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Carbon Pricing Leadership Report CARBON PRICING LEADERSHIP REPORT 2019/20 This report was prepared by the Secretariat of the Carbon Pricing Leadership Coalition under the leadership of Angela Churie Kallhauge. Isabel Saldarriaga managed the project and Seongeun Shim provided support. It covers the period ending May 31, 2020. The following people provided valuable contributions in their personal capacity: Evren Ballım (Arcelik); Tanguy de Bienassis (World Bank); Stefano de Clara (IETA); Dominik Englert (World Bank); Jay Forlong (Ministry for the Environment, New Zealand); Harikumar Gadde (World Bank); Kristalina Georgieva (IMF); Anirban Ghosh (Mahindra Group); Bianca Gichangi (East African Alliance on Carbon Markets and Climate Finance); Michael Green (Climate XChange); Ivano Iannelli (Dubai Carbon Centre of Excellence); Hitesh Kataria (Mahindra Group); Gloria Kebirungi (GAVI); Alzbeta Klein (IFC); Irina Likhachova (IFC); Jeff Lindberg (Environment and Climate Change Canada); Aditi Maheshwari (IFC); Ayesha Malik (IFC); Martine Mamlouk (Engie); Damien Meadows (EU Commission); Adele Morris (Brookings Institution); Helen Mountford (WRI); Ngozi Okonjo-Iweala (Gavi, the Vaccine Alliance; co-chair of The Global Commission on the Economy and Climate); Caitriona Mary Palmer (IFC); Ian Parry (IMF); Janet Peace (Bluesource); Venkata Ramana Putti (World Bank); Kishor Rajhansa (Global Carbon Council, Qatar); Suneira Rana (World Bank); Erika Rhoades (IFC); Ousmane Fall Sarr ABOUT THIS REPORT (West African Alliance on Carbon Markets and Climate Finance); Feike Sijbesma (Royal DSM); Mark Storey (Ministry for the Environment, New Zealand); Salla Sulasuo (Royal DSM); Elodie Woillez (LafargeHolcim); and Beatriz Yordi (EU Commission). Welcome to the fourth Carbon Pricing Leadership © 2020 International Bank for Reconstruction and Development / The World Bank Report, which showcases thought leadership and 1818 H Street NW, Washington, DC 20433 actions from the field of carbon pricing, together Telephone: +1-202-473-1000 Internet: www.worldbank.org with the activities of the Carbon Pricing Leadership Coalition (CPLC) during 2019/20. This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or The CPLC is a voluntary initiative that brings together leaders from government, the governments they represent. business, civil society, and academia to enhance global understanding of carbon pricing as a tool for accelerating and financing effective climate action. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the We hope that this report will inspire governments and businesses worldwide to legal status of any territory or the endorsement or acceptance of such boundaries. explore carbon pricing as a tool to assess climate risk and drive down greenhouse gas emissions for the benefit of the environment, economies, businesses, and people. All amounts in $ are United States dollars unless stated otherwise. RIGHTS AND PERMISSIONS The CPLC Secretariat is administered by The World Bank Group. The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Attribution—Please cite the work as follows: World Bank, 2020. Carbon Pricing Leadership Report 2019/20. World Bank, Washington, DC. All queries on rights and licenses should be addressed to the Publishing and Knowledge Division, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; email: [email protected]. Editing and design by Clarity Global Strategic Communications (www.clarityglobal.net). i CONTENTS Does nature hold the key to Paris? 44 CONTENTS Interest in using nature as an emissions reduction tool is intensifying. INTRODUCTION Agriculture “needs to be part of the solution” 47 Why carbon pricing? 2 New Zealand is pioneering carbon pricing mechanisms for agricultural emissions. Foreword 3 Global developments in carbon pricing 5 Bringing emissions to the design table 49 Carbon pricing may help effectively decarbonize the construction value chain. ABOUT THE CPLC By air and by sea 53 Our approach 7 Carbon taxes and fuel levies could play an important part in mitigating Our leadership 8 emissions from the aviation and maritime sectors. Our activities in 2019/20 9 Opinion: Gérard Mestrallet 11 Carbon pricing in Africa 55 Gallery of events 13 Many Sub-Saharan countries apply an implicit carbon price in the form of fuel taxes, subsidies, feed-in tariffs, and other green incentives. Our partners 16 Partner survey results 19 Opinion: Ngozi Okonjo-Iweala 58 For developing countries, carbon pricing is a path to a healthier, wealthier, LEADERSHIP IN ACTION net zero emissions economy. The role of carbon pricing in getting to net zero 21 Carbon pricing has an important role to play in helping jurisdictions Welcoming MENA’s commitment to carbon trading 60 and companies achieve net zero emissions. Several carbon pricing and offsetting initiatives are being rolled out, and various countries have already seen developments. Potential postponed: Why we need to finalize Article 6 24 The delay in reaching consensus on the rules for Article 6—which is, Carbon pricing in the United States 62 by extension, also a delay in establishing a global carbon market As more states commit to carbon neutrality by 2050, interest in —is costing potential savings in the cost of emission reduction. carbon pricing is increasing. Assessing climate risk in financial decision-making 27 A growing number of financial institutions are realizing that climate change LOOKING AHEAD is the ultimate negative externality—and that carbon pricing can help quantify Closing statement: Angela Churie Kallhauge 65 the associated risks and opportunities. Advancing carbon pricing into the future. Opinion: Alzbeta Klein 29 Setting a floor to clean the skies 67 Why carbon pricing is key for financial institutions. An International Monetary Fund study suggests complementing the Paris Agreement with a global carbon price floor. Carbon pricing and competitiveness 31 The CPLC High-Level Commission on Carbon Pricing and Competitiveness has Collective action through pricing carbon 70 found that carbon pricing has little effect on the competitiveness of companies. A strategic approach that targets high-emitting sectors could help drive down emissions and avoid catastrophic climate change. Opinion: Feike Sijbesma 35 The COVID-19 pandemic must not derail climate action. From readiness to rollout 72 The World Bank’s Partnership for Market Readiness is drawing to a close Putting people at the center of carbon pricing policy 38 and will be succeeded by the Partnership for Market Implementation. Coal miners, power-plant workers, and their communities are highly vulnerable to decarbonization policies. Well-designed carbon pricing policies can help References 73 smooth the transition for these vulnerable groups. ii iii WHY CARBON PRICING? NUMBER OF CARBON PRICING MECHANISMS IMPLEMENTED (NATIONAL AND SUBNATIONAL LEVEL) 61 60 57 The Carbon Pricing Leadership 50 Coalition was launched in 2015 46 44 41 38 40 36 31 30 23 21 19 20 16 16 9 9 10 INTRODUCTION 10 7 7 7 7 8 0 Carbon pricing initiatives have gained 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 more attention but seen slow progress over Source: The World Bank Carbon Pricing Dashboard (as at May 2020) the past year as a tool for reducing GHG STRENGTHS OF CARBON PRICING emissions in line with the Paris Agreement. 1 4 PROVIDES AN INCENTIVE GENERATES REVENUE Carbon pricing changes investment, production, This revenue can be used to: and consumption patterns, while stimulating technological innovation to bring down the cost Support poorer sections of of emissions abatement measures. the population by funding household rebates. 2 FIT FOR PURPOSE Implement resilience- When carbon pricing forms part of a well-designed building measures. suite of policies, it is an indispensible tool for reducing emissions in an effective and cost-efficient way. Invest in low-carbon infrastructure and climate- 3 smart technologies, so stimulating economic QUANTIFIES MARKET EXTERNALITIES growth and creating jobs Putting a price on carbon gives decision-makers to replace those lost in a tool to better assess the risks and opportunities the fossil fuel sector. presented by climate change. 1 2 FOREWORD INTRODUCTION Carbon pricing mechanisms often struggle with political acceptability, not least because UNIFIED ACTION NEEDED of opposition to higher energy prices. Now may be an opportune moment to address this as oil prices are low and governments may need to raise additional revenues TO LOCK DOWN CLIMATE in future years. Political acceptability can be improved by ensuring that policies are developed in consultation with a broad stakeholder base, producing policies that are equitable, transparent, and to the benefit of the economy while assisting vulnerable groups such as coal-mining communities (see pages 38–42). Introducing pricing mechanisms firmly, progressively, and predictably will also give businesses and households time to adjust. And reinforcing
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