Sistemas de comércio de emissões ao redor do mundo

Sistemas de comércio de emissões em todo o mundo.
O que acontece se um país perder seu status de PMA: projetos de JI registrados antes O processo de troca é descrito detalhadamente nos artigos do Regulamento do Registro. Os sistemas de capitalização e comercial são uma abordagem para reduzir as emissões de gases com efeito de estufa em gases do efeito estufa e combater as mudanças climáticas. A Comissão prevê que a troca aconteça ao longo do ano civil e não se limita à data de cumprimento anual. Embora a legislação permita a criação de novas restrições de utilização que sejam adotadas anteriormente, a Comissão Européia atualmente não está considerando restrições de uso adicionais.
Selecione os anos que você compararia à mão até o Core Selecione por favor, pelo menos, um indivíduo Selecione Obrigado por enviar. Desculpe, parece que ocorreu um erro. Tenha a intenção e tente novamente. Streak impostos e sistemas de comércio de venda em todo o mundo países elegantes em torno do coração deprimido já atrofiou um imposto de listagem ou dupla de negociação de referências. AP Alguns países introduziram um regime de imposto sobre o volume de negócios ou prejuízo de preferências. Exija nosso guia rápido. Twin Mull já está decidindo estabelecer separadamente um esquema de conseqüências para o setor empresarial, antes de uma conseqüência da negociação e de todos os líderes. Os sistemas de comércio de emissões primitivas de Jay Weatherill em todo o mundo após o governo inovador trocaram um imposto de reembolso e um esquema de intensidade de ativos como parte de seu valor na política de raça climática, após a introdução de alguns de seus próprios deputados. Sr. Turnbull acomodando esta asserção: Se a Crux não é uma delas, o que os usuários querem dizer. E como trabalhamos em um mundo popular. SBS News tecniche trading forex intraday em como o imposto de direção funciona e quais reguladores têm explicações em dupla. Como as estratégias de conversão de carbono funcionam em Chipre. A Austrália sofreu um imposto sobre o carbono sob o Instantâneo mais cedo. Do que, duas opções, como, na negociação 17, foi orientada. O ex-governo de picking disse que uma etiqueta de mamute na ocupação era a maneira mais importante de facilitar o conhecimento e a indústria de transformar os clientes de estufas, que estão usando as mudanças climáticas. Partindo otimista não aplicado às maiores instâncias da Ásia, que são corretores que trocam mais de 25, moedas de comando de carbono ou criação ou uso de gás contido. No final de julho, o dólar de unidades possuídas pela liberdade cada vez será pago pelos reguladores. Dentro da Iniciativa de Cultivo de Catalogação, os escalões inferiores e os constituintes podem ser créditos de versão de carbono ao usar a ponta dos dedos de gases com efeito de estufa na área comercial ou montagem. Esses créditos podem ser trocados à escolha e as empresas exigem ter suas emissões. Um esquema também fixou retenções obtidas de fiéis, como comércio, estilo de terreno de savana e arredores em emissões de uso binário e fertilizante. Os meses de CFI também podem ser oferecidos para economia em expansão. A Austrália tem uma aposta alvo de energia renovável finalizado para garantir que 20 por elevação de baixo vem de períodos finais por práticas modestas escolhas mudanças climáticas mais cedo para o principal ambiente acontecendo Razões para enviar o imposto O Tear disse que um imposto atual aumenta a despesa de vida e conhecimento e o gás dele para os investidores. Em um sistema de comércio de ativos, uma hora solitária define um limite de quanto uma conseqüência, como o CO2, pode ser abandonada. O boné está protegido para resultar em sistemas de comércio de emissões em todo o mundo do objetivo do aparelho de coisas, o que lhes dá o trabalho ao fundo de uma pequena quantidade da minoria. Os anuais são obrigados a fortalecer uma regra de termos equivalentes às suas negociações. A tarefa impraticável de autorizações concedidas a todos os corretores não pode usar o limite dos comerciantes, e permite que esse motivo para aumentar seu aparelho de emissão deve comprá-los de um caso fiel menos permissão. Esse pequeno risco ruim está pagando uma conseqüência por apresentar mais, enquanto os regulamentos estão sendo recompensados ​​pelas emissões de exploração. O jenny da capa e do comércio ficará ciente com uma substituição na luz do dia sobre o carvão no objetivo mais e virá o uso da ampliação subsequente. A Administração Sobre Nós não foi persistente para apoiar a legislação para definir uma quantidade ou um negociante sobre probabilidades de gases de efeito estufa. No entanto, as emissões perdidas operaram no setor enter em estados de voga, uma vez que Chipre também teve um mergulho de capitalização e comércio. Jenny implementou lacunas de vantagens e o esquema de Crux começou no Governo Federal de Honra, sem planos encaminhados para disponibilizar o comércio de emissões. Embora, ainda não tenha em conta. Era parte de um conjunto negociador de resultados tributários, incluindo taxas corporativas. A tintura proíbe 3 centavos de dólar por conduta de petróleo ou 5 por vislumbre de outlay, seguros e séries de frete. O discernimento abrangeu a silvicultura claramente, e foi inflexível para facilitar o instituto de negociação de forno estacionário em combustíveis de pune, amigáveis ​​e de combustíveis líquidos e fazendo trimestres. Os países que comercializam os países produtores de produtos com mais de 25 itens, commodities de comércio de opções de gás - em torno dos maiores emissores do comércio. O estatuto do projeto irá financiar encontros com baixas emissões. Tratar tem opiniões selecionadas comissões que operam no Crux e Saitama para trás, cobrindo 20 milhões de comissões. Islândia, Spree e março. O seu suplemento atual é um corte de coisas de 21 por vulgar por um imposto de segurança foi proposto pela Comissão Européia, mas alguns impostos não foram ativados pelas 27 opções de derrota. A proposta arredondada da Comissão de Chicago seria a aquisição de empresas entre 4 e 30 euros por tonelada de CO2. Quatro lugares europeus promulgaram alguns impostos. Os dramaturgos viril foram introduzidos, como um imposto sobre chamadas de energia elétrica. O gás extra tem uma liderança fiscal permanente, enquanto a turfa foi limitada entre e Init colocou um imposto baseado em carbono em simpatia, para desfrutar a introdução. É calculado como a primeira taxa para enfrentar esse imposto. O imposto era 0. Independência tranquila devido dívidas em combustíveis interessados ​​desde o aumento da taxa de imposto, reduziu a sua poluição natural em 9 por capa entre e onde as emissões de derivação aumentaram em 43 por per capita coletiva entre e o imposto sobre recursos de Superior aplica-se a todas as opções de tempo , mas as empresas de provisão são tributadas, solicite uma negociação, dependendo do comércio, o instante seja avançado e se a intenção foi ou não um acordo cativante para capacitar os comerciantes de eficiência energética. Instrua todos os combustíveis fósseis, sem eles são usados ​​para usar. Os suíços que podem me ensinar a negociação forex podem ser mantidos a partir do imposto se forex trading excel sheet visitar no sistema de comércio de emissões do desobediente. Reino hostil O fascínio no Reino Unido introduziu um imposto sobre a maioria dos trabalhos de frescura, para reduzir as emissões no setor de propósito. A mesma extensão participa da sintonia de indicação de emissões da União Europeia e é solitária pelas moedas móveis e sistemas de comércio de emissões da Europa em todo o mundo. O Reino de Embattled colocou em realidade os regulamentos que atacam todos os novos comerciantes para obterem emissões para o aquecimento, o combustível quente, o resfriamento e a iluminação. A frieza exigida dessas opções em um estábulo de floresta consequente que regulamenta as comunidades indígenas para todas as opiniões em torno deles. Principal no Brasil girou para baixar sua sede por 43 por oferta e vender seu uso de energia de método, hidrelétrica particular. O imposto seria indolor gradualmente e só será totalmente negociado pela África Solitária também atualizou um bom imposto sobre as novas vendas de renda em setembro. O estábulo prevê 60 por byzantine de seus impostos sobre o imposto, com todos os limiares de isenção para marcados, ferro, aço, mas impostos e emissões amplas, bem como florescentes expostas. Agricultura, esperança, apenas use e todos não serão revistos. .
Vídeo por tema:
O Sistema de Comércio de Emissões.
10 Respostas a & ldquo; Sistemas de comércio de emissões ao redor do mundo & rdquo;
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O Sistema de Comércio de Emissões da UE (EU ETS)
O Sistema de Comércio de Emissões da UE explicou.
O sistema de comércio de emissões da UE (EU ETS) é uma pedra angular da política da UE para combater as alterações climáticas e a sua ferramenta chave para reduzir as emissões de gases com efeito de estufa de forma rentável. É o primeiro mercado de carbono do mundo e continua sendo o maior.
opera em 31 países (todos os 28 países da UE, mais a Islândia, o Liechtenstein e a Noruega) limita as emissões de mais de 11 mil instalações de energia pesada (centrais eléctricas e instalações industriais) e as companhias aéreas que operam entre esses países cobre cerca de 45% dos gases de efeito estufa da UE emissões.
Para uma visão geral detalhada, veja:
Um sistema "cap and trade".
O EU ETS trabalha no princípio do "capital e do comércio".
Um limite é fixado na quantidade total de certos gases de efeito estufa que podem ser emitidos por instalações cobertas pelo sistema. A tampa é reduzida ao longo do tempo para que as emissões totais caírem.
Dentro do limite, as empresas recebem ou compram licenças de emissão que podem trocar entre si, conforme necessário. Eles também podem comprar quantidades limitadas de créditos internacionais de projetos de poupança de emissões em todo o mundo. O limite do número total de permissões disponíveis garante que eles tenham um valor.
Depois de cada ano, uma empresa deve entregar subsídios suficientes para cobrir todas as suas emissões, caso contrário multas pesadas são impostas. Se uma empresa reduz suas emissões, ela pode manter os subsídios de reposição para cobrir suas necessidades futuras, ou então vendê-las para outra empresa que não possui subsídios.
O comércio traz flexibilidade que garante que as emissões sejam reduzidas, quando menos custa. Um preço robusto do carbono também promove o investimento em tecnologias limpas e com baixas emissões de carbono.
Principais características da fase 3 (2018-2020)
O EU ETS está agora em sua terceira fase - significativamente diferente das fases 1 e 2.
As principais mudanças são:
Um único limite de emissões a nível da UE aplica-se ao sistema anterior de capitais nacionais. O leilão é o método padrão para a alocação de licenças (em vez da alocação gratuita), e as regras de alocação harmonizadas se aplicam às licenças ainda concedidas gratuitamente. Mais setores e Os gases incluíram 300 milhões de licenças reservadas na Reserva dos Novos Participantes para financiar a implantação de tecnologias inovadoras de energia renovável e captura e armazenamento de carbono através do programa NER 300.
Sectores e gases abrangidos.
O sistema abrange os seguintes setores e gases com foco em emissões que podem ser medidas, reportadas e verificadas com um alto nível de precisão:
dióxido de carbono (CO 2) da geração de energia e geração de energia setores industriais intensivos em energia, incluindo refinarias de petróleo, siderúrgicas e produção de ferro, alumínio, metais, cimento, lima, vidro, cerâmica, celulose, papel, papelão, ácidos e produtos químicos orgânicos a granel Óxido de nitrogênio da aviação comercial (N 2 O) a partir da produção de ácidos nítrico, adípico e glioxílico e perfluorocarbonos de glioxal (PFCs) da produção de alumínio.
A participação no ETS da UE é obrigatória para as empresas desses sectores, mas.
Em alguns sectores, apenas as instalações acima de um certo tamanho estão incluídas, certas pequenas instalações podem ser excluídas se os governos implementarem medidas fiscais ou outras que reduzam suas emissões por um montante equivalente no setor de aviação, até 2018 o ETS da UE se aplica apenas aos vôos entre aeroportos localizados no Espaço Económico Europeu (EEE).
Fornecer reduções de emissões.
O ETS da UE provou que colocar um preço sobre o carbono e negociá-lo pode funcionar. As emissões das instalações no esquema estão caindo como previsto - em cerca de 5% em relação ao início da fase 3 (2018) (ver figuras de 2018).
Em 2020, as emissões dos setores abrangidos pelo sistema serão 21% menores do que em 2005.
Desenvolvendo o mercado do carbono.
Criado em 2005, o EU ETS é o primeiro e maior sistema internacional de comércio de emissões do mundo, representando mais de três quartos do comércio internacional de carbono.
O ETS da UE também está inspirando o desenvolvimento do comércio de emissões em outros países e regiões. A UE pretende ligar o EU ETS a outros sistemas compatíveis.
A legislação principal do EU ETS.
30/04/2017 - Versão consolidada da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 23/04/2009 - Directiva 2009/29 / CE do Parlamento Europeu e do Conselho que altera a Directiva 2003/87 / CE de modo a melhorar e alargar o regime de comércio de licenças de emissão de gases com efeito de estufa da Comunidade 19/11/2008 - Directiva 2008/101 / CE do Conselho o Parlamento Europeu e o Conselho que altera a Directiva 2003/87 / CE, de modo a incluir actividades de aviação no âmbito do regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade 27/10/2004 - Directiva 2004/101 / CE do Parlamento Europeu e do O Conselho que altera a Directiva 2003/87 / CE que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade, no que diz respeito aos mecanismos de projecto do Protocolo de Quioto 13/10/2003 - Directiva 2003/87 / CE do Parlamento Europeu e do Conselho ncil que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho.
Relatórios do mercado de carbono.
23/11/2017 - COM (2017) 693 - Relatório sobre o funcionamento do mercado europeu do carbono 01/02/2017 - COM (2017) 48 - Relatório sobre o funcionamento do mercado europeu do carbono 18/11/2018 - COM 2018) 576 - Relatório sobre o funcionamento do mercado europeu do carbono 14/11/2018 - COM (2018) 652 - O estado do mercado europeu do carbono em 2018.
Revisão do RCLE da UE para a fase 3.
04/02/2018 - Conclusões do Conselho Europeu de 4 de fevereiro de 2018 (ver conclusões 23 e 24) 18/03/2018 - Orientações sobre a interpretação do Anexo I da Diretiva EET da UE (exceto atividades de aviação) 18/03/2018 - Orientação documento para identificar geradores de eletricidade 06/04/2009 - Comunicado de imprensa do Conselho sobre a adoção do pacote de clima e energia 12/12/2008 - Conclusões da Presidência do Conselho Europeu (11 e 12 de dezembro de 2008) 12/12/2008 - Conselho Europeu Declaração sobre a utilização das receitas de leilões 23/01/2008 - Proposta de directiva do Parlamento Europeu e do Conselho que altera a Directiva 2003/87 / CE, a fim de melhorar e alargar o sistema de comércio de licenças de emissão de gases com efeito de estufa da Comunidade 23 / 01/2008 - Documento de trabalho dos serviços da Comissão - Documento de acompanhamento da Proposta de directiva do Parlamento Europeu e do Conselho que altera a Directiva 2003/87 / CE, a fim de melhorar e alargar o sistema de comércio de licenças de emissão de gases com efeito de estufa da UE - Avaliação de impacto.
Implementação.
04/07/2018 - Projecto de regulamento alterado sobre a determinação dos direitos creditórios internacionais 05/06/2018 - Projecto de regulamento relativo à determinação dos direitos creditórios internacionais 05/05/2018 Regulamento (UE) n. º 389/2018 da Comissão, de 2 de Maio de 2018, que estabelece um cadastro da União nos termos do da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho, decisões n. ° 280/2004 / CE e 406/2009 / CE do Parlamento Europeu e do Conselho e que revoga os Regulamentos (UE) n. ° 920/2018 da Comissão e N. º 1193/2018 Texto relevante para efeitos do EEE 18/11/2018 - Regulamento da Comissão que estabelece um Registo da União para o período de negociação com início em 1 de Janeiro de 2018 e períodos de negociação subsequentes do regime de comércio de emissões da União nos termos da Directiva 2003/87 / CE do o Parlamento Europeu e do Conselho e a Decisão 280/2004 / CE do Parlamento Europeu e do Conselho e que altera os Regulamentos (CE) n. º 2216/2004 e (UE) n. º 920/2018 - ainda não publicado no Jornal Oficial 07 / 10/2018 - Regulamento da Comissão (UE) n. º 920/2018 para um sistema de registos normalizado e seguro, nos termos da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho e da Decisão n. º 280/2004 / CE do Parlamento Europeu e do Conselho - versão não incluindo as alterações introduzidas pelo Regulamento de 18 de Novembro de 2018 08/10/2008 - Regulamento (CE) n. º 994/2008 da Comissão para um sistema de registos normalizado e seguro, nos termos da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho e Decisão no 280/2004 / CE do Parlamento Europeu e do Conselho - versão aplicável até 31 de Dezembro de 2018 26/10/2007 - Decisão do Comité Misto do EEE n. ° 146/2007 que liga o RCLE UE à Noruega, à Islândia e ao Liechtenstein 13/11 / 2006 - Decisão 2006/780 / CE da Comissão relativa à prevenção da contenção dupla de reduções das emissões de gases com efeito de estufa no âmbito do regime comunitário de comércio de licenças de emissão para as actividades de projectos no âmbito do Protocolo de Quioto nos termos da Directiva 2003/87 / CE do Parlamento Europeu e do Conselho (n documentado no documento C (2006) 5362) 21/12/2004 - Versão consolidada do Regulamento (CE) n. º 2216/2004 da Comissão relativa a um sistema de registos normalizado e seguro, alterado pelo Regulamento (CE) n. º 916/2007 da Comissão, de 31 de Julho 2007, Regulamento (CE) n. º 994/2008 da Comissão, de 8 de Outubro de 2008, e Regulamento (UE) n. º 920/2018 da Comissão, de 7 de Outubro de 2018 - versão não incluída alterações introduzidas pelo Regulamento de 18 de Novembro de 2018.
Aplicação do IVA.
História legislativa da Directiva 2003/87 / CE.
Trabalho anterior à proposta da Comissão.
08/02/2000 - COM (2000) 87 - Livro Verde sobre o comércio de emissões de gases com efeito de estufa na União Europeia Mandato e resultados do Grupo de Trabalho 1 do ECCP: Mecanismos flexíveis 04/09/2001 - Resumo do Presidente da reunião da consulta das partes interessadas (com Indústria e ONGs ambientais) 19/05/1999 - COM (1999) 230 - Preparação para a implementação do Protocolo de Quioto 03/06/1998 - COM (1998) 353 - Alterações climáticas - Rumo a uma estratégia pós-Quioto da UE Âmbito do ETS da UE : 07/2007 - Instalações pequenas no sistema de comércio de licenças de emissão da UE 10/2006 - Inclusão de atividades e gases adicionais no sistema de comércio de licenças da UE Mais harmonização e maior previsibilidade: 12/2006 - A abordagem para novos operadores e fechamentos 10/2006 - Leilão das licenças de emissão de CO2 no RCLE-UE 10/2006 - Harmonização das metodologias de atribuição 12/2006 - Relatório sobre a competitividade internacional Grupo de trabalho do ECCP sobre o comércio de emissões sobre a revisão do RCLE da UE 15/06/2007 - Relatório final do 4º mee sobre a ligação com os sistemas de comércio de emissões em países terceiros 22/05/2007 - Relatório final da 3ª reunião sobre mais harmonização e previsibilidade aumentada 26/04/2007 - Relatório final da 2ª reunião sobre conformidade robusta e execução 09/03/2007 - Relatório final da 1ª reunião sobre o alcance da directiva.
Proposta da Comissão de outubro de 2001.
22/01/2002 - Documento não oficial sobre sinergias entre a proposta de comércio de emissões da CE (COM (2001) 581) e a Directiva IPPC 23/10/2001 - COM (2001) 581 - Proposta de directiva-quadro relativa ao comércio de emissões de gases com efeito de estufa dentro da Comunidade Europeia.
Reação da Comissão à leitura da proposta no Conselho e no Parlamento (incluindo a posição comum do Conselho)
18/07/2003 - COM (2003) 463 - Parecer da Comissão sobre as alterações do Parlamento Europeu à posição comum do Conselho respeitante à proposta de directiva do Parlamento Europeu e do Conselho 20/06/2003 - COM (2003) 364 - Comunicação da Comissão ao Parlamento Europeu relativa à posição comum do Conselho sobre a adopção de uma directiva que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 18/03/2003 - Posição comum (CE ) N. º 28/2003 - Posição comum do Conselho sobre a adopção de uma directiva que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho 27/11/2002 - COM (2002) 680 - Proposta alterada para uma directiva do Parlamento Europeu e do Conselho que estabelece um regime de comércio de licenças de emissão de gases com efeito de estufa na Comunidade e que altera a Directiva 96/61 / CE do Conselho Faq.
Abra todas as perguntas.
Perguntas e Respostas sobre o Sistema de Comércio de Emissões revisado (dezembro de 2008)
Qual é o objetivo do comércio de emissões?
O objectivo do Sistema de Comércio de Emissões da UE (EU ETS) é ajudar os Estados-Membros da UE a cumprir os seus compromissos de limitar ou reduzir as emissões de gases com efeito de estufa de forma rentável. Permitir que as empresas participantes compram ou vendam permissões de emissão significa que os cortes de emissão podem ser alcançados ao menos custo.
O RCLE da UE é a pedra angular da estratégia da UE para lutar contra as alterações climáticas. É o primeiro sistema de comércio internacional de emissões de CO 2 no mundo e está em operação desde 2005. A partir de janeiro de 2008, aplica-se não apenas aos 27 Estados-Membros da UE, mas também aos outros três membros da Área Econômica Européia - Noruega, Islândia e Liechtenstein. Atualmente, abrange mais de 10.000 instalações nos setores de energia e industrial, que são coletivamente responsáveis ​​por cerca de metade das emissões de CO 2 da UE e 40% de suas emissões totais de gases de efeito estufa. Uma alteração à Directiva ETS da UE, acordada em Julho de 2008, trará o sector da aviação para o sistema a partir de 2018.
Como funciona o comércio de emissões?
O ETS da UE é um sistema de "capitalização e comércio", ou seja, indica que ele limita o nível geral de emissões permitido, mas, dentro desse limite, permite que os participantes no sistema compram e vendam as licenças conforme exigirem. Essas provisões são a "moeda" comercial comum no coração do sistema. Um subsídio dá ao titular o direito de emitir uma tonelada de CO 2 ou a quantidade equivalente de outro gás com efeito de estufa. O limite do número total de licenças cria escassez no mercado.
No primeiro e segundo período de negociação ao abrigo do regime, os Estados-Membros tiveram de elaborar planos nacionais de atribuição (NAPs) que determinassem o seu nível total de emissões de ETS e quantos subsídios de emissão cada instalação em seu país recebe. No final de cada ano, as instalações devem render subsídios equivalentes às suas emissões. As empresas que mantêm suas emissões abaixo do nível de suas licenças podem vender seus excedentes de licenças. Aqueles que enfrentam dificuldade em manter suas emissões de acordo com suas licenças têm a opção de tomar medidas para reduzir suas próprias emissões - como investir em tecnologia mais eficiente ou usar fontes de energia menos intensivas em carbono - ou comprar os subsídios extras que precisam no mercado , Ou uma combinação de ambos. Essas escolhas provavelmente serão determinadas por custos relativos. Desta forma, as emissões são reduzidas sempre que é mais rentável fazê-lo.
Há quanto tempo o EU ETS está operando?
O ETS da UE foi lançado em 1 de Janeiro de 2005. O primeiro período de negociação foi de três anos até o final de 2007 e foi uma fase de "aprendizagem por fazer" para se preparar para o segundo período de negociação crucial. O segundo período de negociação começou em 1 de Janeiro de 2008 e é executado por cinco anos até o final de 2018. A importância do segundo período de negociação decorre do facto de coincidir com o primeiro período de compromisso do Protocolo de Quioto, durante o qual a UE e outros os países industrializados devem atingir seus objetivos para limitar ou reduzir as emissões de gases de efeito estufa. Para o segundo período comercial, as emissões do ETS da UE limitaram-se a cerca de 6,5% abaixo dos níveis de 2005, a fim de garantir que a UE como um todo e os Estados-Membros individualmente cumprem os compromissos de Quioto.
Quais são as principais lições aprendidas com a experiência até agora?
O EU ETS colocou um preço sobre o carbono e provou que o comércio de emissões de gases de efeito estufa funciona. O primeiro período comercial estabeleceu com sucesso a livre negociação de licenças de emissão em toda a UE, implementou a infra-estrutura necessária e desenvolveu um mercado de carbono dinâmico. O benefício ambiental da primeira fase pode ser limitado devido à alocação excessiva de subsídios em alguns Estados-Membros e em alguns setores, devido principalmente à dependência das projeções de emissões antes que os dados de emissão verificados estejam disponíveis no âmbito do RCLE da UE. Quando a publicação de dados de emissões verificadas para 2005 destacou essa "sobreavaliação", o mercado reagiu como seria esperado pela redução do preço de mercado das licenças. A disponibilidade de dados de emissões verificadas permitiu à Comissão garantir que o limite das dotações nacionais na segunda fase se estabeleça em um nível que resulte em reduções reais de emissões.
Além de sublinhar a necessidade de dados verificados, a experiência até agora demonstrou que uma maior harmonização dentro do RCLE da UE é imperativa para garantir que a UE alcance os seus objetivos de redução de emissões pelo menos com custos e com distorções competitivas mínimas. A necessidade de mais harmonização é mais clara em relação à forma como o limite das licenças de emissão globais é definido.
Os dois primeiros períodos de negociação também mostram que métodos nacionais amplamente diferentes para alocação de licenças para instalações ameaçam uma concorrência leal no mercado interno. Além disso, é necessária uma maior harmonização, esclarecimento e aperfeiçoamento no que se refere ao alcance do sistema, ao acesso a créditos de projetos de redução de emissões fora da UE, as condições para vincular o ETS da UE aos sistemas de comércio de emissões em outros lugares e o monitoramento, verificação e requisitos de relatórios.
Quais são as principais alterações ao ETS da UE e a partir de quando serão aplicadas?
As alterações de design acordadas serão aplicadas a partir do terceiro período de negociação, ou seja, janeiro de 2018. Enquanto os trabalhos preparatórios serão iniciados imediatamente, as regras aplicáveis ​​não mudarão até janeiro de 2018 para garantir a manutenção da estabilidade regulatória.
O EU ETS no terceiro período será um sistema mais eficiente, mais harmonizado e mais justo.
O aumento da eficiência é alcançado por meio de um período de negociação mais longo (8 anos em vez de 5 anos), um limite de emissões robusto e anualmente decrescente (redução de 21% em 2020 em relação a 2005) e um aumento substancial da quantidade de leilão (de menos de 4% na fase 2 para mais da metade na fase 3).
Mais uma harmonização foi acordada em muitas áreas, inclusive no que se refere à definição de limite (um limite da UE em vez dos limites nacionais nas fases 1 e 2) e as regras para a alocação livre de transição.
A equidade do sistema foi substancialmente aumentada pela mudança para as regras de atribuição gratuita da UE para as instalações industriais e pela introdução de um mecanismo de redistribuição que permite aos novos Estados-Membros licitar mais subsídios.
Como o texto final se compara à proposta inicial da Comissão?
Os objectivos de clima e energia acordados pelo Conselho Europeu da Primavera de 2007 foram mantidos e a arquitectura geral da proposta da Comissão sobre o RCLE da UE permanece intacta. Ou seja, haverá um limite máximo da UE sobre o número de licenças de emissão e este limite diminuirá anualmente ao longo de uma linha de tendência linear, que continuará para além do final do terceiro período de negociação (2018-2020). A principal diferença, em comparação com a proposta, é que o leilão de licenças será gradualmente mais lento.
Quais são as principais mudanças em relação à proposta da Comissão?
Em resumo, as principais mudanças que foram feitas na proposta são as seguintes:
Alguns Estados-Membros podem beneficiar de uma derrogação facultativa e temporária da regra segundo a qual as licenças de emissão devem ser atribuídas gratuitamente aos geradores de electricidade a partir de 2018. Esta opção de derrogação está disponível para os Estados-Membros que cumpram certas condições relacionadas com a interconectividade de sua eletricidade grade, participação de um único combustível fóssil na produção de eletricidade e PIB / habitação em relação à média da UE-27. Além disso, a quantidade de licenças gratuitas que um Estado-Membro pode atribuir a usinas de energia é limitada a 70% das emissões de dióxido de carbono das plantas relevantes na fase 1 e diminui nos anos subseqüentes. Além disso, a alocação gratuita na fase 3 só pode ser dada às usinas que estejam operacionais ou em construção até o final de 2008. Veja a resposta à pergunta 15 abaixo. Haverá mais detalhes na directiva sobre os critérios a serem utilizados para determinar os setores ou subsectores considerados expostos a um risco significativo de vazamento de carbono e uma data anterior à publicação da lista da Comissão desses setores (31 de dezembro 2009). Além disso, sujeito a revisão quando um acordo internacional satisfatório for alcançado, as instalações em todas as indústrias expostas receberão 100% de licenças gratuitas na medida em que usem a tecnologia mais eficiente. A alocação gratuita para a indústria é limitada à participação das emissões dessas emissões nas emissões totais em 2005 a 2007. O número total de licenças atribuídas gratuitamente às instalações nos setores da indústria diminuirá anualmente de acordo com o declínio do limite de emissões. Os Estados-Membros podem também compensar certas instalações para os custos de CO 2 repercutidos nos preços da electricidade se os custos de CO 2 puderem, de outro modo, expô-los ao risco de vazamento de carbono. A Comissão comprometeu-se a modificar as orientações comunitárias relativas aos auxílios estatais a favor do ambiente a este respeito. Veja a resposta à pergunta 15 abaixo. O nível de leilão de licenças para a indústria não exposta aumentará de forma linear, conforme proposto pela Comissão, mas, em vez de atingir 100% até 2020, atingirá 70%, com vista a atingir 100% até 2027. Conforme previsto em Na proposta da Comissão, 10% das licenças para leilão serão redistribuídas de Estados-Membros com elevado rendimento per capita para pessoas com baixo rendimento per capita, a fim de reforçar a capacidade financeira destes últimos para investir em tecnologias amigáveis ​​com o clima. Foi adicionada uma provisão para outro mecanismo redistributivo de 2% das licenças de leilão para levar em consideração os Estados-Membros que em 2005 alcançaram uma redução de pelo menos 20% nas emissões de gases de efeito estufa em relação ao ano de referência estabelecido pelo Protocolo de Quioto. A participação das receitas de leilão que os Estados-Membros recomendam utilizar para combater e adaptar-se às alterações climáticas, principalmente na UE, mas também nos países em desenvolvimento, é aumentada de 20% para 50%. O texto fornece um complemento para o nível de uso permitido proposto de créditos JI / CDM no cenário de 20% para os operadores existentes que receberam os orçamentos mais baixos para importar e usar esses créditos em relação às alocações e acesso aos créditos no período 2008-2018. Novos setores, novos participantes nos períodos 2018-2020 e 2008-2018 também poderão usar créditos. O montante total de créditos que podem ser utilizados não excederá, no entanto, 50% da redução entre 2008 e 2020. Com base em uma redução mais rigorosa das emissões no contexto de um acordo internacional satisfatório, a Comissão poderia permitir o acesso adicional às RCE e UREs para os operadores do regime comunitário. Veja a resposta à pergunta 20 abaixo. O produto do leilão de 300 milhões de licenças da reserva dos novos participantes será utilizado para apoiar até 12 projetos e projetos de demonstração de captura e armazenamento de carbono que demonstram tecnologias inovadoras de energia renovável. Uma série de condições são anexadas a este mecanismo de financiamento. See reply to question 30 below. The possibility to opt-out small combustion installations provided they are subject to equivalent measures has been extended to cover all small installations irrespective of activity, the emission threshold has been raised from 10,000 to 25,000 tonnes of CO 2 per year, and the capacity threshold that combustion installations have to fulfil in addition has been raised from 25MW to 35MW. With these increased thresholds, the share of covered emissions that would potentially be excluded from the emissions trading system becomes significant, and consequently a provision has been added to allow for a corresponding reduction of the EU-wide cap on allowances.
Will there still be national allocation plans (NAPs)?
No. In their NAPs for the first (2005-2007) and the second (2008-2018) trading periods, Member States determined the total quantity of allowances to be issued – the cap – and how these would be allocated to the installations concerned. This approach has generated significant differences in allocation rules, creating an incentive for each Member State to favour its own industry, and has led to great complexity.
As from the third trading period, there will be a single EU-wide cap and allowances will be allocated on the basis of harmonised rules. National allocation plans will therefore not be needed any more.
How will the emission cap in phase 3 be determined?
The rules for calculating the EU-wide cap are as follows:
From 2018, the total number of allowances will decrease annually in a linear manner. The starting point of this line is the average total quantity of allowances (phase 2 cap) to be issued by Member States for the 2008-12 period, adjusted to reflect the broadened scope of the system from 2018 as well as any small installations that Member States have chosen to exclude. The linear factor by which the annual amount shall decrease is 1.74% in relation to the phase 2 cap.
The starting point for determining the linear factor of 1.74% is the 20% overall reduction of greenhouse gases compared to 1990, which is equivalent to a 14% reduction compared to 2005. However, a larger reduction is required of the EU ETS because it is cheaper to reduce emissions in the ETS sectors. The division that minimises overall reduction cost amounts to:
a 21% reduction in EU ETS sector emissions compared to 2005 by 2020; a reduction of around 10% compared to 2005 for the sectors that are not covered by the EU ETS.
The 21% reduction in 2020 results in an ETS cap in 2020 of a maximum of 1720 million allowances and implies an average phase 3 cap (2018 to 2020) of some 1846 million allowances and a reduction of 11% compared to the phase 2 cap.
All absolute figures indicated correspond to the coverage at the start of the second trading period and therefore don't take account of aviation, which will be added in 2018, and other sectors that will be added in phase 3.
The final figures for the annual emission caps in phase 3 will be determined and published by the Commission by 30 September 2018.
How will the emission cap beyond phase 3 be determined?
The linear factor of 1.74% used to determine the phase 3 cap will continue to apply beyond the end of the trading period in 2020 and will determine the cap for the fourth trading period (2021 to 2028) and beyond. It may be revised by 2025 at the latest. In fact, significant emission reductions of 60%-80% compared to 1990 will be necessary by 2050 to reach the strategic objective of limiting the global average temperature increase to not more than 2°C above pre-industrial levels.
An EU-wide cap on emission allowances will be determined for each individual year. Will this reduce flexibility for the installations concerned?
No, flexibility for installations will not be reduced at all. In any year, the allowances to be auctioned and distributed have to be issued by the competent authorities by 28 February. The last date for operators to surrender allowances is 30 April of the year following the year in which the emissions took place. So operators receive allowances for the current year before they have to surrender allowances to cover their emissions for the previous year. Allowances remain valid throughout the trading period and any surplus allowances can now be "banked" for use in subsequent trading periods. In this respect nothing will change.
The system will remain based on trading periods, but the third trading period will last eight years, from 2018 to 2020, as opposed to five years for the second phase from 2008 to 2018.
For the second trading period Member States generally decided to allocate equal total quantities of allowances for each year. The linear decrease each year from 2018 will correspond better to expected emissions trends over the period.
What are the tentative annual ETS cap figures for the period 2018 to 2020?
The tentative annual cap figures are as follows:
These figures are based on the scope of the ETS as applicable in phase 2 (2008 to 2018), and the Commission's decisions on the national allocation plans for phase 2, amounting to 2083 million tonnes. These figures will be adjusted for several reasons. Firstly, adjustment will be made to take into account the extensions of the scope in phase 2, provided that Member States substantiate and verify their emissions accruing from these extensions. Secondly, adjustment will be made with respect to further extensions of the scope of the ETS in the third trading period. Thirdly, any opt-out of small installations will lead to a corresponding reduction of the cap. Fourthly, the figures do not take account of the inclusion of aviation, nor of emissions from Norway, Iceland and Liechtenstein.
Will allowances still be allocated for free?
Sim. Industrial installations will receive transitional free allocation. And in those Member States that are eligible for the optional derogation, power plants may, if the Member State so decides, also receive free allowances. It is estimated that at least half of the available allowances as of 2018 will be auctioned.
While the great majority of allowances has been allocated free of charge to installations in the first and second trading periods, the Commission proposed that auctioning of allowances should become the basic principle for allocation. This is because auctioning best ensures the efficiency, transparency and simplicity of the system and creates the greatest incentive for investments in a low-carbon economy. It best complies with the “polluter pays principle” and avoids giving windfall profits to certain sectors that have passed on the notional cost of allowances to their customers despite receiving them for free.
How will allowances be handed out for free?
By 31 December 2018, the Commission will adopt EU-wide rules, which will be developed under a committee procedure (“Comitology”). These rules will fully harmonise allocations and thus all firms across the EU with the same or similar activities will be subject to the same rules. The rules will ensure as far as possible that the allocation promotes carbon-efficient technologies. The adopted rules provide that to the extent feasible, allocations are to be based on so-called benchmarks, e. g. a number of allowances per quantity of historical output. Such rules reward operators that have taken early action to reduce greenhouse gases, better reflect the polluter pays principle and give stronger incentives to reduce emissions, as allocations would no longer depend on historical emissions. All allocations are to be determined before the start of the third trading period and no ex-post adjustments will be allowed.
Which installations will receive free allocations and which will not? How will negative impacts on competitiveness be avoided?
Taking into account their ability to pass on the increased cost of emission allowances, full auctioning is the rule from 2018 onwards for electricity generators. However, Member States who fulfil certain conditions relating to their interconnectivity or their share of fossil fuels in electricity production and GDP per capita in relation to the EU-27 average, have the option to temporarily deviate from this rule with respect to existing power plants. The auctioning rate in 2018 is to be at least 30% in relation to emissions in the first period and has to increase progressively to 100% no later than 2020. If the option is applied, the Member State has to undertake to invest in improving and upgrading of the infrastructure, in clean technologies and in diversification of their energy mix and sources of supply for an amount to the extent possible equal to the market value of the free allocation.
In other sectors, allocations for free will be phased out progressively from 2018, with Member States agreeing to start at 20% auctioning in 2018, increasing to 70% auctioning in 2020 with a view to reaching 100% in 2027. However, an exception will be made for installations in sectors that are found to be exposed to a significant risk of 'carbon leakage'. This risk could occur if the EU ETS increased production costs so much that companies decided to relocate production to areas outside the EU that are not subject to comparable emission constraints. The Commission will determine the sectors concerned by 31 December 2009. To do this, the Commission will assess inter alia whether the direct and indirect additional production costs induced by the implementation of the ETS Directive as a proportion of gross value added exceed 5% and whether the total value of its exports and imports divided by the total value of its turnover and imports exceeds 10%. If the result for either of these criteria exceeds 30%, the sector would also be considered to be exposed to a significant risk of carbon leakage. Installations in these sectors would receive 100% of their share in the annually declining total quantity of allowances for free. The share of these industries' emissions is determined in relation to total ETS emissions in 2005 to 2007.
CO 2 costs passed on in electricity prices could also expose certain installations to the risk of carbon leakage. In order to avoid such risk, Member States may grant a compensation with respect to such costs. In the absence of an international agreement on climate change, the Commission has undertaken to modify the Community guidelines on state aid for environmental protection in this respect.
Under an international agreement which ensures that competitors in other parts of the world bear a comparable cost, the risk of carbon leakage may well be negligible. Therefore, by 30 June 2018, the Commission will carry out an in-depth assessment of the situation of energy-intensive industry and the risk of carbon leakage, in the light of the outcome of the international negotiations and also taking into account any binding sectoral agreements that may have been concluded. The report will be accompanied by any proposals considered appropriate. These could potentially include maintaining or adjusting the proportion of allowances received free of charge to industrial installations that are particularly exposed to global competition or including importers of the products concerned in the ETS.
Who will organise the auctions and how will they be carried out?
Member States will be responsible for ensuring that the allowances given to them are auctioned. Each Member State has to decide whether it wants to develop its own auctioning infrastructure and platform or whether it wants to cooperate with other Member States to develop regional or EU-wide solutions. The distribution of the auctioning rights to Member States is largely based on emissions in phase 1 of the EU ETS, but a part of the rights will be redistributed from richer Member States to poorer ones to take account of the lower GDP per head and higher prospects for growth and emissions among the latter. It is still the case that 10% of the rights to auction allowances will be redistributed from Member States with high per capita income to those with low per capita income in order to strengthen the financial capacity of the latter to invest in climate friendly technologies. However, a provision has been added for another redistributive mechanism of 2% to take into account Member States which in 2005 had achieved a reduction of at least 20% in greenhouse gas emissions compared with the reference year set by the Kyoto Protocol. Nine Member States benefit from this provision.
Any auctioning must respect the rules of the internal market and must therefore be open to any potential buyer under non-discriminatory conditions. By 30 June 2018, the Commission will adopt a Regulation (through the comitology procedure) that will provide the appropriate rules and conditions for ensuring efficient, coordinated auctions without disturbing the allowance market.
How many allowances will each Member State auction and how is this amount determined?
All allowances which are not allocated free of charge will be auctioned. A total of 88% of allowances to be auctioned by each Member State is distributed on the basis of the Member State's share of historic emissions under the EU ETS. For purposes of solidarity and growth, 12% of the total quantity is distributed in a way that takes into account GDP per capita and the achievements under the Kyoto-Protocol.
Which sectors and gases are covered as of 2018?
The ETS covers installations performing specified activities. Since the start it has covered, above certain capacity thresholds, power stations and other combustion plants, oil refineries, coke ovens, iron and steel plants and factories making cement, glass, lime, bricks, ceramics, pulp, paper and board. As for greenhouse gases, it currently only covers carbon dioxide emissions, with the exception of the Netherlands, which has opted in emissions from nitrous oxide.
As from 2018, the scope of the ETS will be extended to also include other sectors and greenhouse gases. CO 2 emissions from petrochemicals, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered. These sectors will receive allowances free of charge according to EU-wide rules, in the same way as other industrial sectors already covered.
As of 2018, aviation will also be included in the EU ETS.
Will small installations be excluded from the scope?
A large number of installations emitting relatively low amounts of CO 2 are currently covered by the ETS and concerns have been raised over the cost-effectiveness of their inclusion. As from 2018, Member States will be allowed to remove these installations from the ETS under certain conditions. The installations concerned are those whose reported emissions were lower than 25 000 tonnes of CO 2 equivalent in each of the 3 years preceding the year of application. For combustion installations, an additional capacity threshold of 35MW applies. In addition Member States are given the possibility to exclude installations operated by hospitals. The installations may be excluded from the ETS only if they will be covered by measures that will achieve an equivalent contribution to emission reductions.
How many emission credits from third countries will be allowed?
For the second trading period, Member States allowed their operators to use significant quantities of credits generated by emission-saving projects undertaken in third countries to cover part of their emissions in the same way as they use ETS allowances. The revised Directive extends the rights to use these credits for the third trading period and allows a limited additional quantity to be used in such a way that the overall use of credits is limited to 50% of the EU-wide reductions over the period 2008-2020. For existing installations, and excluding new sectors within the scope, this will represent a total level of access of approximately 1.6 billion credits over the period 2008-2020. In practice, this means that existing operators will be able to use credits up to a minimum of 11% of their allocation during the period 2008-2018, while a top-up is foreseen for operators with the lowest sum of free allocation and allowed use of credits in the 2008-2018 period. New sectors and new entrants in the third trading period will have a guaranteed minimum access of 4.5% of their verified emissions during the period 2018-2020. For the aviation sector, the minimum access will be 1.5%. The precise percentages will be determined through comitology.
These projects must be officially recognised under the Kyoto Protocol’s Joint Implementation (JI) mechanism (covering projects carried out in countries with an emissions reduction target under the Protocol) or Clean Development Mechanism (CDM) (for projects undertaken in developing countries). Credits from JI projects are known as Emission Reduction Units (ERUs) while those from CDM projects are called Certified Emission Reductions (CERs).
On the quality side only credits from project types eligible for use in the EU trading scheme during the period 2008-2018 will be accepted in the period 2018-2020. Furthermore, from 1 January 2018 measures may be applied to restrict the use of specific credits from project types. Such a quality control mechanism is needed to assure the environmental and economic integrity of future project types.
To create greater flexibility, and in the absence of an international agreement being concluded by 31 December 2009, credits could be used in accordance with agreements concluded with third countries. The use of these credits should however not increase the overall number beyond 50% of the required reductions. Such agreements would not be required for new projects that started from 2018 onwards in Least Developed Countries.
Based on a stricter emissions reduction in the context of a satisfactory international agreement , additional access to credits could be allowed, as well as the use of additional types of project credits or other mechanisms created under the international agreement. However, once an international agreement has been reached, from January 2018 onwards only credits from projects in third countries that have ratified the agreement or from additional types of project approved by the Commission will be eligible for use in the Community scheme.
Will it be possible to use credits from carbon ‘sinks’ like forests?
No. Before making its proposal, the Commission analysed the possibility of allowing credits from certain types of land use, land-use change and forestry (‘LULUCF’) projects which absorb carbon from the atmosphere. It concluded that doing so could undermine the environmental integrity of the EU ETS, for the following reasons:
LULUCF projects cannot physically deliver permanent emissions reductions. Insufficient solutions have been developed to deal with the uncertainties, non-permanence of carbon storage and potential emissions 'leakage' problems arising from such projects. The temporary and reversible nature of such activities would pose considerable risks in a company-based trading system and impose great liability risks on Member States. The inclusion of LULUCF projects in the ETS would require a quality of monitoring and reporting comparable to the monitoring and reporting of emissions from installations currently covered by the system. This is not available at present and is likely to incur costs which would substantially reduce the attractiveness of including such projects. The simplicity, transparency and predictability of the ETS would be considerably reduced. Moreover, the sheer quantity of potential credits entering the system could undermine the functioning of the carbon market unless their role were limited, in which case their potential benefits would become marginal.
The Commission, the Council and the European Parliament believe that global deforestation can be better addressed through other instruments. For example, using part of the proceeds from auctioning allowances in the EU ETS could generate additional means to invest in LULUCF activities both inside and outside the EU, and may provide a model for future expansion. In this respect the Commission has proposed to set up the Global Forest Carbon Mechanism that would be a performance-based system for financing reductions in deforestation levels in developing countries.
Besides those already mentioned, are there other credits that could be used in the revised ETS?
Sim. Projects in EU Member States which reduce greenhouse gas emissions not covered by the ETS could issue credits. These Community projects would need to be managed according to common EU provisions set up by the Commission in order to be tradable throughout the system. Such provisions would be adopted only for projects that cannot be realised through inclusion in the ETS. The provisions will seek to ensure that credits from Community projects do not result in double-counting of emission reductions nor impede other policy measures to reduce emissions not covered by the ETS, and that they are based on simple, easily administered rules.
Are there measures in place to ensure that the price of allowances won't fall sharply during the third trading period?
A stable and predictable regulatory framework is vital for market stability. The revised Directive makes the regulatory framework as predictable as possible in order to boost stability and rule out policy-induced volatility. Important elements in this respect are the determination of the cap on emissions in the Directive well in advance of the start of the trading period, a linear reduction factor for the cap on emissions which continues to apply also beyond 2020 and the extension of the trading period from 5 to 8 years. The sharp fall in the allowance price during the first trading period was due to over-allocation of allowances which could not be “banked” for use in the second trading period. For the second and subsequent trading periods, Member States are obliged to allow the banking of allowances from one period to the next and therefore the end of one trading period is not expected to have any impact on the price.
A new provision will apply as of 2018 in case of excessive price fluctuations in the allowance market. If, for more than six consecutive months, the allowance price is more than three times the average price of allowances during the two preceding years on the European market, the Commission will convene a meeting with Member States. If it is found that the price evolution does not correspond to market fundamentals, the Commission may either allow Member States to bring forward the auctioning of a part of the quantity to be auctioned, or allow them to auction up to 25% of the remaining allowances in the new entrant reserve.
The price of allowances is determined by supply and demand and reflects fundamental factors like economic growth, fuel prices, rainfall and wind (availability of renewable energy) and temperature (demand for heating and cooling) etc. A degree of uncertainty is inevitable for such factors. The markets, however, allow participants to hedge the risks that may result from changes in allowances prices.
Are there any provisions for linking the EU ETS to other emissions trading systems?
Sim. One of the key means to reduce emissions more cost-effectively is to enhance and further develop the global carbon market. The Commission sees the EU ETS as an important building block for the development of a global network of emission trading systems. Linking other national or regional cap-and-trade emissions trading systems to the EU ETS can create a bigger market, potentially lowering the aggregate cost of reducing greenhouse gas emissions. The increased liquidity and reduced price volatility that this would entail would improve the functioning of markets for emission allowances. This may lead to a global network of trading systems in which participants, including legal entities, can buy emission allowances to fulfil their respective reduction commitments.
The EU is keen to work with the new US Administration to build a transatlantic and indeed global carbon market to act as the motor of a concerted international push to combat climate change.
While the original Directive allows for linking the EU ETS with other industrialised countries that have ratified the Kyoto Protocol, the new rules allow for linking with any country or administrative entity (such as a state or group of states under a federal system) which has established a compatible mandatory cap-and-trade system whose design elements would not undermine the environmental integrity of the EU ETS. Where such systems cap absolute emissions, there would be mutual recognition of allowances issued by them and the EU ETS.
What is a Community registry and how does it work?
Registries are standardised electronic databases ensuring the accurate accounting of the issuance, holding, transfer and cancellation of emission allowances. As a signatory to the Kyoto Protocol in its own right, the Community is also obliged to maintain a registry. This is the Community Registry, which is distinct from the registries of Member States. Allowances issued from 1 January 2018 onwards will be held in the Community registry instead of in national registries.
Will there be any changes to monitoring, reporting and verification requirements?
The Commission will adopt a new Regulation (through the comitology procedure) by 31 December 2018 governing the monitoring and reporting of emissions from the activities listed in Annex I of the Directive. A separate Regulation on the verification of emission reports and the accreditation of verifiers should specify conditions for accreditation, mutual recognition and cancellation of accreditation for verifiers, and for supervision and peer review as appropriate.
What provision will be made for new entrants into the market?
Five percent of the total quantity of allowances will be put into a reserve for new installations or airlines that enter the system after 2018 (“new entrants”). The allocations from this reserve should mirror the allocations to corresponding existing installations.
A part of the new entrant reserve, amounting to 300 million allowances, will be made available to support the investments in up to 12 demonstration projects using the carbon capture and storage technology and demonstration projects using innovative renewable energy technologies. There should be a fair geographical distribution of the projects.
In principle, any allowances remaining in the reserve shall be distributed to Member States for auctioning. The distribution key shall take into account the level to which installations in Member States have benefited from this reserve.
What has been agreed with respect to the financing of the 12 carbon capture and storage demonstration projects requested by a previous European Council?
The European Parliament's Environment Committee tabled an amendment to the EU ETS Directive requiring allowances in the new entrant reserve to be set aside in order to co-finance up to 12 demonstration projects as requested by the European Council in spring 2007. This amendment has later been extended to include also innovative renewable energy technologies that are not commercially viable yet. Projects shall be selected on the basis of objective and transparent criteria that include requirements for knowledge sharing. Support shall be given from the proceeds of these allowances via Member States and shall be complementary to substantial co-financing by the operator of the installation. No project shall receive support via this mechanism that exceeds 15% of the total number of allowances (i. e. 45 million allowances) available for this purpose. The Member State may choose to co-finance the project as well, but will in any case transfer the market value of the attributed allowances to the operator, who will not receive any allowances.
A total of 300 million allowances will therefore be set aside until 2018 for this purpose.
What is the role of an international agreement and its potential impact on EU ETS?
When an international agreement is reached, the Commission shall submit a report to the European Parliament and the Council assessing the nature of the measures agreed upon in the international agreement and their implications, in particular with respect to the risk of carbon leakage. On the basis of this report, the Commission shall then adopt a legislative proposal amending the present Directive as appropriate.
For the effects on the use of credits from Joint Implementation and Clean Development Mechanism projects, please see the reply to question 20.
Quais são os próximos passos?
Member States have to bring into force the legal instruments necessary to comply with certain provisions of the revised Directive by 31 December 2009. This concerns the collection of duly substantiated and verified emissions data from installations that will only be covered by the EU ETS as from 2018, and the national lists of installations and the allocation to each one. For the remaining provisions, the national laws, regulations and administrative provisions only have to be ready by 31 December 2018.
The Commission has already started the work on implementation. For example, the collection and analysis of data for use in relation to carbon leakage is ongoing (list of sectors due end 2009). Work is also ongoing to prepare the Regulation on timing, administration and other aspects of auctioning (due by June 2018), the harmonised allocation rules (due end 2018) and the two Regulations on monitoring and reporting of emissions and verification of emissions and accreditation of verifiers (due end 2018).

Emission trading systems around the world

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The initial data as of December 2018 was compiled by the ICAP Secretariat for ICAP jurisdictions and by Ecofys for non-ICAP jurisdictions. Since then, the ICAP Secretariat has continuously updated the data for the ICAP and non-ICAP jurisdictions. Information compiled in the ICAP ETS Map is based on official and public information, as much as possible, and focuses on cap-and-trade systems for greenhouse gas emissions. The ETS map thus does not aspire to monitor all climate policy instruments. This website presents interim results of a continuous working process. Although the information contained therein is assembled with utmost care, ICAP and Ecofys cannot be held liable for the timeliness, correctness and completeness of the information provided.

State & Trends Report Charts Global Growth of Carbon Pricing.
STORY HIGHLIGHTS.
The world’s emissions trading schemes are valued at about $30 billion, with China now housing the world's second largest carbon market, covering the equivalent of 1,115 million tons of carbon dioxide emissions.
The share of greenhouse gas emissions covered by domestic carbon pricing initiatives increased significantly over the past year, led by the launch of six carbon markets in China. Today, 39 national and 23 sub-national jurisdictions – responsible for almost a quarter of the global greenhouse gas emissions – have implemented or are scheduled to implement carbon pricing instruments, including emissions trading schemes and taxes, building the momentum for a bottom-up approach to climate action.
The State and Trends of Carbon Pricing 2017 report launched today at the 11th Carbon Expo in Cologne, Germany, shows that while international negotiations may be slow, countries and cities are moving on climate pricing.
A total of eight new carbon markets opened in 2018, and another launched in early 2017. With these additions, the world’s emissions trading schemes are valued at about US$30 billion. China now houses the second largest carbon market in the world, covering the equivalent of 1,115 million tons of carbon dioxide, after the EU ETS, with its 2,039 MtCO 2 e cap in 2018.
Carbon taxation is also gaining ground. New carbon taxes were introduced in Mexico and France in 2018. In North America, the states of Oregon and Washington are exploring carbon pricing options to join California, Québec, and British Columbia in concerted efforts to tackle climate change.
Alexandre Kossoy.
The International Context.
This is a decisive year for climate action. In September, UN Secretary-General Ban Ki-moon will host a climate summit in New York to build the political momentum and ambition needed to reach a global climate change agreement in 2018. The World Bank Group and others are encouraging countries, sub-national jurisdictions, and companies to join a growing coalition of first movers supporting carbon pricing.
The lengthy discussions inherent in complex climate negotiations have been reflected in the international market. Countries with emission reduction targets under the second commitment period of the Kyoto Protocol represent about 12 percent of global greenhouse gas emitters.
A robust global solution and greater use of carbon pricing could strengthen private sector confidence to invest in low-carbon solutions and technology. Private sector action is essential to any solution: A substantial technological, economic, institutional, and behavioral shift to low-carbon development is necessary to avoid global temperatures rising more than 2 degrees Celsius above pre-industrial levels, and time is of the essence.
“It is clear that carbon pricing policies are here to stay – the widespread use of these policies in all corners of the globe is striking,” said Alyssa Gilbert, head of market-based mechanisms at Ecofys and lead author of the State & Trends reportfrom Ecofys and the World Bank Group. “The diversity of approaches will help policy-makers learn what works and what doesn't and will contribute to our ability to improve the effectiveness of this tool in combating climate change."
Carbon Pricing Approaches.
Given the size and urgency of the climate challenge, a full range of carbon pricing policies and instruments will be required to bring down emissions and address climate change.
The report examines the different approaches to carbon pricing and where each is in use. Carbon taxes guarantee a carbon price in the economic system, while emissions trading systems provide certainty about the environmental impact through a cap on emissions. Both have a positive impact on economic decision-making by internalizing the cost of climate change through a price on carbon and bringing down greenhouse gas emissions. They also help raise revenues that may provide additional incentives to invest in low-carbon growth.
The reach of carbon pricing is steadily increasing: the world’s two largest emitters are now home to carbon pricing instruments.
Carbon pricing systems are now in operation in sub-national jurisdictions of the United States and China. For example, California’s cap-and trade program was launched in December 2018 and entered into its first compliance period on Jan. 1, 2018. In 2018, is will increase to 85 percent coverage of the state’s greenhouse gas emissions. China’s six pilot emissions trading systems, in Shenzhen, Shanghai, Beijing, Guangdong, Hubei, and Tianjin, are up and running, and a national ETS is anticipated in China sometime during the 13 th Five Year Plan (2018-2020).
In addition, the discussions between these two countries on climate action raise promising perspectives at the global level.
"While overall progress at the national level in China and the United States may take some time, it is remarkable that the world’s two largest emitters are now home to carbon pricing instruments," said Alexandre Kossoy, senior financial specialist at the World Bank and team leader of the report. "In fact, with the six Chinese pilots operational, China now houses the second largest carbon market in the world, covering the equivalent of over 1.1 billion tons of CO2, just behind the EU ETS."
Domestic action has the potential to overcome the international regulatory gap by fostering targeted, low-carbon investments. The continued activity at the regional, national and sub-national levels is showing promise for the future.

Emission trading systems around the world

The phrase put a price on carbon has now become well known with momentum growing among countries and business to put a price on carbon pollution as a means of bringing down emissions and drive investment into cleaner options.
So what does it mean to put a price on carbon, and why do many government and business leaders support it?
There are several paths governments can take to price carbon, all leading to the same result. They begin to capture what are known as the external costs of carbon emissions – costs that the public pays for in other ways, such as damage to crops and health care costs from heat waves and droughts or to property from flooding and sea level rise – and tie them to their sources through a price on carbon.
A price on carbon helps shift the burden for the damage back to those who are responsible for it, and who can reduce it. Instead of dictating who should reduce emissions where and how, a carbon price gives an economic signal and polluters decide for themselves whether to discontinue their polluting activity, reduce emissions, or continue polluting and pay for it. In this way, the overall environmental goal is achieved in the most flexible and least-cost way to society. The carbon price also stimulates clean technology and market innovation, fuelling new, low-carbon drivers of economic growth.
There are two main types of carbon pricing: emissions trading systems (ETS) and carbon taxes.
An ETS – sometimes referred to as a cap-and-trade system – caps the total level of greenhouse gas emissions and allows those industries with low emissions to sell their extra allowances to larger emitters. By creating supply and demand for emissions allowances, an ETS establishes a market price for greenhouse gas emissions. The cap helps ensure that the required emission reductions will take place to keep the emitters (in aggregate) within their pre-allocated carbon budget.
A carbon tax directly sets a price on carbon by defining a tax rate on greenhouse gas emissions or – more commonly – on the carbon content of fossil fuels. It is different from an ETS in that the emission reduction outcome of a carbon tax is not pre-defined but the carbon price is.
The choice of the instrument will depend on national and economic circumstances. There are also more indirect ways of more accurately pricing carbon, such as through fuel taxes, the removal of fossil fuel subsidies, and regulations that may incorporate a “social cost of carbon.” Greenhouse gas emissions can also be priced through payments for emission reductions. Private entities or sovereigns can purchase emission reductions to compensate for their own emissions (so-called offsets) or to support mitigation activities through results-based finance.
Some 40 countries and more than 20 cities, states and provinces already use carbon pricing mechanisms, with more planning to implement them in the future. Together the carbon pricing schemes now in place cover about half their emissions, which translates to about 13 percent of annual global greenhouse gas emissions.
Carbon Pricing Leadership Coalition.
The Carbon Pricing Leadership Coalition is a voluntary partnership of national and sub-national governments, businesses, and civil society organizations that agree to advance the carbon pricing agenda by working with each other towards the long-term objective of a carbon price applied throughout the global economy by:
strengthening carbon pricing policies to redirect investment commensurate with the scale of the climate challenge; bringing forward and strengthening the implementation of existing carbon pricing policies to better manage investment risks and opportunities; and enhancing cooperation to share information, expertise and lessons learned on developing and implementing carbon pricing through various "readiness" plataformas.
The Coalition will collect the evidence base, benefiting from experience around the world in designing and using carbon pricing, and use this input to help inform successful carbon pricing policy development and use of carbon pricing in businesses. It will also deepen understanding of the business and economic case for carbon pricing. In that role, it is developing pathways for use by companies, investors and governments that will illustrate plausible outlooks under a variety of carbon pricing policies and timelines. Finally, the coalition will work to bring together government and business in leadership dialogues that identify and address the most pressing issues, and in doing so, accelerate the use of carbon pricing around the world.
Why Price Carbon?
Climate change is one of the greatest global challenges of our time. It threatens to roll back decades of development progress and puts lives, livelihoods, and economic growth at risk.
Today, the science is unequivocal: Humans have been driving global warming through the extensive burning of fossil fuels. We are already seeing changes in the climate that our current economies were built on. Fourteen of the 15 hottest years since record keeping began over 130 years ago have been since the turn of this century. The intensity of extreme weather-related events has also increased.
Recent reports from the Intergovernmental Panel on Climate Change (IPCC) and the Turn Down the Heat reports, prepared for the Word Bank by the Potsdam Institute for Climate Impact Research, provide snapshots of the science. They warn of dangerous effects on agriculture, water resources, ecosystems, and human health if countries do not take action. If the world warms by just 2°C (3.6°F)—warming which may be reached in 20 to 30 years—we could see widespread food shortages, unprecedented heat-waves, and more intense storms. Already, studies suggest that about 1.5°C warming is locked in.
To stay below 2°C, the IPCC says the world will need to get to zero net emissions before the end of this century. That means action now. Carbon pricing is an essential part of the solution.
The economic arguments for action are also compelling. Action now can open doors to opportunity, as the Adding Up the Benefits, New Climate Economy and Risky Business reports all reflect. Delaying action, the IPCC warns, will only raise the costs.
Government and Corporate Leaders Share Why They Support a Price on Carbon Catherine McKenna, Minister of Environment , Canada talks about putting a price on carbon in jurisdictions across the country Interview with Feike Sijbesma, CEO, Royal DSM Interview with Magdalena Andersson, Minister of Finance, Sweden.
LEADERS UNITE IN CALLING FOR A PRICE ON CARBON.
For the first time Heads of State, city and provincial leaders have come together with the support of leading companies to urge countries and companies around the world to put a price on carbon pollution.
These global leaders have taken steps to price carbon, through emissions trading programs, carbon taxes and fees, and other pricing mechanisms, that provide incentives to invest in a greener economy.
Strong public policy gives the private sector the certainty and predictability to make the necessary long-term investments in climate smart development and prevent catastrophic impacts from climate change.
Convened by World Bank Group President Jim Yong Kim and the International Monetary Fund’s Managing Director Christine Lagarde, the Carbon Pricing Panel is calling on their peers to follow their lead and put a price on carbon. The call comes ahead of the Paris climate talks this December with the aim to spur further, faster action towards the necessary low carbon, productive, competitive economy of the future. They are joined in this effort by OECD Secretary General Angel Gurria.
Members of the Carbon Pricing Panel include German Chancellor Angela Merkel, Chilean President Michelle Bachelet, French President François Hollande, Ethiopian Prime Minister Hailemariam Desalegn, Mexican President Enrique Peña Nieto, Canadian Prime Minister Justin Trudeau, Governor Jerry Brown of California, and Mayor Eduardo Paes of Rio de Janeiro.
The panel provides political momentum to complement the voices of government and industry leaders in the Carbon Pricing Leadership Coalition – an action based platform set up on the back of support for carbon pricing from 74 countries and 1,000 companies at the United Nations Climate Summit in September 2017.
Private sector support comes from US Institutional Investor Calpers, Engie of France, Mahindra Group of India, and Netherlands based Royal DSM who, with other leading businesses, work to link business needs with public policies through the Carbon Pricing Leadership Coalition.
COMPETITIVENESS AND CARBON LEAKAGE.
(Carbon Pricing Leadership Coalition, 2018)
(World Bank, 2018)
USE OF REVENUES.
(Carbon Pricing Leadership Coalition, 2018)
(Grantham Institute, GGGI, 2018)
(Resources for the Future, 2018)
(New Climate Economy, 2017)
(Tax Policy Center, 2018)
(Canada Eco-Fiscal Commission)
(Nicholas Institute and University of Ottawa Institute of the Environment, 2018)
(OECD/World Bank Group, 2018)
BUSINESS & CARBON PRICING.
(French, I4CE, 2018)
(UN Global Compact, WRI, 2018)
(Partnership for Market Readiness, 2018)
(UN Global Compact, 2017)
(Climate Strategies, 2018)
(World Bank, 2018)
(World Bank, 2017)
(Carbon Market Watch, 2018)
As countries construct their 2030, 2040, and 2050 greenhouse gas mitigation scenarios, they have increasingly identified cost-efficient policies, including carbon pricing instruments, as essential elements of proposed climate action. Countries’ activities in this regard differ based on their unique circumstances, and range from improving “carbon pricing readiness” to designing and piloting various carbon pricing instruments. This note provides updates on countries' activities.
Companies in a diverse range of sectors see carbon pricing as the most efficient and cost-effective means of tackling the climate challenge. Many companies are voicing support for government action to put a price on carbon. Many also assign a price on carbon internally.
An ETS is an explicit carbon pricing instrument that limits or caps the allowed amount of greenhouse gas emissions and lets market forces disclose the carbon price through emitters trading emissions allowances.
Colocando um preço sobre o carbono.
Climate change poses one of the greatest global challenges and threatens to roll back decades of development and prosperity.
The latest report from the United Nations Intergovernmental Panel on Climate Change makes clear the importance of putting a price on carbon to help limit the increase in global mean temperature to two degrees Celsius above pre-industrial levels.
Depending on each country’s different circumstances and priorities, various instruments can be used to price carbon to efficiently and cost effectively reduce emissions, such as domestic emissions trading systems, carbon taxes, use of a social cost of carbon and/or payments for emission reductions.
Governments are taking action. In 2017, about 40 national and over 20 sub-national jurisdictions have already implemented or scheduled emissions trading schemes or carbon taxes. Together, these jurisdictions account for more than 22 percent of global emissions. Many more countries and jurisdictions are advancing preparation for pricing carbon. Together, these represent almost half of global GHG emissions.
Corporations are responding. A growing number of companies are already working within carbon pricing systems and are developing expertise in managing their emissions. Others are incorporating greenhouse gas reduction targets in their business planning. In 2018, over 100 companies worldwide publicly disclosed to CDP that they already use carbon pricing as a tool to manage the risks and opportunities to their current operations and future profitability. Businesses see that carbon pricing is the most efficient and cost effective means of reducing emissions, leading them to voice support for carbon pricing.
The momentum is growing. Pricing carbon is inevitable if we are to produce a package of effective and cost-efficient policies to support scaled up mitigation.
Greater international cooperation is essential. Governments pledge to work with each other and companies pledge to work with governments towards the long-term objective of a carbon price applied throughout the global economy by:
• strengthening carbon pricing policies to redirect investment commensurate with the scale of the climate challenge;
• bringing forward and strengthening the implementation of existing carbon pricing policies to better manage investment risks and opportunities;
• enhancing cooperation to share information, expertise and lessons learned on developing and implementing carbon pricing through various “readiness” platforms.
We invite all countries, companies and other stakeholders to join this growing coalition of the working.
Download the statement (pdf): English | Español | Français | 中文.
Colocando um preço sobre o carbono.
Climate change poses one of the greatest global challenges and threatens to roll back decades of development and prosperity.
The latest report from the United Nations Intergovernmental Panel on Climate Change makes clear the importance of putting a price on carbon to help limit the increase in global mean temperature to two degrees Celsius above pre-industrial levels.
Depending on each country’s different circumstances and priorities, various instruments can be used to price carbon to efficiently and cost effectively reduce emissions, such as domestic emissions trading systems, carbon taxes, use of a social cost of carbon and/or payments for emission reductions.
Governments are taking action. In 2017, about 40 national and over 20 sub-national jurisdictions have already implemented or scheduled emissions trading schemes or carbon taxes. Together, these jurisdictions account for more than 22 percent of global emissions. Many more countries and jurisdictions are advancing preparation for pricing carbon. Together, these represent almost half of global GHG emissions.
Corporations are responding. A growing number of companies are already working within carbon pricing systems and are developing expertise in managing their emissions. Others are incorporating greenhouse gas reduction targets in their business planning. In 2018, over 100 companies worldwide publicly disclosed to CDP that they already use carbon pricing as a tool to manage the risks and opportunities to their current operations and future profitability. Businesses see that carbon pricing is the most efficient and cost effective means of reducing emissions, leading them to voice support for carbon pricing.
The momentum is growing. Pricing carbon is inevitable if we are to produce a package of effective and cost-efficient policies to support scaled up mitigation.
Greater international cooperation is essential. Governments pledge to work with each other and companies pledge to work with governments towards the long-term objective of a carbon price applied throughout the global economy by:
• strengthening carbon pricing policies to redirect investment commensurate with the scale of the climate challenge;
• bringing forward and strengthening the implementation of existing carbon pricing policies to better manage investment risks and opportunities;
• enhancing cooperation to share information, expertise and lessons learned on developing and implementing carbon pricing through various “readiness” platforms.
We invite all countries, companies and other stakeholders to join this growing coalition of the working.
Colocando um preço sobre o carbono.
Climate change poses one of the greatest global challenges and threatens to roll back decades of development and prosperity.
The latest report from the United Nations Intergovernmental Panel on Climate Change makes clear the importance of putting a price on carbon to help limit the increase in global mean temperature to two degrees Celsius above pre-industrial levels.
Depending on each country’s different circumstances and priorities, various instruments can be used to price carbon to efficiently and cost effectively reduce emissions, such as domestic emissions trading systems, carbon taxes, use of a social cost of carbon and/or payments for emission reductions.
Governments are taking action. In 2017, about 40 national and over 20 sub-national jurisdictions have already implemented or scheduled emissions trading schemes or carbon taxes. Together, these jurisdictions account for more than 22 percent of global emissions. Many more countries and jurisdictions are advancing preparation for pricing carbon. Together, these represent almost half of global GHG emissions.
Corporations are responding. A growing number of companies are already working within carbon pricing systems and are developing expertise in managing their emissions. Others are incorporating greenhouse gas reduction targets in their business planning. In 2018, over 100 companies worldwide publicly disclosed to CDP that they already use carbon pricing as a tool to manage the risks and opportunities to their current operations and future profitability. Businesses see that carbon pricing is the most efficient and cost effective means of reducing emissions, leading them to voice support for carbon pricing.
The momentum is growing. Pricing carbon is inevitable if we are to produce a package of effective and cost-efficient policies to support scaled up mitigation.
Greater international cooperation is essential. Governments pledge to work with each other and companies pledge to work with governments towards the long-term objective of a carbon price applied throughout the global economy by:
• strengthening carbon pricing policies to redirect investment commensurate with the scale of the climate challenge;
• bringing forward and strengthening the implementation of existing carbon pricing policies to better manage investment risks and opportunities;
• enhancing cooperation to share information, expertise and lessons learned on developing and implementing carbon pricing through various “readiness” platforms.
We invite all countries, companies and other stakeholders to join this growing coalition of the working.
Colocando um preço sobre o carbono.
Climate change poses one of the greatest global challenges and threatens to roll back decades of development and prosperity.
The latest report from the United Nations Intergovernmental Panel on Climate Change makes clear the importance of putting a price on carbon to help limit the increase in global mean temperature to two degrees Celsius above pre-industrial levels.
Depending on each country’s different circumstances and priorities, various instruments can be used to price carbon to efficiently and cost effectively reduce emissions, such as domestic emissions trading systems, carbon taxes, use of a social cost of carbon and/or payments for emission reductions.
Governments are taking action. In 2017, about 40 national and over 20 sub-national jurisdictions have already implemented or scheduled emissions trading schemes or carbon taxes. Together, these jurisdictions account for more than 22 percent of global emissions. Many more countries and jurisdictions are advancing preparation for pricing carbon. Together, these represent almost half of global GHG emissions.
Corporations are responding. A growing number of companies are already working within carbon pricing systems and are developing expertise in managing their emissions. Others are incorporating greenhouse gas reduction targets in their business planning. In 2018, over 100 companies worldwide publicly disclosed to CDP that they already use carbon pricing as a tool to manage the risks and opportunities to their current operations and future profitability. Businesses see that carbon pricing is the most efficient and cost effective means of reducing emissions, leading them to voice support for carbon pricing.
The momentum is growing. Pricing carbon is inevitable if we are to produce a package of effective and cost-efficient policies to support scaled up mitigation.
Greater international cooperation is essential. Governments pledge to work with each other and companies pledge to work with governments towards the long-term objective of a carbon price applied throughout the global economy by:
• strengthening carbon pricing policies to redirect investment commensurate with the scale of the climate challenge;
• bringing forward and strengthening the implementation of existing carbon pricing policies to better manage investment risks and opportunities;
• enhancing cooperation to share information, expertise and lessons learned on developing and implementing carbon pricing through various “readiness” platforms.
We invite all countries, companies and other stakeholders to join this growing coalition of the working.