June 2, 2014 – The World Bank launched it's annual State and Trends of Carbon Pricing report last week, noting that "the share of greenhouse gas emissions covered by domestic carbon pricing initiatives increased significantly over the past year, led by the launch of six carbon markets in China. Today, 39 national and 23 sub-national jurisdictions – responsible for almost a quarter of the global greenhouse gas emissions – have implemented or are scheduled to implement carbon pricing instruments, including emissions trading schemes and taxes, building the momentum for a bottom-up approach to climate action." The study shows that Asia's role in global greenhouse gas emissions markets is growing, and that various GHG pricing mechanisms are moving ahead, particularly at the city and province/state level.
The Bank says that "a total of eight new carbon markets opened in 2013, and another launched in early 2014. With these additions, the world’s emissions trading schemes are valued at about US$30 billion. China now houses the second largest carbon market in the world, covering the equivalent of 1,115 million tons of carbon dioxide, after the EU ETS, with its 2,039 MtCO2e cap in 2013. Carbon taxation is also gaining ground. New carbon taxes were introduced in Mexico and France in 2013. In North America, the states of Oregon and Washington are exploring carbon pricing options to join California, Québec, and British Columbia in concerted efforts to tackle climate change."