Governments at national and subnational levels around the world continue to prepare for, and implement, carbon pricing initiatives as a means to curb their emissions while raising revenues, a new World Bank report finds.
More Governments Taking Up Carbon Pricing and Seeing Big Benefits in Revenues: World Bank Report
Governments at national and subnational levels around the world continue to prepare for, and implement, carbon pricing initiatives as a means to curb their emissions while raising revenues, a new World Bank report finds.
Launched at the Innovate4Climate conference in Frankfurt, the annual State and Trends of Carbon Pricing 2018 report shows that carbon pricing continues to gain traction. This edition of the report also includes emerging trends as countries negotiate the guidelines of the Paris Agreement, in the run-up to the 24th Conference of the Parties (COP24) to the United Nations Framework Convention on Climate Change (UNFCCC).
To date, 70 jurisdictions (45 national and 25 sub-national) have implemented, or are scheduled to implement, carbon pricing initiatives. These mechanisms helped governments raise about $33 billion in 2017 in carbon pricing revenues from allowance auctions, direct payments to meet compliance obligations, and carbon tax receipts. This represents a 50% increase compared to the US$22 billion raised in 2016.
Implementation of carbon pricing initiatives has tripled in the past decade. In 2016 and 2017, this increase was primarily driven by jurisdictions in the Americas, including Chile, Colombia, the Canadian provinces of Alberta and Ontario, and the U.S. states of California, Massachusetts and Washington. But other regions are also active. In December 2017, China announced its plan to operationalize its national emissions trading system (ETS) in phases, starting with the power sector.
With a fully operational Chinese ETS, carbon pricing mechanisms around the world are projected to cover 11 gigatons of carbon dioxide equivalent (GtCO2e), or about 20 percent of global greenhouse gas emissions, up from 15 percent last year. The report also finds that carbon prices are rising, with about half of emissions now covered by carbon pricing initiatives priced at over US$10/tCO2e, compared to one-quarter of emissions covered in 2017.
“Governments at all levels are starting to see the effectiveness of carbon pricing in their efforts to cut harmful carbon pollution while also raising revenues for climate and other policies, including environmental action. As countries take stock of their Paris Agreement commitments and set a path towards increased ambition, carbon pricing mechanisms with robust pricing levels are proving to be essential elements of the toolkit.”
John Roome, World Bank Senior Director for Climate Change
The report also highlights emerging trends in carbon pricing, including the growing prominence of efforts in Asia and the Americas, the use of carbon pricing initiatives to serve multiple environmental and social objectives, and the adoption of phased approaches to make changes as initiatives progress. The report also notes the rise of innovative tools and technologies, as well as momentum to divest from fossil fuels - factors that have played a role in the advancement of carbon pricing initiatives.
The report is launched today at the Innovate4Climate (I4C) conference – the World Bank Group’s flagship annual event on climate finance, investment and markets which brings together global business, policy and finance leaders to discuss innovative climate finance solutions.
June 9th marks Coral Triangle Day, when ocean lovers from across the Asia Pacific and the rest of the world celebrate the Coral Triangle bioregion - home to more marine species than anywhere else on the planet.
This year, WWF, The Coral Triangle and The Coral Triangle Initiative (CTI-CFF) are running a high profile Instagram contest in a bid to reduce single use plastics which are a huge source of pollution throughout the Coral Triangle.
The 2018 Coral Triangle Day Instagram Campaign focuses on ACTION and PLEDGES. We’re inviting people to join the #PLASTICRESISTANCE this Coral Triangle Day and to encourage their family and friends to do the same!
Globally, the plastic pollution problem is coming sharply into focus thanks to sustained campaigns and media coverage. People are increasingly aware of the impacts of plastic on the marine environment and the destructive wastefulness of single use plastics such as straws, coffee cup lids, cotton buds and product packaging. It's time to translate that momentum into real world action and a pledge to change behaviour moving forward!
Using the hashtag #PLASTICRESISTANCE and #CORALTRIANGLE, we're asking Instagram users to post images, gifs or videos that demonstrates how they are saying NO to pointless plastics, like bags, straws, coffee cup lids, cotton buds and packaging. We want to know what people are doing personally - as the saying goes, "be the change you want to see."
We're asking contestants to include a simple message explaining in 50 words or fewer how they are breaking up with single use plastics. We also want them to nominate someone to make their own plastic pledge. The three entries judged to most powerfully communicate this message will win prizes including a 7 day dive holiday in Raja Ampat, Indonesia and a 3 day dive holiday in Borneo and a Mares snorkel, mask and fin set.
The Coral Triangle is the global epicentre of marine biodiversity - a bioregion that encompasses the territorial waters of seven countries (Philippines, Indonesia, Malaysia, PNG, Solomon Islands, Timor Leste and Fiji). It is a Mecca for divers and sustains much of the world’s appetite for seafood. Yet two Coral Triangle countries – Indonesia and the Philippines – rank second and third only to China when it comes to coastal plastic pollution. Globally, we humans dump around eigh million tonnes of ocean into the ocean each year. And it isn't just coastal communities, as plastic also makes its way out to sea via inland waterways. It is high time we turned the tide on ocean plastics. Last year, the UN launched its Clean Seas campaign as the world unites to end once and for all our toxic relationship with single-use plastics.
Three acclaimed photographers and environmental advocates will judge the contest, based on impact, relevance to the theme and originality. There will be three top prizes as voted by the judges and three additional prizes (Coral Triangle coffee table books) for the three images that receive the most number of likes, (excluding the top 3 prize winners).
The Coral Triangle Day #PLASTICRESISTANCE contest is working with high profile partners and sponsors including WWF, Conservation International, Mission Blue, Oceana, Matador Network, Papua Diving, Scuba Junkie and Bye- Bye Plastic Bags.
The Coral Triangle is fast emerging as one of the most exciting destinations in the world for nature-based tourism which benefits local communities, ecosystems and tourists alike. Confronting the issue of waste plastic entering the ocean is one way in which all of us as consumers can make a difference, while encouraging companies to rethink how they produce and package products.
More information about the contest: The Coral Triangle Day
Representatives from World Bank Group’s global climate communications and partnership program Connect4Climate are in Cannes supporting the in-production documentary Great Green Wall.
Jared P. Scott directs and Fernando Meirelles serves as executive producer on the film, which is also receiving support from the United Nations Convention to Combat Desertification.
The documentary tells the epic story of one of the planet’s most ambitious endeavours at the edge of the Sahara Desert, aiming to spread awareness about and transform the lives of millions affected by the degraded landscapes. Great Green Wall features Inna Modja, a renowned Malian singer and activist.
[video:https://vimeo.com/268672668]
Connect4Climate’s Film4Climate initiative has presented films in Cannes on Saturday and Monday at the Doc Corner in support of the Global Youth Climate Movement. Slater Jewell-Kemker’s Youth Unstoppable tells the story of Jewell-Kemker’s involvement with the youth climate movement. Scythia Film’s Daniel Bekerman and Wendy Jewell produced, with support from Film4Climate. Adrian Grenier is executive producer.
“Recognising the impact that the film industry can have in particular on younger generations and the power of emotional stories and images, Film4Climate’s intention is to build a global network within the film industry to encourage climate action, environmental protection and social equity. We are pleased to continue supporting the powerful stories of young filmmakers and connecting them with renowned filmmakers to help maximise the medium’s ability to influence behaviour.”
Giulia Braga, Connect4Climate Program Manager
Banner and thumbnail photo credit to Cannes Film Festival
Economist Naoko Ishii, CEO, Global Environment Facility (GEF), is on a mission to protect the planet's shared resources, known as the global commons, that are vital for our survival.
"Our economies are no longer local. When we moved away from being local, we started to lose our connection to the commons. We carried economic objectives, goals, and systems beyond the local, but we did not carry the notion of taking care of the commons," Naoko Ishhi.
"Our mistake was to assume that the capacity of the earth for self-repair had no limits. It does have limits. The message from the science is very clear: we humans have become an overwhelming force to determine the future living conditions on earth, and what’s more, we are running out of time. If we don’t act on them, we will be losing the global commons. It’s only our generation who are able to preserve it - preserve the commons as we know them. Now is the time we start managing the global commons as our parents or our grandparents managed their local commons," Ishii stated.
Naoko Ishii added: "We all share one planet in common. We breathe the same air, we drink the same water, we depend on the same oceans, forests, and biodiversity. There is no space left on earth for egoism. The global commons must be kept within their safe operating space, and we can only do it together."
In an eye-opening talk about the wellness of the planet, Ishii outlines four economic systems we need to change to safeguard the global commons, making the case for a new kind of social contract with the earth.
