The highlight number of carbon pricing

Carbon pricing is an essential instrument for reducing greenhouse gas emissions. Carbon pricing has many forms, including carbon taxes, emissions trading system (ETS); internal carbon pricing (ICP); offset mechanisms of carbon credits… etc.

Here is some interesting carbon pricing information, updated with data from the World Bank’s “State and Trends of Carbon Pricing 2022” report.

USD 84 billion in revenue

Global carbon pricing revenue in 2021 established a record of over USD84 billion, an increase of approximately USD 31 billion over 2020 – an increase of almost 60%. Higher carbon prices drove revenue growth, particularly in the European Union Emissions Trading System (EU-ETS), which accounts for around 41% of total global carbon pricing revenue, and the New Zealand ETS and the California Cap-and-Trade Program. Prices in carbon taxes and ETS have reached new records in many jurisdictions, driven by ambitious climate policies and economic factors such as energy prices.

In particular, revenue from ETS surpassed revenue from carbon taxes for the first time in 2021, accounting for 67 percent of total global carbon pricing revenue. It demonstrates a rapid growth in the value and share of ETS. ETS revenue accounted for 26 percent of total carbon pricing revenue in 2016, increasing to 34 percent in 2017, 47 percent in 2018-2019, and equivalent share to a carbon tax (reaching 49 percent) in 2020.

Dinh gia carbonCarbon pricing instrument revenue in 2021, as well as the development of global carbon pricing revenue over time (Image source: World Bank)

Carbon credits based on emissions reductions (such as carbon capture and afforestation) price USD 19/credit as of March 2022, a 48 percent increase over the previous six months. Emissions reduction or avoidance credits are less expensive, costing just around 40% of this price.

The carbon tax rates also increased in 2021 and early 2022, by an average of USD 6/ton in 2021 and an additional USD 5/ton starting April 20, 2022. Most observed price increases are due to planned changes or adjusted rates. Several jurisdictions have likewise set more ambitious price trajectories for the future years. Singapore, for example, intends to progressively increase the carbon tax rate from SGD 5 (Singapore dollars) to SGD 25/ton (USD 18/ton) in 2024-2025, 45 SGD (USD 33/ton) in 2026-2027, and SGD 50-80 (USD 37-59/ton) in 2030.

The significant increase in carbon pricing revenue demonstrates the tool’s potential for development. It also highlights the significance of carbon pricing as a financial instrument to help achieve larger policy objectives, such as post-pandemic recovery, assisting vulnerable sectors and communities in adapting to climate impacts, and achieving just transitions.

However, the carbon price remains far below the amount necessary to reach the Paris Agreement’s climate targets. Carbon prices must be in the USD 50-100/ton range to keep the average global temperature increase below 2 degrees Celsius. Meanwhile, to reach net-zero emissions by 2050 – the milestone for limiting global temperature rise to 1.5 degrees Celsius – it is estimated that the carbon price needed is in the range of USD 50-250/ton, with the average being USD 100/ton.

68 carbon pricing instruments (CPIs)

There are 68 CPIs operating throughout the globe as of April 2022, with three more planned. Carbon pricing accounts for around 23% of total global greenhouse gas emissions.

In the past year (May 2021 to May 2022), a new carbon tax (in Uruguay) and three new ETSs (in Oregon, New Brunswick, and Ontario) have been operated. Carbon pricing instruments are also scheduled for implementation in Indonesia, Austria, and Washington (USA). Other nations and regions, such as Israel, Malaysia, and Botswana, have announced their intention to develop carbon pricing, while Vietnam has outlined a plan to set up an ETS. Several additional jurisdictions in Africa, Central Europe, and Asia are also evaluating the potential of implementing carbon pricing.

Dinh-gia-carbonGlobal map of carbon taxes and ETSs

(Image source: World Bank, Vietnamization: Vu Phong Energy Group)

Voluntary carbon market: surpassing 1 billion USD

In 2021, the carbon credit markets increased by 48%. For the first time, the total value of the voluntary carbon market surpassed one billion USD (November 2021). The volume of carbon credits traded on the voluntary market exceeded 362 million credits, representing a more than 92 percent increase over 2020. The main driver of the voluntary carbon market is corporate environmental goals, as corporations commit to decarbonizing the value chain and achieving net-zero emissions. The Glasgow Financial Alliance for Net Zero (GFANZ), which includes over 450 banks, insurers, and investors worldwide committed to addressing climate change in their operations, reinforces this trend.

Carbon credit demand is forecasted to grow 15-fold by 2030, to 1.5-2 GtCO2 per year, and 100-fold by 2050, to 7-13 GtCO2.

Internal carbon pricing: USD 0.8-6,000/ton

Companies are becoming more interested in implementing an internal carbon pricing mechanism. Companies that go public with a CDP in 2021 report that 16 percent have implemented internal carbon pricing, and 19 percent plan to implement such a price in the following two years. The number of reports using internal carbon pricing increased by 16 percent in both 2020 and 2021.

Internal carbon pricing is reported to be USD 0.8-6,000/ton, but most of it remains below $50-100/ton – the economists believe the price is needed to meet the Paris Agreement’s goals. Approximately 950 companies have disclosed their internal carbon pricing to CDPs, with 68 percent charging USD 50/ton or less and 18 percent charging USD 50-100/ton. Less than 100 companies charge more than USD 100 per ton.

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碳定价的亮点数

碳定价是减少温室气体排放的重要工具。 碳定价有多种形式,包括碳税、排放交易体系(ETS); 内部碳定价(ICP); 碳信用的抵消机制……等。

以下是一些有趣的碳定价信息,根据世界银行“2022 年碳定价状态和趋势”报告中的数据进行了更新。

840 亿美元的收入

2021 年全球碳定价收入创历史新高,超过 840 亿美元,比 2020 年增加约 310 亿美元,增长近 60%。较高的碳价格推动了收入增长,特别是在占全球碳定价总收入约 41% 的欧盟排放交易系统 (EU-ETS) 以及新西兰 ETS 和加利福尼亚总量控制与交易计划中。在雄心勃勃的气候政策和能源价格等经济因素的推动下,许多司法管辖区的碳税和 ETS 价格创下新纪录。

特别是,ETS 的收入在 2021 年首次超过碳税收入,占全球碳定价总收入的 67%。它显示了 ETS 的价值和份额的快速增长。 ETS 收入占 2016 年碳定价总收入的 26%,2017 年增加到 34%,2018-2019 年增加到 47%,2020 年与碳税相当(达到 49%)。

Dinh gia carbon2021年碳定价工具收入,以及全球碳定价收入随时间推移的发展情况(图片来源:世界银行)

截至 2022 年 3 月,基于减排(如碳捕获和植树造林)的碳信用额为 19 美元/信用额,比前六个月增加了 48%。减排或避免信用的成本较低,仅为该价格的 40% 左右。

碳税税率在 2021 年和 2022 年初也增加了,2021 年平均每吨增加 6 美元,从 2022 年 4 月 20 日开始增加每吨 5 美元。大多数观察到的价格上涨是由于计划的变化或调整后的税率。几个司法管辖区同样为未来几年设定了更雄心勃勃的价格轨迹。例如,新加坡打算在 2024-2025 年将碳税税率从 5 新加坡元(新加坡元)逐步提高到 25 新加坡元/吨(18 美元/吨),在 2026-2027 年逐步提高到 45 新加坡元(33 美元/吨),以及2030 年为 50-80 新元(37-59 美元/吨)。

碳定价收入的显着增长证明了该工具的发展潜力。它还强调了碳定价作为一种金融工具的重要性,它有助于实现更大的政策目标,例如大流行后的复苏、帮助脆弱的部门和社区适应气候影响以及实现公正的过渡。

然而,碳价格仍远低于实现《巴黎协定》气候目标所需的金额。碳价格必须在 50-100 美元/吨的范围内,才能将全球平均气温上升幅度控制在 2 摄氏度以下。同时,到 2050 年实现净零排放——将全球升温限制在 1.5 摄氏度的里程碑——估计所需的碳价在 50-250 美元/吨之间,平均为 100 美元/吨。吨。

68 种碳定价工具 (CPI)

截至 2022 年 4 月,全球有 68 个 CPIs 在运行,计划中还有 3 个。 碳定价约占全球温室气体排放总量的 23%。

在过去的一年(2021 年 5 月至 2022 年 5 月),一项新的碳税(在乌拉圭)和三个新的 ETS(在俄勒冈、新不伦瑞克和安大略)已经运行。 碳定价工具也计划在印度尼西亚、奥地利和华盛顿(美国)实施。 其他国家和地区,如以色列、马来西亚和博茨瓦纳,已宣布打算制定碳定价,而越南已概述了建立 ETS 的计划。 非洲、中欧和亚洲的其他几个司法管辖区也在评估实施碳定价的潜力。

Dinh-gia-carbon全球碳税和排放交易体系地图

(图片来源:世界银行,越南化:Vu Phong Energy Group)

自愿碳市场:超过 10 亿美元

2021 年,碳信用市场增长了 48%。 自愿碳市场的总价值首次超过 10 亿美元(2021 年 11 月)。 在自愿市场上交易的碳信用额超过 3.62 亿信用额,比 2020 年增长了 92% 以上。自愿碳市场的主要驱动力是企业环境目标,因为企业致力于实现价值链脱碳并实现净碳排放。 零排放。 格拉斯哥净零金融联盟 (GFANZ) 包括全球 450 多家银行、保险公司和投资者,致力于在其运营中应对气候变化,强化了这一趋势。

预计到 2030 年,碳信用需求将增长 15 倍,达到每年 1.5-2 GtCO2,到 2050 年增长 100 倍,达到 7-13 GtCO2。

内部碳定价:0.8-6,000美元/吨

公司对实施内部碳定价机制越来越感兴趣。 2021 年通过 CDP 上市的公司报告称,16% 的公司已经实施了内部碳定价,19% 的公司计划在接下来的两年内实施这样的价格。 使用内部碳定价的报告数量在 2020 年和 2021 年均增加了 16%。

据报道,内部碳定价为 0.8-6,000 美元/吨,但大部分仍低于 50-100 美元/吨——经济学家认为该价格是实现《巴黎协定》目标所必需的。 大约 950 家公司向 CDP 披露了其内部碳定价,其中 68% 的收费为 50 美元/吨或更低,18% 的收费为 50-100 美元/吨。 不到 100 家公司的收费超过每吨 100 美元。

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