The United States does not have a federal carbon price. However, at the state and regional level, eleven states covering approximately thirty percent of the U.S. population participate in carbon pricing programs in the form of Cap and Trade systems. These include the Regional Greenhouse Gas Initiative (RGGI) for Northeast and Mid-Atlantic states and California’s...
Currently, the UK partakes in the EU Emissions Trading System, an international carbon trading platform that works on a cap and trade system. As of January 2021 the UK will leave the EU ETS as it exits the EU. The UK will try to link its own cap and trade program into the EU ETS...
The only financial instrument that Ukraine has to stimulate the reduction of greenhouse gas emissions is a carbon tax. It is the lowest carbon tax in the world at 10 UAH (0.40 USD – March, 2020). The tax applies only to objects that emit more than 500 tons of carbon dioxide per year. This tax...
Turkey does not currently mandate a carbon pricing policy. However, projects for the Voluntary Carbon Market, established within the framework of the principle of environmental and social responsibility, have been developed and implemented for a long time. A Voluntary Carbon Market is a market created to facilitate the voluntary reduction and balancing of greenhouse gas...
As part of the European Union, Spain has historically not had an explicit carbon tax on all products but has generally priced its general energy taxes at high levels for the everyday consumer. Spain began pricing a portion of its carbon in 2014, and according to the OECD’s records from that time, Spain priced over...
South Korea does not have a Carbon tax, but does have a trading system. Korean Emission Trading System (KETS) has been in operation since January 2015, becoming East Asia’s first nationwide mandatory ETS and the second-largest carbon market after the EU ETS. KETS is designed to play an important role in meeting Korea’s 2030 NDC...
After years of deliberation, South Africa introduced a carbon pricing system in June 2019. Climate change is one of the leading challenges facing human kind and the primary objective of the carbon tax is to minimize greenhouse gas (GHG) emissions in a sustainable, cost effective and affordable manner. Consequently, the President Cyril Ramaphosa signed into...
To date, Saudi Arabia doesn’t put a price on carbon emissions. Saudi Arabia neither has a carbon tax, nor a cap and trade system pricing mechanism in place. However, in October last year, the Saudi Energy Ministry announced plans to launch a carbon trading scheme as part of the kingdom’s goal to diversify its energy...
Unfortunately, at the moment there is nothing remotely resembling carbon pricing in Russia. No carbon tax, no cap and trade, no planned pricing or any additional mechanisms. About a year ago there was some talk about introducing a carbon tax but it ended in total failure. The word “tax” was met with a huge protest...
Mexico approved Carbon Taxing in 2013 under the Fiscal Reform presented by the administration of former President Peña Nieto. The carbon tax is a tax rate applied to the emission of greenhouse gases into the atmosphere. By setting a tax rate on the carbon dioxide content of fossil fuels the tax results in establishing a...
