Planning for the Next Phase of Emissions Reduction: Setbacks and Developments in Carbon Pricing

Keywords: carbon pricing, emissions reduction, carbon taxes, emissions trading systems, OECD report, energy crisis, clean energy investment, climate policy, international trade,

Overview

The recent energy crisis, heightened by Russia’s conflict with Ukraine, has impacted global efforts to price carbon emissions. Governments have had to balance the urgent need for energy relief with their ongoing commitments to carbon pricing mechanisms. Despite setbacks, modest increases in explicit carbon rates (such as carbon taxes and emissions trading systems) signal continued commitment to emissions pricing. However, the share of global emissions covered by carbon pricing has stagnated since 2021, highlighting a need for renewed progress in emissions reduction.

Current Landscape in Carbon Pricing

As governments work to expand existing emissions pricing measures, particularly emissions trading systems, they are simultaneously advancing clean energy investments to support future reductions. In preparation for further action, policymakers are also considering the asymmetries in climate policy that could impact international trade, aiming to create a more consistent and effective global emissions reduction framework.

OECD Report: Pricing Greenhouse Gas Emissions 2024

The upcoming OECD report, Pricing Greenhouse Gas Emissions 2024: Gearing Up to Bring Emissions Down, provides insights into these challenges and tracks trends in carbon pricing, rates, and energy taxation worldwide. Key highlights from the report, which will be presented at the start of the session, emphasize recent developments and offer a foundation for discussions on strategies to strengthen emissions reduction.

Implications

The session will address how countries can navigate energy market challenges while staying on course with emissions reduction commitments. It will focus on aligning carbon pricing mechanisms with international climate goals and mitigating trade impacts, creating a cohesive framework for the next phase of global carbon reduction.

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