Last year brought highs and lows in the global effort to confront climate change. On one hand, we saw an upsurge in international commitment to action, including deals announced at the extraordinary One Planet Summit that marked two years since the signing of the Paris Agreement. On the other, 2017 was marked by the devastation and loss that climate extremes continue to wreak on people and economies through more severe hurricanes, floods, drought, and wildfires. The fact remains: at the current rate of progress, we are not on track to achieve the Paris Agreement targets. And once again, we even see emissions back on the rise.
This is why innovative partnerships like the Carbon Pricing Leadership Coalition are so important. Through this coalition, we can inspire greater ambition and show—by example—how to overcome challenges. We are seeing this more and more as public and private stakeholders come together to drive sensible action on climate change. Now, many leaders in industry and government are looking to carbon pricing tools as costeffective mechanisms for creating incentives for climate action. They see the triple dividend of carbon pricing: its contributions to the health of the environment and the public; the revenue it generates; and the innovation and critical investments in clean and low-emission technologies that it can drive.
The Carbon Pricing Leadership Coalition Leadership Report serves as the Coalition’s annual report by providing the latest on CPLC activities while also aiming to inspire government and business leaders to take more action
2018 International Bank for Reconstruction and Development and International Development Association / The World Bank
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This article analyses the implementation of emissions trading systems (ETSs) in eight jurisdictions: the EU, Switzerland, the Regional Greenhouse Gas Initiative (RGGI) and California in the US, Québec in Canada, New Zealand, the Republic of Korea and pilot schemes in China. The article clarifies what is working, what isn’t and why, when it comes to the practice of implementing an ETS.
The international community has increasingly recognised the need for such transformative action, not only through international agreements (such as the Paris Agreement), but also through forums such as the G7 and G20. However, going beyond an incremental approach to climate policy development and thinking 'outside the climate box' remains a challenge.
An emissions trading system (ETS) is a market-based mechanism that is applied to achieve emissions targets at least cost. By fixing a quantity of emissions (the cap), requiring that companies surrender one allowance for each unit of emissions generated and making the allowance tradable, a carbon market is created through which an allowance price emerges.