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Emissions Trading Worldwide Status Report 2020

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Emissions Trading Worldwide Status Report 2020 International Carbon Action Partnership EMISSIONS TRADING WORLDWIDE Status Report 2020 EMISSIONS 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 EXECUTIVE 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 64 Canada 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 & NOTES ABOUT THE INTERNATIONAL CARBON ACTION PARTNERSHIP 149 NOTES ON METHODS AND SOURCES 153 LIST OF ACRONYMS 157 IMPRINT 159 FOREWORD ETSs and companion policies on the road to net-zero emissions Across the world, 2019 saw a surge in awareness of climate most certain and cost-effective path to carbon neutrality. Tech- change and public pressure to limit the emissions that cause nology mandates and innovation policies may be crucial in it. As the 2020s begin, this momentum must be translated into driving new low-carbon investment: for example, preventing concrete climate ambition if we are to keep global temperature carbon lock-in through long-lived capital assets in certain juris- rises well below 2°C. We are delighted to note that several juris- dictions may require technology phase-outs. dictions have risen to the challenge and put forward carbon neutrality targets. California intends to be carbon neutral by ETSs and other policies are not independent of each other, 2045 and net-negative thereafter; the European Union, under but rather interact in many ways. Auction revenues from ETSs the Green Deal, will work collectively towards achieving carbon provide important financial resources for public investment into neutrality by 2050; Sweden aims to reach net-zero emissions by supporting innovation and further emissions reductions. In 2018, 2045, with France, Switzerland, and the United Kingdom aiming a total of EUR 14.1 billion (USD 15.8 billion) was distributed to EU to do the same by 2050; and several other countries, like Chile, member states from the auctioning of EU ETS allowances with Costa Rica, Fiji, and the Marshall Islands are leading carbon some 70% spent for climate- and energy-related purposes. On neutrality initiatives in the Global South — building up global top of annually distributed auction revenues, the EU ETS Inno- momentum towards reaching net zero in the second half of the vation Fund, financed from the auctioning of EU ETS allowances, century. This year’s Status Report explores how different policy will disburse up to EUR 10 billion1 (USD 11.2 billion) over the next instruments can come together to drive the deep decarboniza- decade to support innovative low-carbon technologies in ener- tion needed to meet these ambitious goals. gy-intensive industries, construction and operation of carbon capture and storage, and innovative renewable energy gener- Emissions trading systems (ETSs) are a key piece of the puzzle. ation, among others. RGGI dedicates over 50% of its revenue The Intergovernmental Panel on Climate Change highlights that to energy efficiency projects such as retrofitting and insulation explicit carbon prices remain a necessary condition of ambitious programs, and Québec allocates the largest share of its auction climate policies and that other policies reflecting robust price revenue to promoting clean transport. ETSs can thus generate signals are necessary to achieve cost-effective decarbonization a double dividend of driving mitigation within their covered pathways. And ETSs are already delivering. Across the world, sectors through carbon pricing and further reducing emissions ETSs have been strong drivers of emissions reductions in the elec- by tailored spending of auction revenues. tricity sector, notably by helping make coal less attractive: CO2 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 Carefully crafted policy 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 packages that combine emissions went down by 4.6% between 2013 and 2017 despite a GDP growth of nearly 17%. carbon pricing with other Yet solving the deep decarbonization puzzle will demand poli- types of regulation can cies broader than carbon pricing alone. The path to net zero requires deep and progressing emissions reductions in industry, provide the most certain transportation, and building — sectors where innovation poli- cies and direct regulation (such as building codes, procurement frameworks, and minimum performance standards) can also and cost-effective path to play a strong role. Carefully crafted policy packages that combine carbon pricing with other types of regulation can provide the carbon neutrality Status Report 2020 Report Status ICAP 1 – Estimate based on current carbon prices in the EU ETS 05 Contents 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 In this context, the emission reductions achieved in ETS sectors by non-ETS policies – such as renewable
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