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Emissions TradingWorldwideInternational Carbon Action Partnership ICAPStatus Report 2018Emissions Trading Worldwide International Carbon Action Partnership ICAP Status Report 2018 Editorial TeamJohannes Ackva, Alexander Eden, William Acworth, Constanze Haug, Lina Li, Marissa Santikarn, Mariza Montes de Oca, Martina Kehrer, Julia Groß, Cecilia Kilimann.Cite as ICAP. 2018. Emissions Trading Worldwide Status Report 2018. Berlin ICAP. The ICAP Secretariat expresses its gratitude to policymakers from the ICAP membership and further collaborators from the emis-sions trading field, who provided insightful, written contributions and carefully reviewed the reportMarco Aurélio dos Santos Araujo Brazil, Mary Jane Coombs, David Clegern, Jason Gray, Mark Sippola, Jenny Wu California, Lynda Danquah Canada, Juan Pedro Searle, Nicolás Westenenk Chile, Qian Guoqiang, Huang Xiaochen, Chen Zhibin SinoCarbon, Huang Dayue Chongqing Low Carbon Consulting, Sebastián Carranza Colombia, Ismael Aznar-Cano, Johannes Enzmann, Stefanie Hiesinger, Hana Huzjak EU ETS, Helen Monzel, Lisa Katharina Schmid, Angelika Smuda, Dirk Weinreich Germany, Tomo Shoji Japan, Botagoz Akhmetova Kazakhstan, Victor Escalona Mexico, Charlotte Berg, Matthew Cowie, Sarah Deblock, Eva Murray, Craig Salmon New Zealand, Jason Hollett, Brittany White Nova Scotia, Sheri Beaton, Craig Golding Ontario, Colin McConnaha Oregon, Claude Audet-Robitaille, Jean-Yves Benoit, Stephané Legros Québec, Lois New, Megan O Toole, William Space, Brian Woods RGGI, Il-Young OH Republic of Korea, Sophie Wegner Switzerland, Pongvipa Lohsomboon, Sumon Sumetchoengprachya Thailand, Miho Shimizu Tokyo, Zeren Erik Yasar Turkey, Olga Yukhymchuk Ukraine, Huy Luong Quang Vietnam, Michael Dowd Virginia, Bill Drumheller Washington StateA special thanks to Felix Garten and Laura Linde for editorial assistance.The ICAP Secretariat is grateful to the German Federal Ministry for Environment, Nature Conservation, Building and Nuclear Safety BMUB 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.2ForewordMessages from the ICAP Co-Chairs In the first year since the entry into force of the Paris Agreement, emissions trading worldwide has once again taken a significant step forward. Developments in 2017 bring the global ETS count to 21 systems in operation in early 2018, at different levels of govern-ment. With the launch of the Chinese national ETS, the share of global emissions covered by a domestic ETS has reached almost 15. Now, economies with an ETS in place produce more than 50 of global GDP and are home to almost a third of the global population. These figures reflect the steady expansion of ETS pol-icy and the strengthening of implementation around the world.The culmination of several years of hard work, 2017 has seen the emergence of three new ETSs as well major reviews, res and new legislation in four of the world’s pioneering systems the Western Climate Initiative WCI jurisdictions of California, Québec and Ontario; the Regional Greenhouse Gas Initiative RGGI; the European Union ETS EU ETS; and the New Zealand ETS NZ ETS. The res are coming at a crucial time, as policy-makers are taking the lessons onboard from the past years of ETS operation, while sharpening their systems in preparation for the declared climate targets of the next decade and beyond. In this regard, the effect of the Paris Agreement has been to crystalize the international response into national and sub-national com-mitment to climate action, providing momentum to domestic policy at all levels of government. In this ICAP Status Report, we will look into the technical details of the recently completed res, as well as to the launch of the Chinese national ETS and other promising developments. Starting with WCI, in 2017, both California and Québec have successfully extended their ETS regulations and cap trajectories until 2030, strengthening confidence in an increasingly stringent long-term carbon price signal in the linked WCI carbon market. Especially critical was this accomplishment in California, the largest WCI partner, where the extension resulted from a hard-won political battle in the Californian legislature, with strong political leadership by Governor Brown on the issue. The new law in California endorses one of the steepest cap trajectories worldwide 4 per year in 2021–2030, to meet California’s cli-mate goal of 40 below 1990 levels by 2030. Importantly, the law was passed with a two-thirds majority in the legislature, insulating the program from future legal challenges. In a further welcome development, Québec and California concluded and signed a new linking agreement with the Canadian province of Ontario, which officially joined the WCI carbon market on 1 January 2018.On the eastern seaboard of the United States of America, the nine RGGI participating states this year settled on the param-eters to guide their ETS through the 2020s. The states equally endorsed a cap trajectory until 2030, corresponding to a 30 cap reduction compared to 2020 levels. With five Republican and four Democratic governors currently leading the states, the RGGI re process demonstrated that ambitious bipartisan cli-mate policy is possible in today’s United States of America. They also continue to innovate ETS design with a new tool to balance supply and demand in the RGGI carbon marketthe Emissions Containment Reservewhich reduces the cap when the allow-ance price falls below a trigger level, indicating that mitigation in the system is cheaper than expected.The pioneering EU ETS has also reached an important milestone in 2017. After more than two years of negotiations, the re process to prepare the EU ETS for the period up to 2030 was completed. Perhaps even more than anticipated, the re helps reduce the current surplus in the EU allowance market by increasing the stringency of the Market Stability Reserve. This also includes a provision to permanently remove excess allow-ances from 2023 onward and thus raises the prospect of carbon prices that “bite” in the second half of the 2020s. Importantly, the re also allows member states to unilaterally cancel allowances to compensate for overachieving domestic policies and actions. The question of whether there is a need for further measures to bolster the carbon price, such as a price floor, is set to remain a hot topic for discussion over the next few years, with proponents considering action at the national level or through a “coalition of the willing”. From Local to Supranational28 jurisdictions are implementing 21 ETS across scales5 countries1 supranationalinstitution5 cities 17 provinces statesOperating21 systems3international carbon action partnershipJean-Yves BenoitCo-Chair of the International Carbon Action Partnership, Carbon Markets Division, Québec Ministry of Sustainable Development, Environment and the Fight Against Climate ChangeMarc AllessieCo-Chair of the International Carbon Action Partnership, Dutch Emissions Authority NEaOver the last two years, the NZ ETS has been subject to an in-depth review, which identified both operational strengths and fundamental shortcomings. The proposed res seek to make New Zealand’s central climate policy fit-for-purpose to reach their 2030 target. The res aim to give policymakers the tools to better manage the supply of allowances, and bring more pre-dictability to the market. While auctioning a share of allowances is now planned by 2020, perhaps more important is the inten-tion to announce decisions on unit supply volumes five years in advance. In an exciting development, the new government has recently indicated that the agricultural sector may be brought into the NZ ETS in the coming years. This would be a world first, making New Zealand a pioneer in using emissions trading for both forestry and agriculture, with significant potential for les-sons to be transferred to other regions that are considering car-bon pricing and where land-use is a major source of emissions. While established systems have been busy implementing im- provements, the last year has also witnessed significant devel-opment of new systems. The province of Ontario, the largest Canadian province, has established a new sub-national ETS, bring-ing the share of emissions covered by carbon pricing instruments in Canada close to 80. On the other side of the Pacific, in the last days of 2017, China launched its much-anticipated national ETS, overtaking the EU as the world’s largest carbon market. China’s ETS will initially target companies in the power sector, with the expectation of other sectors being included gradually. Considering the ambitious timeline and momentous challenge of building a carbon market of this size in a country as diverse as China, this achievement is a testament to the hard work and dedication of policymakers and experts there. With the first phase character-ized as a “learning phase” by the national government, we expect to see ongoing developments and consolidation of the Chinese national ETS in the years to come. Important steps are also being taken in South Korea, where phase two of the Korean emissions trading system KETS begins this year. There, consultation has recently begun on the long-term pathway of the KETS up to 2030, with a view to aligning the instrument with the objectives of the Paris Agreement.In sum, while the challenge of climate change grows with every year, so also does the competency and determination of the pol-icy response. In this sense, we are confident that ETS is bound to its promise of delivering a cost-effective tool for implement-ing national pledges under the Paris Agreement. A wide range of actions are taking shape across all levels of government, from the municipal level all the way up to the international level. This last year has shown that sub-national governments in particular have a vital role to play. From ICAP, we thank you for your moti-vation and engagement, and we look forward to another year of steady progress towards our common goal. ForewordJean-Yves Benoit and Marc Allessie, Co-Chairs, International Carbon Action Partnership ICAPPractitioner Insights Designing Cap-and-Trade08 California Cap-and-Trade Program Recent Developments and Future Direction David Clegern and Mark Sippola, California Air Resources Board10 The Regional Greenhouse Gas InitiativeThe RGGI Review and the Path AheadLois New, New York State Department of Environmental ConservationWilliam Space, Massachusetts Department of Environmental Protection12 The EU ETSA Resilient System to Support Long-Term Decarbonization Dirk Weinreich, Helen Monzel, Lisa Katharina Schmid and Angelika Smuda, German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety14 New Zealand Emissions Trading SchemeGetting Ready for Paris Improving the New Zealand Emissions Trading Scheme Eva Murray, Charlotte Berg and Sarah Deblock, Ministry for the Environment17 InfographicGetting Ready for the 2020sAn overview of key res in emissions trading in 201718 ChinaChina’s National Carbon Market and the Roadmap AheadQian Guoqiang and Huang Xiaochen, SinoCarbon Innovation Investment Co. Ltd.20 Latin AmericaAn Interview with Policymakers in Colombia, Chile and MexicoSebastian Carranza, Ministry of Environment, Colombia Nicolás Westenenk, Partnership for Market Readiness, ChileVictor Escalona, Ministry of Environment and Natural Resources SEMARNAT, MexicoInfographics Visualizing Key Trends in Emissions TradingEmissions Trading Worldwide ◆Tripling the Share ◆Sector Coverage Carbon Market Connections ◆Different Shapes of Cap-and-TradeDiving into the Details Planned and Operating Emissions Trading Systems Around the World34 Europe and Central Asia Europe ◆ Switzerland ◆ Kazakhstan◆Turkey ◆Ukraine44 North America Western Climate Initiative ◆California ◆Québec ◆Ontario ◆Regional Greenhouse Gas Initiative ◆Massachusetts ◆Virginia◆Oregon ◆Washington ◆Canada ◆Nova Scotia60 Latin America and the Caribbean Brazil ◆Chile ◆ Colombia ◆Mexico66 Asia-Pacific China ◆ Beijing ◆Chongqing◆ Fujian ◆Guangdong ◆Hubei ◆Shanghai ◆Shenzhen◆Tianjin Taiwan ◆Japan ◆Tokyo ◆Saitama ◆Republic of Korea ◆New Zealand ◆Thailand ◆VietnamAbout ICAP Introducing the International Carbon Action Partnership98 Celebrating Ten Years of ICAP100 List of Acronyms102 Disclaimer and Notes020724339767international carbon action partnershipPractitioner InsightsDesigning Cap-and-TradeIn this section, ETS policymakers from around the world discuss the latest trends in emission trading in their jurisdictions, drawing on their own practical experi-ences and the latest analyses. Addressing recent legislative successes in California, David Clegern and Mark Sippola of the California Air Resources Board outline how the Cap-and-Trade Program is set to achieve the ambitious climate targets for 2030. With agreement on innovative res, the RGGI states show that bi- partisan climate policy is still possible in today’s United States of America. Lois New of the New York State Department of Environmental Conservation and William Space of the Massachusetts Department of Environmental Protection examine the upcoming changes in the RGGI system including the new Emissions Contain- ment Reserve. Having reached a milestone agreement in 2017, the EU ETS faces a package of res. Dirk Weinreich, Helen Monzel, Lisa Katharina Schmid and Angelika Smuda from the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety provide deeper insights into the EU ETS res including an analysis of changes to the Market Stability Reserve. Also, with the conclusion of a comprehensive review process, Eva Murray, Charlotte Berg and Sarah Deblock, of the New Zealand Ministry of the Environment, describe how New Zealand’s ETS review and re outcomes can make the NZ ETS fit-for-purpose in the Paris Agreement world. In a historical achievement, China recently launched the world’s largest carbon market. Qian Guoqiang and Huang Xiaochen from SinoCarbon Innovation Investment Co. Ltd. provide deeper insights into China’s national ETS and explain why there is good reason to be optimistic for the path ahead. Finally, policymakers from three of Latin America’s emerging carbon markets, Nicolás Westenenk of the Partnership for Market Readiness in Chile, Victor Escalona of the Mexican Secretariat of Environment and Natural Resources, and Sebastián Carranza of the Colombian Ministry of Environment, share their personal insights into climate policy, priorities and collaboration in their countries.8California Cap-and-Trade Program backgroundCalifornia’s governors and legislature prioritize public he
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