-202406050837303541.jpg)
Global carbon pricing revenues reach a record $104 billion
Summary
There are now 75 carbon pricing instruments in operation worldwide, according to the report.
In 2023, carbon pricing revenues reached a record $104 billion, according to the World Bank’s annual “State and Trends of Carbon Pricing 2024” report released on 21 May 2024. Emissions trading schemes generated majority of this revenue, over half of which funds climate and nature programmes.
There are now 75 carbon pricing instruments in operation worldwide, according to the report.
The report’s findings show large middle-income countries including Brazil, India, Chile, Colombia, and Türkiye are making strides in carbon pricing implementation. While traditional sectors like power and industry continue to dominate, carbon pricing is increasingly being considered in new sectors such as aviation, shipping, and waste. The EU’s Carbon Border Adjustment Mechanism, currently in a transitional phase, is also encouraging governments to consider carbon pricing for sectors such iron and steel, aluminium, cement, fertilisers, and electricity.
“Carbon pricing can be one of the most powerful tools to help countries reduce emissions. That’s why it is good to see these instruments expand to new sectors, become more adaptable and complement other measures,” said Axel van Trotsenburg, World Bank Senior Managing Director.
Related
-
Global carbon pricing generates record $84 billion in revenue
Carbon prices hit record highs in many jurisdictions, including the European Union, California, New Zealand, the Republic ...
-
The carbon price conundrum
The EU has now proposed a carbon border adjustment mechanism (CBAM) that represents a departure from the voluntary spirit ...
-
Access Bank honoured at Global Finance 2021 Sustainable Finance Awards
Global Finance considered that Access Bank is the first African bank to be recognized as qualified for the 2X Challenge, an ...
Sustainable Development Section Sponsor
-
Access Bank Plc ...Financing the future
-
... Sustainable Cities
