AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
World

Global carbon pricing schemes raised $53bn in 2020: World Bank

  • Many countries are using a price on carbon to help meet their climate goals in the form of a tax or under an emissions trading (ETS), or cap-and-trade, system.
  • "Despite the social and economic upheaval caused by COVID-19, jurisdictions and companies have not wavered in their commitment to fighting climate change," the report said.
Published May 25, 2021
Follow us

LONDON: Countries around the world raised $53 billion last year by charging firms for emitting carbon dioxide (CO2), up almost 18% from 2019 as some imposed new levies and prices in some existing schemes rose, the World Bank said in a report on Tuesday.

Many countries are using a price on carbon to help meet their climate goals in the form of a tax or under an emissions trading (ETS), or cap-and-trade, system.

The world's seven largest advanced economies last week recognised the role carbon pricing can play in driving innovation and new technology to hit net zero emissions.

"Despite the social and economic upheaval caused by COVID-19, jurisdictions and companies have not wavered in their commitment to fighting climate change," the report said.

There were 64 global carbon pricing instruments in operation in 2021, compared with 58 in 2020, covering more than 21% of global greenhouse gas emissions, up from 15.1% last year, the report said.

The increase in emissions covered is largely due to the launch this year of China's national ETS - the world's largest carbon market - initially covering about 30% of the country's emissions, or some 4 billion tonnes of CO2, the report said.

The increase in revenues generated last year was mainly due to higher prices in the European Union's ETS, where the cost of carbon permits rose more than 30%.

The World Bank said, however, that carbon prices in most regions of the world remained well below levels needed to drive changes to meet the 2015 Paris climate agreement.

"A majority of carbon prices still remain far below the $40-$80/tCO2e (tonnes carbon dioxide equivalent) range needed in 2020 to meet the 2 Celsius temperature goal," the report said. "Higher prices will be needed ... to reach the 1.5C target."

Nearly 200 countries have signed the Paris agreement, which aims to limit global warming to well below 2C (3.6 Fahrenheit) above pre-industrial levels, and preferably 1.5C.

Comments

Comments are closed.

Global carbon pricing schemes raised $53bn in 2020: World Bank

Rupee remains unchanged against US dollar

Giving the govt a chance, sit with us and call elections: Imran Khan

Oil ticks up ahead of OPEC+ meeting, EU Russian oil ban

PM Shehbaz condemns assassination attempt on Pakistani envoy in Kabul

OMCs take a hit as petroleum sales drop in Pakistan

India to continue buying Russian oil: ministry source

Imran Khan says Senator Azam Swati treated in 'vengeful manner'

Qurat ul Ain Fatima appointed new ECP spokesperson

OPEC set to stick or cut more amid plan to cap Russian oil price

Shafique and Haq give Pakistan solid start after England’s 657