LACCF Bogota September 2014

1/8 of global GHG emissions under the KP CP2 So far, countries with a CP2 target that ratified the KP CP2 are Monaco and Norway (0.1% of global GHG emissions) European Union Australia Ukraine Kazakhstan Belarus Norway Switzerland Iceland Liechtenstein Monaco Size represent relative annual GHG emissions Ukraine, Kazakhstan, and Belarus have not yet confirmed

International credit supply outstrips demand, but CDM success should not be overlooked Full potential for issuance for 2014–2020 Residual demand for 2014–2020 OVERALL CDM SUCCESS MtCO 2 e

Ten new carbon markets opened their doors since 2013 California CaT Québec CaT Kazakhstan ETS Shenzhen pilot ETS China houses the world’s second largest carbon market, covering over 1.2 GtCO 2 Share of global GHG covered by ETS Start date of compliance Shanghai pilot ETS Beijing pilot ETS Guangdong pilot ETS Tianjin pilot ETS Hubei pilot ETS Jan 2013 Jun 2013 Nov 2013 Dec 2013 Apr Chongqing pilot ETS Korea ETS

Carbon taxes around the world are evolving to allow more flexibility to reduce emissions

Price signals in carbon pricing initiatives are diverse Carbon prices among schemes occupy a significant range Prices are: Aligned with national priorities and political realities Consistent with the international dialogue Reflecting features in each instrument

About 40 national and over 20 sub-national jurisdictions are putting a price on carbon Carbon pricing instruments cover about 5.5 GtCO 2 e

Full deployment of available instruments for international cooperation is needed

LACCF Bogota September Thank you!!

Uncovering the cover: Increasing share of global emissions under ETS The number of tiles indicate the GHG coverage in each scheme (each tile = 1.65%) Swiss ETS Saitama ETS Tokyo CaT RGGI Hubei pETS Shenzhen pETS Chongqing pETS Guangdong pETS EU ETS Alberta SGER NZ ETS Australia CPM Tianjin pETS KAZ ETS Québec CaT California CaT Beijing pETS Korea pETS Shanghai pETS

Jurisdiction and status of each carbon pricing instruments InstrumentStatusRegionalNationalSub-national ETSImplementedEU ETSKazakhstan, New Zealand, Switzerland Alberta, California, seven Chinese pilots, three Japanese schemes, Québec, RGGI Implementation scheduled Republic of Korea Under consideration Brazil, Chile, China, Japan, Mexico, Thailand, Turkey, Ukraine Rio de Janeiro, São Paulo, Washington TaxImplementedDenmark, Finland, France, Iceland, Ireland, Japan, Mexico, Norway, Sweden, Switzerland British Columbia Implementation scheduled South Africa Under consideration Chile, Republic of Korea Yet to be chosen Colombia, Costa Rica, India, Indonesia, Iran, Jordan, Morocco, Peru, Russia, Tunisia, Vietnam Manitoba, Ontario, Oregon