue.Butadoptingcatbonpricesremainspoliticallychallenging,particularlyamidrisinginflationandenergyprices.Thereisaclearneedtoensurepoliciesarefair,effective,andembeddedwithinintegratedclimateandsocialpolicies.CARBONPRICESHAVEHITRECORDHICHSINMANYJURISDICTIONSRecordETSpriceswereobservedIntheEuropeanUnion(EU)tCalifornia,NewZealand,andRepublicofKorea,amongothermarkets,whileseveralcarbontaxesalsosawpriceshittheirhighestlevelsyet.Acombinationofpolicyreforms,anticipatedchanges,speculativeinvestmentinterest,andbroadereconomictrends,especiallyinglobalenergycommoditymarkets,aredrivingtheseETSpricespikes.Nonetheless,pricesmustriseconsiderablymoretomeettheParisAgreementtemperamregoals,aslessthan4%ofglobalefnistionsarecurrentlycoveredbyadirectcarbonpricewithintherangeneededby2030.AipuiumsAipuiums①jbxエCROSS-BORDERAPPROACHESTOJCARBONPRICINGAREINCREASINGLYGAININGTRACTIONTheEUmovedclosertoadoptingitsCarbonBorderAdjustmentMechanism,andCanadaandtheUnitedKingdom(UK)areexploringoptionsforsimilarmechanisms.TheInternatiomilMonetaryFund(IMF)andWorldTradeOrganization(WTO)arcadvocatingforaninternationalcarbonpridngfloor.Somecountrieshavemovedtowardtheadoptionofinternationalclimatedubs,includingtheproposedUnitedStates(US)>EUCarbon-BasedSectoralArrangementonSteelandAluminumTrade.Theseapproachescanfortifydomesticsupport,preventcarbonkakage,andencouragemitigationbeyondnationaiborders.DIVERSEPURCHASERPREFERENCESMAKEMARKETGROWTHUNEVENNature*basedcreditsareinespeciallyhighdemand:Forestryandlandusetransactionsmorethandoubledbetween2020and2021.Increasingdemandforcarbonremovalshasresultedinpriceincreasesforthesecredits.Thevoluntarycarbonmarketcontinuestobestronglydiverse,withpurchasersplacingwidelydifferentvaluesoncharacteristicssuchassector,geography,andperceivedco-benefits.Chapter1Chapter1IntroductionI1.1DRIVINGTlRECOVERYThepastyearhasleerbecomemore?rvereaagendasTheIntergovemment.Report,paintedastar)life,humanitariancriatheimpactofeveryaddifferencebetweenreitothereport,globalcitemperaturesnsingtceconomicsectorsDesInlate2021,worldleaclimateconferencesirachievedsignificant0removeinefficientfoscarbonmarketsCoaliimethane,andclimatecontributions(NDCs)2.4℃ofwarming/an<bythe27thsessionofConventiononClimatanalysisofNDCs,longGlobalMethanePledgifimplementedtnfulltoGlasgow'sgoalof"WhileIncreasingtheコpicture,deliveringonAgencyIndicatesasigexistingpoliciescanalatestreportsimilarlytomeettheirownNIXC0V1D-19pandemic,(globalenergy-relatediThe2022UnitedHatiII1.2WHATISCiCarbonpricingisaco<theirbrooderclimate:createsafinancialinoincorporatingclimatecanhelpencouragechtherebyunderpinningCPIsareaimedataddioftennottheonlytyp?Assuch,CPIstypkalbpoliciesthataddressiThesemayincluderesintechnologiesandtnreformstoenablemetneededtomitigateiminsociety.Governmentscanpricbetailoredtodomesticarbonpricingdcpencavailabilityofabaten*moreeffectivethancacarbonpricesincentivpredictablepricesign?incentivizelow-carboThecurrentstateofcarbonpricingclearlyreflectsthegapbetweenpoliciesandpledges.WhilecarbonpricesreachedrecordhighsacrossanumberofETSsandcarbontaxesoverthepastyear,themajorityofcarbonpricesrenuinsignificantlybelowwhatisneededtoachievenetzeroby2050andmeetthegoalsoftheParisAgreement14Greatercarbonpricingambitioncanplayacrucialroleinclosingthepolicygapwhenpartofacomprehensiveclimatepolicypackageandgroundedinrobustlong-termstrategies.Anincreasinginterestincross-bordercarbonpricingpoliciesreflectsattemptstorealizesuchambitionwhileaddressingconcernsrelatedtoeconomiccompetitivenessandcarbonleakage.Adoptingambitiouscarbonpricesremainspoliticallychallenging,particulariyinthecontextofrisingenergycommoditypricesandcontinuedpressureoneconomiesfromtheongoingCOVID-19pandemic.Developingandmaintainingcarbonpricingapproachesinthiscontextrequiresastiongemphasisonensuringcarbonpricingisfair,inclusive,andwellcommunicated.Atthesametime,highenergycommoditypricescoupledwithcurrentgeopoliticaltensionsmayalsoprovideanadditionalincentiveforgovernmentstospeeduptheirtransitiontoalternativeenergysources.Moreover,recentresearchhighlighuthatenvuonmentaltaxescanbelessdistortionarythanothertaxes,panicularlyintimesofeconomicrecovery啦Theprivatesector,meanwhile,hasseenasharpriseinvoluntarymitigationtargets,manyofwhichrelytoatleastsomeextentonusingcarboncredits.Thishascontributedtorecordissuances,trades,andprices,thoughithasalsotnggeredincreasedscrutiny.Agrowingnumberofinitiativesareemergingtoassessambitioninvoluntarypledgesandcarboncreditquality.Inaddition,internationalcarbonmarketrulessetatCOP26provideflexibilitytocountriestoauthorizeinternationaltransfersofcreditsfromvoluntarycartx)nprojectsHostcountriesthatopttorequiresuchauthorizationwillinturnapplyacorrespondingadjustmentforsuchtransfers,whichmustbereflectedintheirNDCreportingemissionsbalanceThesefactorsarelikelytoleadtoincreasingheterogeneityinthevoluntarycarbonmarketasbuyersplacedifferentvaluesonhostcountryauthorizationaswellascreditqualityTheadoptionofinternationalcarbontradingrulesalsoprovidesaframeworkforgreaterintergovernmentalcarbontrading,althoughthepotentialdemandforsuchtradingisuncertainhmReportoftheHigh-LewiCommissiononCarbonPricesindicatesthatthecarbonpncenredstobeintheUSDso-ioo/lCO^ratnWortdBankresearchm75countriesindicatetthat,onthewhdt,higherenvironmentaltaxndoMleadioreducedemploymenttntinreceuionThutsincontrailtopersonalincometaxincreases,whichhavebeenshowntoreduceemploymentduringbothrecessionsarTaxMulciptierL￡viden(e/rom75Councnes.ivConsumerrnpomesrequiremarketframeworiQthatallowcarboncoststobepassedthroughthesupplychainoftheindustonof5dregukuedmarketsetting%Further,otherpoliciesandinvestments(forexample,publictrantportinfrastructure)areoftenalsoneeded1tower-emissionaltematrvrs.CarbonpricinginftruiindirectcarbonpnrtnjDirectcarbonpricing(proportionaltothegr<activity,primarilythrmetrictonofcarbondensuresthatabatemeimechanismsareanotlthisreport,butoperaicreditingmechanismsmechanismsdonottnofferasubsidytoemi;mechanism*functionreducingactivitiesatCarbonpricinginftruiindirectcarbonpnrtnjDirectcarbonpricing(proportionaltothegr<activity,primarilythrmetrictonofcarbondensuresthatabatemeimechanismsareanotlthisreport,butoperaicreditingmechanismsmechanismsdonottnofferasubsidytoemi;mechanism*functionreducingactivitiesat(Indirectcarbonpricinassociatedwithcarboiemissions.Theseinstioften(primarily)ado(oraddressingairpolhcommoditytaxes,asvfuelexcisetaxesthat1apriceonthecarbonifuelsubsidiesthatredpricesignal,whichin(emissions.AllpolicyiiandcommoditiescaninvestmentincentivesnottranslateintoaprvAnumberoffunuhetintroducedcarbonuu(permetncton8Jchavtbeenhisrodc叫indirecttaxesandpreviForimtancr,credimexpandingrnmgatiorviiOtherpolicyimtrumtinfrastructure)orecnrespondtohigherpruindirectlyleadcoemiprimanfyaimedatikMurimportantdtstmiindirectcarbonprionpurposeofcarbonpriBOX1DirectcarbonpricinginstrumentsAcarbonuxtsapolicyInstrumentthroughwhichagovernmentleviesafeeonGHGvidingafinancialIncentivetoloweremissions.Underacarbonux,thepriceofcarbonissetbythegovernment,andthemarketdeterminesthelevelofemis&kmreductionsIncentivizedbytheprice.AnemissionstradingsystemInvolvesplacingaUmiiorcaponthetotalvolumeofGHGemissionsinoneormoresectorsoftheeconomy.Agovernmentthenauctionsordistributestradableemissionallowancestoentitiescoveredbythecap,whereeachallowancerepresentstherighttoemitacertainvolumeofemission!(typicallyametrictonofcarbondioxideequivalent),andthetotalvolumeofallowancesequalstheemissionscap.Coveredentitiesarerequiredtosunenderallowancesfortheiremissionsduringacomplianceperiod.TheycanchoosetobuyadditionalallowancesIfnecessaryorsellsurplusallowances.Thispolicytypeisalsoknownasa°cap-and-trade*system.Altemathrely,anETSmayuseaMbaseiine-and-creditwsystem,wherethereisnofixedlimitontotalemissionspersector,butcoveredentitiescanweam"emissioncreditsiftheyproducefeweremissionsthanthebaseline.Thesecreditscanthenbetradedwithcoveredentitiesthatneedadditionalcreditstocovertheirsurplusemissionsrelativetothebaseline.Examplesofthesesystemsincludeintensitystandardsandtradabkperformancestandards.InanETS,thepriceofcarboniinotfixedby?governmentbutdeterminedbythesupplyanddemandofemiscionallowancesorcredits.Carboncreditingmechanismreferstoasystemwheretradablecredits(typicallyrepresentingametrictonofcarbondioxideequivalent)aregeneratedthroughvoluntarilyimplementedemissionreductionorremovaldctMtles.CarboncreditingmechanismsoperatedifferentlytocarbontaxesandETSb-ratherthanrequiringbusinessestop4yforemitting(Le.fthepolluterpaysprinciple),businessesandotherorganizationscangeneratecaiboncredits(andhencerevenue)bydemonstratingthatemissionshivebeenreducedorsequesteredrelativetoacounterfactuolbaseline.structuralreformsamequivalents.CarbonpiactionandshouldnotTheStateandTrendsofCarbonPricingreporthastraditionallyfocusedondirectcarbonpricingandthe2022editioncontinuesthisapproachHowever,indirectcarbonpricingalsoinfluencesproduction,consumption,andinvestmentdecisionsThusitisvaluabletoconsiderbothdirectandindirectpricinginstrumentstobetterunderstandtheprogresstowardreflectingthesocialcostsofgreenhousegasemissionsInmarketpricesDirectandindirectcarbonpricesinteractgloballyandinspecificJurisdictions.Thismeans,forexample,thepricesigna)providedbyadirectcarbonpricewouldbedilutedifitwereoffsetbyaneffectivedecreasetoindirectcarbonpricing,suchasthroughtheintroductionofasubsidythatreducedfuelpricesAnintegratedviewofacountry'sdirectandindirectCPIswillallowpolicymakerstoassessthelandscapeofincentivesandwhatnewinstrumentsmightworktoachievevitalchm4techangegoalsSeveralinstitutions,includmgtheWorldBank,arcexploringavenuestopresentmoredataonindirectpricingandgivebettervisft)ilityofhowdifferentpricingincentivesapplyandinteractincomingyears.structuralreformsamequivalents.CarbonpiactionandshouldnotDirectcarbonpricingsystems(throughcaibontaxrsandETSb)have,todate,largelybeenconcentratedinhigh-andmiddle-incomecountriesIndirectcarbonpricingsystems,suchasfuelexcisesystems,aremorecommonlyimplementedthandirectcarbonpricing,includinginmanydevelopingcountriesThus,measuringindirectcarbonpricesiiparticularlyusefulforunderstandingthestateofplayandprogressinmanydevelopingcountriesInAfrica,forexample,somecountrieshaveachievedmajorincreasesinindirectcarbonpricesthroughfueltaxandsubsidyreforms.AgreementwasreachedatCOP26tophasedowninefficientfossilfuelsubsidies.Thisisasignificantmilestoneanditisthefirsttimesuchanapproachhasbeenincludedinaglobalagreement.ActionstowinddownnegativeindirectcarbonpricingcouldpotentiallybeseenasearlystepstowardreachingaglobalcarbonpnetngagreementPublicofficialsareoftencautiousaboutimplementingdirectcarbonpricingiftheircountryhasneverhadsuchmeasures.Itcanfeelnewandcomplex.Butmostcountriesalreadyhavedecadesofexperiencewithintroducingfuelexcisetaxesandphasingoutsubsidiesonfuelsandcommoditiesandarefamiliarwiththedesign,admintstration,andchallengesofsuchreformsMeasuringtheindirectcarbonpricefromthesesystemscanpromotefamiliaritywiththeconceptofcarbonpricingandcanhelppolkymakersbetterunderstandthepotentialimpactsfromintroducingadirectcarbonpriceEvtncross-countrycomparisonsofoverallor“effective"carbonpricesthatincludebothdirectandindirectpricingtoolsdonotprovideperfectinsightintorelativeclimateeffortorambitionlevels.Otherdimensionsofclimateaction,suchas

Thepastyear“wfewcprtccsthanpreviousyeexistingtnstruments.FWhiletherehave。叫Trendsreport,morejcarbonpricing.Inad(Austria.Indonesia,antheirintentionstodevnumberofotherjuris(potentialtoimplemerThepastyear“wfewcprtccsthanpreviousyeexistingtnstruments.FWhiletherehave。叫Trendsreport,morejcarbonpricing.Inad(Austria.Indonesia,antheirintentionstodevnumberofotherjuris(potentialtoimplemerA*ofApril2021,thereimpiementation.ThisinUruguaycommence(yearinsubnationaljurOneUSstate.Washing(implementation.ApprcoperatingCPIs(seeFollowingyearsoflincarbontaxesandETSmoreambitiou*clinuenergycommoditypioperationofnewETSforthefirsttime.Hmtome?tthegoalsoftlinstrumentsorsectoiincreasedonlymargiichangesinthepreviotowardctobs-borderensudngthecontinwChapter2CarbontaxesandemissionstradingsystemsFIGURE1MapofcarbontaxesandETSs■■ETSimplements?CarbontaximpkETSorcarbonu.ETSimplementedorscheduledforimplementationCarbonuximplementedorscheduledforimplementationETSandcarbontaximplementedorscheduledCarbonprkingmitMCJwt4rrccwMdftvd"tchtdukdforimnkmenuctonMonertfwyh?wbeenformaUyAdoptspnclMinlttetivMcomidmd**under(omider?tkm*IftmgDMrmfnmth??announcedit>kmenuontowotkb?mromuDyconfirmedbyoffnalgKwemrncntwurertTOrefmtoTranspoctMicnandQinutrInitiMiwM

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062ChinahoststheworknationalETScompletrateofChinahoststheworknationalETScompletrateof99.5%.Over2.coveringabout4.5billofChina'stotalGHGerelativelylowcompar<$42yuan(USD85)フB%overthesixmontallowancesweretrakbillionyuan(USD121marketthesizeofthestilltakingkeyphaseOctober2021andcunallowedtomaketradetobe995*,therehaiandEnvironmentconiThelargestcarbonm.andpricesinbothsp<weretradedontheIniforEUallowances,wiiyear.TheEUClimate1EU?wideclimatetargilevelsandachievenetbeenproposedtome?additionofanew,sepinparalleltotbeexistsectors,thoughitwotreserve(MSR).TheprexistingEUETStoincofemissionsforvoya(EUportsandthird-cotheseproposals,thepindicatedthatthepro)toincludetransportaistatesandintheEUP,BOX2RevisionstoglobalGHGcoverageestimatesinthisyear'sreportEachyeartheSuteandTrend*ofCarbonPricingreportestimatestheproportionofglobalGHGemissionscoveredbyadirectcarbonpriceFilsestimateisintendedtohelptracktheprogressofuptakeandcoverageofdirectcarbonpricing.Itisunderpinnedbythreemaincomponents：GHGemissionsinaJurisdiction,theproportionofaJurisdiction'semissionscoveredbyacarbonprice,andthepotentialoverlaptnajurisdictioncoveredbymultipleCPIs.TopromoteconsistencyacrossJurisdictions,countryGHGemissionsaretakenfromtheE/nissionsDatabaseforGlobalAtmosphericResearch(EDGAR)(hnpfJ/edgarjK.ftC.Curopa.ru/).TheEDGARdatabaseisupdatedeveryfewyean.ThecurrentreportusesthemostrecentEDGARGHGestimates(version6.0),whichwerereleasedinOctober2021andreferto2018emissionvalues;versionエ。onlyincludedupto2015.ThemostrecentupdatetotheEDGARdatabasereflectsupdatedmethodologiesandrevisedactivitydata,includingupdateddatafromtheIntenutionalEnergyAgencyandtheFoodandAgricultureOrganizetioauTheestimatefortheproportionofglobalemissionscoveredintheStateandTrendsofCarbonPricingreport2021was215*.Incorporatingup-to-dateEDGARGHGemissionvalues,combinedwithrevisionstotheestimatesofcoveredemissions,particulartyfort