17 countries have carbon pricing mechanism as of December 2013
The statistics indicate carbon trading is growing. International Emissions Trading Association (IETA) says sector has increased since 2002 and as of December 2013, 17 countries have carbon pricing mechanisms either running or planned. These cover greenhouse gas emissions of 10 GtCO2e/y, equal to 21% of the 50 GtCO2e emitted globally.
The UN’s Clean Development Mechanism (CDM) and the European Union’s Emissions Trading Scheme (EU-ETS) have dominated global markets until now. However, both have suffered from plummeting carbon prices in the past year, a result of the economic crisis and the over-supply of credits.
So, both markets are likely to be eclipsed by China, which will see it become the world’s epicentre of carbon trading. By 2014 it could cover 700 million tonnes of emissions and by 2020 it could be worth US$ 3.5 trillion. But there are more key markets around the world.
To summarize, these markets will dominate the sector in the coming decade: Chinese Certified Emissions Reductions; Mexican carbon credits MEXICO2; Alberta carbon pricing; EU Emissions Trading Scheme; Australian Direct Action Plan; US Regional Greenhouse Gas Initiative; Kazakhstan Emissions Trading Scheme; Californian Cap-and-Trade; Québécois Cap-and-Trade; New Zealand Emissions Trading Scheme; Norwegian Greenhouse Gas Emissions Trading Act; South Korean Emissions Trading Scheme; Swiss Reduction of CO2 Act; UK Emissions Trading Scheme; Tokyo Cap-and-Trade; Japanese Cap-and-Trade; Indian Emissions Trading Scheme.