OECD COP28 Virtual Pavilion

Resilience and reform in carbon pricing: Adapting to new realities

Nov 27, 2023 | 3:30 PM - 5:00 PM


2021 was a pivotal year for carbon pricing initiatives, with the introduction of emissions trading systems in several jurisdictions and many entering new phases. Moreover, emissions trading systems experienced a sharp increase in permit prices – especially the European Union emissions trading system (EU ETS). Since then, the energy crisis, exacerbated by Russia’s war of aggression against Ukraine, has changed the policy landscape, including the use of tax and income support measures to cushion the impact of rising energy prices. This has affected implicit carbon prices resulting from fuel taxes, with permit prices proving to be more resilient. In recent years, several new realities have emerged that could shape the future of carbon pricing, including the EU carbon border adjustment mechanism (CBAM) and phase out of free allocation of tradeable emission permits. Several countries are contemplating the introduction of carbon prices and border measures, partly in response to the CBAM. The United States has massively scaled up its mitigation efforts with the Inflation Reduction Act, relying more on support for low-carbon options than on increasing the price of carbon emissions. Proposals for integration carbon content into border measures or trade agreements are being floated. What does this mean for carbon pricing in a time of increasingly constrained fiscal space? During this session, the discussion will be informed by the results of a new OECD report, Effective Carbon Rates 2023, which tracks governments’ use of carbon pricing with a focus on emissions trading systems and of which the highlights will be presented at the start of the session.

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