POWER April 2021 - 8

GLOBAL MONITOR
THE BIG PICTURE: Carbon Pricing
More than 60 carbon pricing initiatives are now in place or scheduled for implementation around the world, and The World Bank, which
monitors initiatives, projects the carbon pricing story will only expand as more jurisdictions take up more ambitious climate goals. Roughly
half of these initiatives are emission trading systems (ETS), while the other half are carbon taxes. In 2019, South Africa became the first
country in Africa to put a price on carbon, while Singapore's carbon tax marked the first such initiative in Asia. In 2020, Mexico launched Latin
America's first ETS; the three-year pilot covers 37% of Mexico's national emissions. China's national ETS-which launched in February
2021-only covers the power sector, though monitoring, reporting and verification (MRV) obligations are being rolled out to other sectors to
facilitate their gradual inclusion in the carbon market. Indonesia, too, is in the process of developing a voluntary domestic ETS for its power
sector. Notes: Carbon pricing initiatives are considered " scheduled for implementation " once they are formally adopted through legislation and
have an official, planned start date. Carbon pricing initiatives are considered " under consideration " if the government has announced its intention
to work towards the implementation of a carbon pricing initiative and this has been formally confirmed by official government sources.
Source: World Bank. " State and Trends of Carbon Pricing 2020 " (May), World Bank, Washington, DC. Doi: 10.1596/978-1-4648-1586-7.
-Sonal Patel is POWER's senior associate editor.
Alberta
Newfoundland
and Labrador
Germany
Den mark
Manitoba
Québec
Luxembourg
Saskatchewan
Ontario
Pennsylvania
Virginia
RGGI = Regional
Greenhouse Gas Initiative
TCI = Transportation and
Climate Initiative
*RGGI
*TCI
Nova Scotia
New Brunswick
Massachusetts
Po
Prince
Edward Island
Spain
Portugal
France
Catalonia
Austria
Switzerland
Slovenia
Liechtenstein
Singapore
Montenegro
The Netherlands
UK
Ireland
Sweden
Norway
Finland
Latvia
Estonia
Poland
Ukraine
Beijing
Tianjin
Hubei
Chongqing
Guangdong
Shenzhen
Fujian
Taiwan
Shanghai
Saitama
Tokyo
Northwest
Territories Canada
Iceland
British
Columbia
Washington
Oregon
California
China
Turkey
Mexico
Senegal
Colombia
Brazil
Rio de Janeiro
São Paulo
Chile
Argentina
South Africa
New
Zealand
Australia
Côte d'Ivoire
Thailand
Indonesia
Vietnam
Kazakhstan
European
Union
Republic
of Korea
Japan
ETS implemented or scheduled for implementation
Carbon tax implemented or scheduled for implementation
ETS or carbon tax under consideration
ETS and carbon tax implemented or scheduled
Carbon tax implemented or scheduled, ETS under consideration
ETS implemented or scheduled, ETS or carbon tax under consideration
ETS and carbon tax implemented or scheduled, ETS or carbon tax under consideration
8
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POWER April 2021

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