The world’s emissions trading schemes (ETS) are now valued at around $US30 billion.
This figure was provided by the World Bank in a report it released on the evolution of carbon pricing around the globe.
The report says globally, 39 national and 23 sub-national jurisdictions have implemented, or are scheduled to implement, carbon pricing instruments including emissions trading schemes and taxes. China has the world's second largest carbon market, covering the equivalent of 1,115 million tonnes of carbon dioxide emissions.
A total of eight new carbon markets opened in 2013, and another launched in early 2014. The report says carbon taxation is also gaining ground with new taxes introduced in Mexico and France last year.
In North America, the states of Oregan and Washington are exploring carbon pricing options to join California, Quebec and British Columbia. The report team leader and senior financial specialist Alexandre Kossoy said that while overall progress at the national level in China and the United States may take some time, it is remarkable that the world's two largest emitters are now home to carbon pricing instruments.
Lead author of the report and the head of market based mechanisms at Ecofys, Alyssa Gilbert, said it's clear carbon pricing policies are here to stay.
“The widespread use of these policies in all corners of the globe is striking," she said. “The diversity of approaches will help policy-makers learn what works and what doesn't and will contribute to our ability to improve the effectiveness of this tool in combating climate change.”
The reach of carbon pricing is steadily increasing. For example, China's six pilot emissions trading systems in Shenzhen, Shanghai, Beijing, Guangdong, Hubei and Tianjin are operational and a national ETS is planned in China between 2016 and 2020.