“State and Trends of Carbon Pricing 2024” published by the World Bank.

At this time is Monday, Might 27, 2024.

Final week, the World Financial institution launched its annual report “State and Trends of Carbon Pricing 2024”.

Certainly, by way of mapping carbon costs and schemes around the globe, the World Financial institution is a stable reference.

In response to the World Financial institution press launch, in 2023 revenues from carbon buying and selling reached a report US$104 billion.

Greater than half of those revenues had been used to fund local weather and environmental applications, which is constructive information.

However far more is required, contemplating all of the struggling that’s presently seen around the globe, associated to local weather catastrophes.

There are presently 75 carbon pricing devices working around the globe, with latest efforts in Australia, Hungary, Slovenia, Taiwan, China and subnational schemes in Mexico.

The report additionally cites efforts in Brazil, India, Chile, Colombia and Turkey, that are shifting ahead with their nationwide carbon pricing schemes.

International locations resembling China, Vietnam, Thailand and Singapore are additionally enhancing their carbon laws and markets, together with as we’ve reported.

Regardless of these latest constructive traits, increased costs and broader protection are nonetheless wanted to unlock the potential of carbon markets. From the chief abstract, the next two quotes:

• Costs decreased in most challenge classes besides carbon elimination initiatives, signaling curiosity on this class.

• In over-the-counter transactions, extra resilient costs are seen, maybe as a result of they permit particular methods for patrons.

Concerning the integrity of carbon credit, they nonetheless stay a essential concern for the market

. “This report can help expand the knowledge base so policymakers understand what is already working and why both coverage and prices need to increase to reduce emissions.” stated Axel van Trotsenburg,World Financial institution Senior Managing Director

. O Carbon Border Adjustment Mechanism of the European Union is also mentioned as “encouraging governments to consider carbon pricing for sectors such as iron and steel, aluminum, cement, fertilizers and electricity”,regardless of all of the considerations at WTO stage

. Click on on the picture under to see the press launchand right here for the 76-page report. Maybe of particular curiosity is web page 25, the place “Figure 7: Prices and coverage across ETSs and carbon taxes, as of April 1, 2024

Download PDF • 5.79MB Carbon Credit score Markets is engaged on services to help the evaluation of the integrity of carbon credit, each know-how and NBS. Within the coming months, a market with options will likely be obtainable. If you’re fascinated by providing us one thing with the identical goal – documentation, due diligence, auditing, compliance – ship an e-mail tocontact@damasceno.orgwith the topic “