목차
Title page 1
Contents 4
Foreword 9
Excuted summary 10
CHAPTER 1. Introduction 13
1.1. Governments continue to advance carbon pricing and markets in the context of broader economic, financial, and social considerations 14
1.2. Scope of the report 17
CHAPTER 2. Carbon taxes and emission trading systems 19
2.1. Progress in key economies and planned scope expansions have increased global coverage and have primed the pipeline for future increases 20
2.2. Despite inflationary pressures, carbon prices held steady in real terms, but with variation across jurisdictions 31
2.3. Global carbon pricing revenues declined slightly, but continue to deliver over USD 100 billion to government budgets 40
CHAPTER 3. Carbon crediting markets and mechanisms 45
3.1. Domestic compliance demand for carbon credits increased, while voluntary buyers shifted toward carbon removals 46
3.2. Carbon credit supply levels declined slightly, while groundwork was laid for new supply from international mechanisms 54
3.3. Carbon credit prices generally declined, but credits with specific attributes continued to attract price premiums 64
ANNEX A. Reference list of publications 68
ANNEX B. Summary of carbon pricing instruments 69
ANNEX C. Definitions 73
ANNEX D. Methodologies and Sources 78
Endnotes 82
Tables 6
TABLE 1. Carbon pricing developments in key emerging economies 25
TABLE 2. Mapping of economic sectors and IPCC 2006 Guidelines for National Greenhouse Gas Inventories emissions codes 80
Figures 5
FIGURE 1. Share of global greenhouse gas emissions covered by an ETS or carbon tax, 2005-2025 21
FIGURE 2. Global map of ETS and carbon taxes implemented, under development, or under consideration 22
FIGURE 3. Share of economic sectors' global GHG emissions covered by an ETS or carbon tax 27
FIGURE 4. Prices and coverage across ETSs and carbon taxes, as of April 1, 2025 32
FIGURE 5. Emissions-weighted average carbon prices for covered emissions and global emissions, 2015-2025 33
FIGURE 6. Total carbon price by component in Latin America, 2016-2024 36
FIGURE 7. Carbon prices by fuel in Latin America, 2017-2024 37
FIGURE 8. Number of organizations using an internal carbon price and share of type of internal carbon price used, 2021-2024 38
FIGURE 9. Total revenues from ETSs and carbon taxes, 2015-2024 40
FIGURE 10. Share of ETS and carbon tax revenue by category, 2018-2024 43
FIGURE 11. Sources of demand and supply in global carbon credit markets 47
FIGURE 12. Total carbon credit retirements for compliance and voluntary purposes and demand sources for compliance retirements, 2023-2024 49
FIGURE 13. Carbon credit issuances and retirements from independent crediting mechanisms and volume of unretired credits, 2021-2024 50
FIGURE 14. Map of governmental crediting mechanisms as of April 1, 2025 55
FIGURE 15. Breakdown of unretired credits from independent crediting mechanisms by project type and credit vintage, as of April 2025 58
FIGURE 16. The evolution of new project listings in independent crediting mechanisms by category 59
FIGURE 17. Composition of issuances from independent crediting mechanisms by CCP-label status, million tCO₂e 60
FIGURE 18. Exchange-traded carbon credit prices by project types, January 1, 2022 to April 1, 2025 64
FIGURE 19. Comparison of average annual carbon credit prices from exchange-traded and over-the-counter transactions by project category, 2023-2024 65
Boxes 6
BOX 1. Effectiveness of emissions trading systems and carbon taxes 15
BOX 2. What is carbon pricing? 18
BOX 3. The political economy of carbon pricing 23
BOX 4. Border carbon adjustment mechanisms 26
BOX 5. The growing role of rate-based emissions trading schemes 30
BOX 6. Total carbon pricing in Latin America 35
BOX 7. Three real-world examples of carbon pricing revenue allocation or planned use 42
BOX 8. The carbon credit market landscape 47
BOX 9. Interactions between carbon pricing and crediting mechanisms 51
BOX 10. COP29 decisions on Article 6 62
