25% of Global Carbon Emissions Will Be Priced Within Two Years
Bit by bit, region by region, countries are beginning to put a price on carbon, so that 25% of the world’s emissions are likely to be priced within two years.
“The big story (as usual) is China, which is planning on rolling out a nationwide cap-and-trade system in 2016,” Roberts writes. “That system will instantly become the largest in the world, covering some 5,000 million metric tons worth of emissions, about 13% of the world’s total.”
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The Sightline Institute reports that “prices range from $1 to $168 per ton, but most cluster between $10 and $30 per ton. For example, California’s price is currently around $13 per ton, and British Columbia’s price is currently around $28. The price outlier at $168 per ton is Sweden, where a high and persistent price has helped reduce pollution 13% in a decade. A carbon tax of $28 plus other policies have helped Ireland slash pollution more than 15% since 2008.”