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EMISSIONS TRADING WORLDWIDE International Carbon Action Partnership Status Report 2020EMISSIONS TRADING WORLDWIDE International Carbon Action Partnership ICAP Status Report 2020 EDITORIAL TEAM Stephanie La Hoz Theuer, William Acworth, Baran Doda, Christopher Kardish, Kai Kellner, Emma Krause, Ernst Kuneman, Victor Ortiz Rivera, Martina Kehrer, Julia Groß, Tobias Bernstein, Constanze Haug. CITE AS ICAP. 2020. Emissions Trading Worldwide Status Report 2020. Berlin International Carbon Action Partnership. The ICAP Secretariat expresses its gratitude to policymakers from the ICAP membership and further collaborators from the emissions trading field, who provided insightful written contributions and/or carefully reviewed the report Botagoz Akhmetova Kazakhstan, Ebenezer Asamany Nova Scotia, Thomas Ballou Virginia, Jona- than Beaulieu Québec, Jean-Yves Benoit Québec, Pierre Bouchard Québec, Mavis Chan Canada, Satoshi Chida Tokyo Metropolitan Government, John Cooper Nova Scotia, Francisco Dall Orso León Chile, Marco Aurélio dos Santos Araujo Brazil, Steve Doucet-Héon Québec, Bill Drumheller Washington, Thomas Duchaine Québec, Víctor Hugo Escalona Gómez Mexico, Jill Fernandez New Zealand, Dida Gardera Indonesia, Jason Gray California, Qian Guoqiang SinoCarbon, Alexander Handke Germany, Maddy Hayden New Mexico, Larry Hegan Canada, Paula Hemmer North Caro- lina, Lolita Jackson New York City, Ted Jamieson New Zealand, Hadika Jamshaid Pakistan, Yu Jiahui SinoCarbon, Thomas Kellerhals Switzerland, Christine Kirby Massachusetts, Chang hwan Lee Republic of Korea, Jeff Lindberg Canada, Huy Luong Quang Vietnam, Amber MacNeil Canada, Colin McConnaha Oregon, Engin Mert Turkey, Michelle Miller Nova Scotia, Shinichiro Niihara Insti- tute for Global Environmental Strategies, Ana Luiza Oliveira Champloni Brazil, Michelle Palmer New Zealand, Pennsylvania Department of Environmental Protection, German David Romero Otalora Colombia, Karen Sabasteanski Virginia, Rajinder Sahota California, Anothai Sangthong Thailand, Yumiko Sato Tokyo Metropolitan Government, Juan Pedro Searle Chile, William Space Massachu- setts, Irina Stavchuk Ukraine, William Tait New Zealand, Anne Trudel Québec, Andrew Webber Nova Scotia, Sophie Wenger Switzerland, Brittany White Nova Scotia, Beatriz Yordi European Commission, Olga Yukhymchuk Ukraine, Dan Zarrilli New York City, Chen Zhibin SinoCarbon, Julia Ziemann European Commission. The ICAP Secretariat is grateful to the German Federal Ministry for Environment, Nature Conservation and Nuclear Safety BMU for funding this report. adelphi consult GmbH lends scientific and technical support to the ICAP Secretariat and coordinated the compilation and production of the report. A special thanks to Lisa Storcks, Irina Mezurnishvili and Yinshuo Xu for editorial assistance.TABLE OF CONTENTS FOREWORD 05 CUTIVE SUMMARY 07 PRACTITIONER INSIGHTS CALIFORNIA 11 A portfolio approach to climate change CHINA 13 ETS as future climate policy anchor EUROPEAN UNION 16 Leveraging carbon pricing for the low-carbon transition towards climate neutrality NEW ZEALAND 18 A collaborative approach to pricing agricultural emissions QUÉBEC 21 A revitalized approach to 2030 THE TRANSPORTATION AND CLIMATE INITIATIVE 23 US states look beyond electricity INFOGRAPHICS FROM SUPRANATIONAL TO LOCAL 26 ALLOWANCE PRICES 27 EMISSIONS TRADING WORLDWIDE 28 GLOBAL EXPANSION OF EMISSIONS TRADING 29 SECTOR COVERAGE 30 DIFFERENT SHAPES OF ETS 31 AUCTIONING REVENUE 32 THE PATH TO NET ZERO 33 FACTSHEETS EUROPE AND CENTRAL ASIA 36 European Union 37 Switzerland 43 Kazakhstan 47 Germany 50 Ukraine 53 Turkey 54 United Kingdom 56 NORTH AMERICA 57 Western Climate Initiative 58 California 59 Québec 64Canada 68 Nova Scotia 71 Massachusetts 75 Regional Greenhouse Gas Initiative 78 Pennsylvania 82 Transportation and Climate Initiative 83 Virginia 84 New Mexico 86 New York City 87 North Carolina 88 Oregon 89 Washington 90 LATIN AMERICA AND THE CARIBBEAN 91 Mexico 92 Colombia 96 Brazil 97 Chile 98 ASIA-PACIFIC 100 Beijing 101 Chongqing 104 Fujian 107 Guangdong 110 Hubei 113 Shanghai 116 Shenzhen 119 Tianjin 122 New Zealand 124 Republic of Korea 128 Tokyo 132 Saitama 136 China 139 Taiwan, China 142 Indonesia 143 Japan 144 Pakistan 145 Thailand 146 Vietnam 147 ABOUT ICAP the European Union, under the Green Deal, will work collectively towards achieving carbon neutrality by 2050; Sweden aims to reach net-zero emissions by 2045, with France, Switzerland, and the United Kingdom aiming to do the same by 2050; and several other countries, like Chile, Costa Rica, Fiji, and the Marshall Islands are leading carbon neutrality initiatives in the Global South building up global momentum towards reaching net zero in the second half of the century. This year’s Status Report explores how different policy instruments can come together to drive the deep decarboniza- tion needed to meet these ambitious goals. Emissions trading systems ETSs are a key piece of the puzzle. The Intergovernmental Panel on Climate Change highlights that explicit carbon prices remain a necessary condition of ambitious climate policies and that other policies reflecting robust price signals are necessary to achieve cost-effective decarbonization pathways. And ETSs are already delivering. Across the world, ETSs have been strong drivers of emissions reductions in the elec- tricity sector, notably by helping make coal less attractive CO 2 emissions from power plants under the Regional Greenhouse Gas Initiative RGGI have fallen by 47 since 2008, and in the UK, coal supplied only 5 of electricity in 2018, down from 39 in 2012. In both cases, carbon pricing was the main albeit not the only policy driver. Similarly, in Germany, a reinforced carbon price signal in the revised European Union Emissions Trading System EU ETS contributed to a projected 18 year-on-year decrease in power sector emissions in 2019, bringing the German 2020 miti- gation target back within reach. ETSs are also helping to decar- bonize industrial sectors. In California, for example, industrial emissions went down by 4.6 between 2013 and 2017 despite a GDP growth of nearly 17. Yet solving the deep decarbonization puzzle will demand poli- cies broader than carbon pricing alone. The path to net zero requires deep and progressing emissions reductions in industry, transportation, and building sectors where innovation poli- cies and direct regulation such as building codes, procurement frameworks, and minimum perance standards can also play a strong role. Carefully crafted policy packages that combine carbon pricing with other types of regulation can provide the most certain and cost-effective path to carbon neutrality. Tech- nology mandates and innovation policies may be crucial in driving new low-carbon investment for example, preventing carbon lock-in through long-lived capital assets in certain juris- dictions may require technology phase-outs. ETSs and other policies are not independent of each other, but rather interact in many ways. Auction revenues from ETSs provide important financial resources for public investment into supporting innovation and further emissions reductions. In 2018, a total of EUR 14.1 billion USD 15.8 billion was distributed to EU member states from the auctioning of EU ETS allowances with some 70 spent for climate- and energy-related purposes. On top of annually distributed auction revenues, the EU ETS Inno- vation Fund, financed from the auctioning of EU ETS allowances, will disburse up to EUR 10 billion 1USD 11.2 billion over the next decade to support innovative low-carbon technologies in ener- gy-intensive industries, construction and operation of carbon capture and storage, and innovative renewable energy gener- ation, among others. RGGI dedicates over 50 of its revenue to energy efficiency projects such as retrofitting and insulation programs, and Québec allocates the largest share of its auction revenue to promoting clean transport. ETSs can thus generate a double dividend of driving mitigation within their covered sectors through carbon pricing and further reducing emissions by tailored spending of auction revenues. Carefully crafted policy packages that combine carbon pricing with other types of regulation can provide the most certain and cost-effective path to carbon neutrality 1 – Estimate based on current carbon prices in the EU ETS06 Status Report 2020 ICAP Contents In this context, the emission reductions achieved in ETS sectors by non-ETS policies – such as renewable energy and energy effi- ciency regulations – must be reflected in the cap trajectory for ETSs to remain effective. Market stability measures within ETSs are a key policy tool for this. ETSs can also act to guarantee a certain environmental outcome regardless of the perance of other policies. In California, for example, around two-thirds of forecasted emission reductions through 2030 are driven by regu- lations such as a low carbon fuel standard and the renewable energy portfolio standard; the California Cap-and-Trade Program is relied upon to deliver all remaining reductions necessary to achieve the 2030 target. ETSs can therefore play different roles in the policy mix, and the role of an ETS may also differ from sector to sector. Continued research and policy assessments over a variety of jurisdictions and sectors are necessary to better understand the optimal policy mix for deep decarbonization under different circumstances, as well as the interactions between carbon pricing and other policy approaches. The climate challenge that lies ahead is enormous. The Inter- national Carbon Action Partnership ICAP is a key plat for carbon market policymakers to build technical capacity as well as exchange views and best practices about designing effective carbon pricing instruments as part of cohesive and ambitious policy frameworks that can drive emissions towards net zero. ETSs can play different roles in the policy mix, and the role of an ETS may also differ from sector to sector. Continued research and policy assessments are necessary to better understand the optimal policy mix for deep decarbonization BEATRIZ YORDI Co-chair of the International Carbon Action Partnership and Director of Euro- pean and International Carbon Markets, Directorate-General for Climate Action, European Commission RAJINDER SAHOTA Co-chair of the International Carbon Action Partnership and Chief of the Industrial Strategies Division, California Air Resources Board07 Status Report 2020 ICAP Contents CUTIVE SUMMARY In 2019 the world saw a surge in awareness and public support for climate action. The Intergovernmental Panel on Climate Change IPCC special report highlighted the urgency of limiting global warming to 1.5°C and of reducing GHG emissions from all sources. Worldwide, emissions trading systems ETS continue to be a key piece of the mitigation puzzle, with 21 systems now operating across four continents and 24 further systems under development or under consideration. This edition of the International Carbon Action Partnership’s ICAP Emissions Trading Worldwide report outlines the key developments and trends in emissions trading over the past year. It presents articles by ETS practitioners from ICAP member juris- dictions, providing direct insights into their systems and policies; infographics examining and comparing key ETS facts and figures; and detailed factsheets on each system currently in force, under development, or under consideration. TAKING A COMPREHENSIVE AND COMPLEMENTARY APPROACH For many jurisdictions, 2019 was a year of putting forward carbon-neutrality targets. From the European Union to Fiji, from the United Kingdom to California, from New Zealand to Costa Rica – a host of jurisdictions are leading neutrality initiatives around the globe. The IPCC highlights that explicit carbon prices remain a necessary condition of ambitious climate policies, and that other policies reflecting robust price signals are necessary to achieve cost-effective decarbonization pathways. Carbon pricing plays a central role in delivering broad-based and cost-efficient abatement, yet deep decarbonization also requires other policies. For example, driving emissions reduc- tions in the industry, transportation, and building sectors will require complementary policies such as perance standards, building codes, and innovation support. Carbon pricing can actively support the implementation of such policies most of the 78 billion USD collected in auction revenues to date has been invested into innovation and further emission reductions. ETSs can also act as an environmental “safety net”, helping ensure a specific environmental outcome regardless of the perance of other policies. Conversely, ETS design such as the cap trajec- tory, supported by market stability instruments must take into account the emissions reductions driven by non-ETS policies such as renewable energy and energy efficiency regulations. ETSs can also play different roles in the policy mix, and the role of an ETS can also differ across sectors. When carefully crafted, policy packages that combine carbon pricing with other types of regulation can provide the most certain and cost-effective path to carbon neutrality. This year’s ICAP Status Report features articles from policy- makers around the world that provide personal insights into how jurisdictions are crafting policy packages of ETSs and companion policies to drive deep emissions reductions. The European Union, for example, outlines how a revised and strengthened ETS will be a key instrument for delivering carbon neutrality and supporting the European Green Deal, which outlines econ- omy-wide companion policies. New Zealand discusses how it recently established an overarching climate framework with the Climate Change Response Zero Carbon Amendment Act, along with res to the New Zealand ETS that will help achieve the framework’s target of net-zero emissions by 2050. California takes a broad portfolio approach in its climate policy strategy, relying on a range of measures including a Renewable Portfolio Standard, energy-efficiency goals, and a Low Carbon Fuel Standard in conjunction with the Californian cap-and- trade program to achieve GHG reduction goals. The state’s Scoping Plan estimates the impact of each policy and defines how they work together, with the cap-and-trade program ulti- mately helping ensure that reductions occur. Québec also high- lights the necessity of intertwining a series of complementary policies that focus on the wider electrification of its economy, particularly transport. The Canadian province is also considering a re to its cap-and-trade system that would provide stronger abatement incentives for industrial facilities while directing more supp
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