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href="https://bg.wikipedia.org/wiki/%D0%A2%D1%8A%D1%80%D0%B3%D0%BE%D0%B2%D0%B8%D1%8F_%D1%81_%D0%B2%D1%8A%D0%B3%D0%BB%D0%B5%D1%80%D0%BE%D0%B4%D0%BD%D0%B8_%D0%B5%D0%BC%D0%B8%D1%81%D0%B8%D0%B8" title="Търговия с въглеродни емисии – Bulgarian" lang="bg" hreflang="bg" data-title="Търговия с въглеродни емисии" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Obchodov%C3%A1n%C3%AD_s_emisemi_uhl%C3%ADku" title="Obchodování s emisemi uhlíku – Czech" lang="cs" hreflang="cs" data-title="Obchodování s emisemi uhlíku" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CE%BC%CF%80%CE%BF%CF%81%CE%AF%CE%B1_%CE%B5%CE%BA%CF%80%CE%BF%CE%BC%CF%80%CF%8E%CE%BD_%CE%AC%CE%BD%CE%B8%CF%81%CE%B1%CE%BA%CE%B1" title="Εμπορία εκπομπών άνθρακα – Greek" lang="el" hreflang="el" data-title="Εμπορία εκπομπών άνθρακα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target">Ελληνικά</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%AC%D8%A7%D8%B1%D8%AA_%D8%A7%D9%86%D8%AA%D8%B4%D8%A7%D8%B1_%DA%A9%D8%B1%D8%A8%D9%86" title="تجارت انتشار کربن – Persian" lang="fa" hreflang="fa" data-title="تجارت انتشار کربن" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/March%C3%A9_des_quotas_carbone" title="Marché des quotas carbone – French" lang="fr" hreflang="fr" data-title="Marché des quotas carbone" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%83%84%EC%86%8C%EB%B0%B0%EC%B6%9C%EA%B6%8C_%EA%B1%B0%EB%9E%98" title="탄소배출권 거래 – Korean" lang="ko" hreflang="ko" data-title="탄소배출권 거래" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%AF_%DA%A9%D8%A7%D8%B1%D8%A8%D9%86_%D8%AF_%D8%AE%D9%BE%D8%B1%D8%A7%D9%88%D9%8A_%D8%B3%D9%88%D8%AF%D8%A7%DA%AB%D8%B1%D9%8A" title="د کاربن د خپراوي سوداګري – Pashto" lang="ps" hreflang="ps" data-title="د کاربن د خپراوي سوداګري" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target">پښتو</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Com%C3%A9rcio_de_emiss%C3%B5es_de_carbono" title="Comércio de emissões de carbono – Portuguese" lang="pt" hreflang="pt" data-title="Comércio de emissões de carbono" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Mua_b%C3%A1n_ph%C3%A1t_th%E1%BA%A3i_carbon" title="Mua bán phát thải carbon – Vietnamese" lang="vi" hreflang="vi" data-title="Mua bán phát thải carbon" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%A2%B3%E4%BA%A4%E6%98%93" title="碳交易 – Chinese" lang="zh" hreflang="zh" data-title="碳交易" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> </ul> 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i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Carbon market" redirects here. For the market in Cebu City, Philippines, see <a href="/wiki/Carbon_Market" title="Carbon Market">Carbon Market</a>.</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:ETS-allowance-prices.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/90/ETS-allowance-prices.svg/400px-ETS-allowance-prices.svg.png" decoding="async" width="400" height="300" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/90/ETS-allowance-prices.svg/600px-ETS-allowance-prices.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/90/ETS-allowance-prices.svg/800px-ETS-allowance-prices.svg.png 2x" data-file-width="720" data-file-height="540" /></a><figcaption>Allowance prices for carbon emission trade in all major emission trading schemes in Euro per ton of CO2 emitted (from 2008 until August 2024)</figcaption></figure>Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of <a href="/wiki/Emissions_trading" title="Emissions trading">emissions trading</a> scheme designed for <a href="/wiki/Carbon_dioxide" title="Carbon dioxide">carbon dioxide</a> (CO2) and other <a href="/wiki/Greenhouse_gas" title="Greenhouse gas">greenhouse gases</a> (GHGs). A form of <a href="/wiki/Carbon_price" title="Carbon price">carbon pricing</a>, its purpose is to <a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">limit climate change</a> by creating a market with limited allowances for emissions. Carbon emissions trading is a common method that countries use to attempt to meet their <a href="/wiki/Nationally_Determined_Contributions" class="mw-redirect" title="Nationally Determined Contributions">pledges</a> under the <a href="/wiki/Paris_Agreement" title="Paris Agreement">Paris Agreement</a>, with schemes operational in <a href="/wiki/China" title="China">China</a>, the <a href="/wiki/European_Union" title="European Union">European Union</a>, and other countries.<a href="#cite_note-1">[1]</a> Emissions trading sets a quantitative total limit on the emissions produced by all participating emitters, which correspondingly determines the prices of emissions. Under emission trading, a polluter having more emissions than their quota has to purchase the right to emit more from emitters with fewer emissions. This can reduce the competitiveness of <a href="/wiki/Fossil_fuel" title="Fossil fuel">fossil fuels</a>, which are the main driver of <a href="/wiki/Climate_change" title="Climate change">climate change</a>. Instead, carbon emissions trading may accelerate investments into <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a>, such as <a href="/wiki/Wind_power" title="Wind power">wind power</a> and <a href="/wiki/Solar_power" title="Solar power">solar power</a>.<a href="#cite_note-2">[2]</a>: 12  However, such schemes are usually not harmonized with defined <a href="/wiki/Carbon_budget" title="Carbon budget">carbon budgets</a> that are required to maintain <a href="/wiki/Climate_change" title="Climate change">global warming</a> below the critical thresholds of 1.5 °C or "well below" 2 °C, with <a href="/wiki/Overproduction" title="Overproduction">oversupply</a> leading to low prices of allowances with almost no effect on fossil fuel combustion.<a href="#cite_note-3">[3]</a> Emission trade allowances currently cover a wide price range from €7 per tonne of CO2 in <a href="/wiki/Chinese_national_carbon_trading_scheme" title="Chinese national carbon trading scheme">China's national carbon trading scheme</a><a href="#cite_note-China-4">[4]</a> to €63 per tonne of CO2 in the <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">EU-ETS</a> (as of September 2021).<a href="#cite_note-EMBER-5">[5]</a> Other greenhouse gases can also be traded but are quoted as standard multiples of carbon dioxide with respect to their <a href="/wiki/Global_warming_potential" title="Global warming potential">global warming potential</a>. <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=1" title="Edit section: Purpose">edit</a>]</div> The economic problem with <a href="/wiki/Climate_change" title="Climate change">climate change</a> is that the emitters of <a href="/wiki/Greenhouse_gas" title="Greenhouse gas">greenhouse gases</a> (GHGs) do not face the <a href="/wiki/External_cost" class="mw-redirect" title="External cost">external costs</a> of their actions, which include the present and future welfare of people, the natural environment,<a href="#cite_note-imf-6">[6]</a><a href="#cite_note-7">[7]</a><a href="#cite_note-8">[8]</a> and the <a href="/wiki/Social_cost_of_carbon" title="Social cost of carbon">social cost of carbon</a>. This can be addressed with the dynamic price model of emissions trading. An emissions trading scheme for greenhouse gas emissions (GHGs) works by establishing <a href="/wiki/Property_rights_(economics)" title="Property rights (economics)">property rights</a> for the <a href="/wiki/Atmosphere" title="Atmosphere">atmosphere</a>.<a href="#cite_note-goldemberg-9">[9]</a> The atmosphere is a global <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public good</a>, and GHG emissions are an international <a href="/wiki/Externality" title="Externality">externality</a>. In the cap-and-trade variant of emissions trading, a cap on access to a resource is defined and then allocated among users in the form of permits. Compliance is established by comparing actual emissions with permits surrendered.<a href="#cite_note-Tietenberg03-10">[10]</a> The setting of the cap affects the environmental integrity of carbon trading, and can result in both positive and negative environmental effects.<a href="#cite_note-Driesenelaw40-11">[11]</a> Emissions trading programmes such as the <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">European Union Emissions Trading System</a> (EU-ETS) complement the country-to-country trading stipulated in the <a href="/wiki/Kyoto_Protocol" title="Kyoto Protocol">Kyoto Protocol</a> by allowing private trading of permits, coordinating with national emissions targets provided under the Kyoto Protocol. Under such programmes, a national or international authority allocates permits to individual companies based on established criteria, with a view to meeting targets at the lowest overall economic cost.<a href="#cite_note-12">[12]</a> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=2" title="Edit section: History">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Emissions_trading#History" title="Emissions trading">Emissions trading § History</a></div> <style data-mw-deduplicate="TemplateStyles:r1224211176">.mw-parser-output .quotebox{background-color:#F9F9F9;border:1px solid #aaa;box-sizing:border-box;padding:10px;font-size:88%;max-width:100%}.mw-parser-output .quotebox.floatleft{margin:.5em 1.4em .8em 0}.mw-parser-output .quotebox.floatright{margin:.5em 0 .8em 1.4em}.mw-parser-output .quotebox.centered{overflow:hidden;position:relative;margin:.5em auto .8em auto}.mw-parser-output .quotebox.floatleft span,.mw-parser-output .quotebox.floatright span{font-style:inherit}.mw-parser-output .quotebox>blockquote{margin:0;padding:0;border-left:0;font-family:inherit;font-size:inherit}.mw-parser-output .quotebox-title{text-align:center;font-size:110%;font-weight:bold}.mw-parser-output .quotebox-quote>:first-child{margin-top:0}.mw-parser-output .quotebox-quote:last-child>:last-child{margin-bottom:0}.mw-parser-output .quotebox-quote.quoted:before{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" “ ";vertical-align:-45%;line-height:0}.mw-parser-output .quotebox-quote.quoted:after{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" ” ";line-height:0}.mw-parser-output .quotebox .left-aligned{text-align:left}.mw-parser-output .quotebox .right-aligned{text-align:right}.mw-parser-output .quotebox .center-aligned{text-align:center}.mw-parser-output .quotebox .quote-title,.mw-parser-output .quotebox .quotebox-quote{display:block}.mw-parser-output .quotebox cite{display:block;font-style:normal}@media screen and (max-width:640px){.mw-parser-output .quotebox{width:100%!important;margin:0 0 .8em!important;float:none!important}}</style><div class="quotebox pullquote floatright" style="width:12em; ;"> <blockquote class="quotebox-quote left-aligned" style=""> "Economy-wide pricing of carbon is the centre piece of any policy designed to reduce emissions at the lowest possible costs". </blockquote> <cite class="left-aligned" style=""><a href="/wiki/Ross_Garnaut" title="Ross Garnaut">Ross Garnaut</a>, lead author of the <a href="/wiki/Garnaut_Climate_Change_Review" title="Garnaut Climate Change Review">Garnaut Climate Change Review</a> in 2011<a href="#cite_note-kpup6-13">[13]</a></cite> </div> Carbon emission trading began in Rio de Janeiro in 1992, when 160 countries agreed the <a href="/wiki/United_Nations_Framework_Convention_on_Climate_Change" title="United Nations Framework Convention on Climate Change">UN Framework Convention on Climate Change</a> (UNFCCC). The necessary detail was left to be settled by the <a href="/wiki/United_Nations_Climate_Change_conference" class="mw-redirect" title="United Nations Climate Change conference">UN Conference of Parties</a> (COP). In 1997, the <a href="/wiki/Kyoto_Protocol" title="Kyoto Protocol">Kyoto Protocol</a> was the first major agreement to reduce greenhouse gases. 38 developed countries committed themselves to targets and timetables.<a href="#cite_note-14">[14]</a> The resulting inflexible limitations on GHG growth could entail substantial costs if countries have to solely rely on their own domestic measures.<a href="#cite_note-15">[15]</a> Carbon emissions trading increased rapidly in 2021 with the start of the <a href="/wiki/Chinese_national_carbon_trading_scheme" title="Chinese national carbon trading scheme">Chinese national carbon trading scheme</a>.<a href="#cite_note-FT-16">[16]</a> The increasing costs of permits on the <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">EU ETS</a> have had the effect of increasing costs of coal power.<a href="#cite_note-17">[17]</a> A 2019 study by the American Council for an Energy Efficient Economy finds that efforts to put a price on <a href="/wiki/Greenhouse_gas_emissions" title="Greenhouse gas emissions">greenhouse gas emissions</a> are growing in North America.<a href="#cite_note-18">[18]</a> In 2021, shipowners said they were against being included in the EU ETS.<a href="#cite_note-19">[19]</a> <div class="mw-heading mw-heading2"><h2 id="Economic_aspects_and_tools">Economic aspects and tools</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=3" title="Edit section: Economic aspects and tools">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Emissions_trading#Economics" title="Emissions trading">Emissions trading § Economics</a>, <a href="/wiki/Carbon_price" title="Carbon price">Carbon price</a>, and <a href="/wiki/Economic_analysis_of_climate_change" title="Economic analysis of climate change">Economic analysis of climate change</a></div><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist 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.sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Environmental_economics" title="Category:Environmental economics">a series</a> about</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental economics</a></th></tr><tr><td class="sidebar-image"><a href="/wiki/File:Cash_template.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Cash_template.svg/90px-Cash_template.svg.png" decoding="async" width="90" height="60" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Cash_template.svg/135px-Cash_template.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/19/Cash_template.svg/180px-Cash_template.svg.png 2x" data-file-width="48" data-file-height="32" /></a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Carbon price</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Carbon_credit" class="mw-redirect" title="Carbon credit">Carbon credit</a></li> <li><a class="mw-selflink selflink">Carbon emission trading</a></li> <li><a href="/wiki/Carbon_fee_and_dividend" title="Carbon fee and dividend">Carbon fee and dividend</a></li> <li><a href="/wiki/Carbon_finance" class="mw-redirect" title="Carbon finance">Carbon finance</a></li> <li><a href="/wiki/Carbon_offset" class="mw-redirect" title="Carbon offset">Carbon offset</a></li> <li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon tax</a></li> <li><a href="/wiki/Emissions_trading" title="Emissions trading">Emissions trading</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a></li> <li><a href="/wiki/Personal_carbon_trading" title="Personal carbon trading">Personal carbon trading</a></li> <li><a href="/wiki/Pigovian_tax" class="mw-redirect" title="Pigovian tax">Pigovian tax</a></li> <li><a href="/wiki/Social_cost_of_carbon" title="Social cost of carbon">Social cost of carbon</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Climate change</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Carbon_footprint" title="Carbon footprint">Carbon footprint</a></li> <li><a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">Climate change mitigation</a></li> <li><a href="/wiki/Food_miles" title="Food miles">Food miles</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Bright_green_environmentalism" title="Bright green environmentalism">Bright green environmentalism</a></li> <li><a href="/wiki/Circular_economy" title="Circular economy">Circular economy</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_sustainability" title="Corporate sustainability">Corporate sustainability</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco-capitalism</a></li> <li><a href="/wiki/Eco_commerce" title="Eco commerce">Eco commerce</a></li> <li><a href="/wiki/Eco-innovation" title="Eco-innovation">Eco-innovation</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological economics</a></li> <li><a href="/wiki/Ecological_footprint" title="Ecological footprint">Ecological footprint</a></li> <li><a href="/wiki/Ecological_modernization" title="Ecological modernization">Ecological modernization</a></li> <li><a href="/wiki/Ecotechnology" title="Ecotechnology">Ecotechnology</a></li> <li><a href="/wiki/Efficient_energy_use" title="Efficient energy use">Efficient energy use</a></li> <li><a href="/wiki/Energy_conservation" title="Energy conservation">Energy conservation</a></li> <li><a href="/wiki/Natural_environment" title="Natural environment">Environmental</a> <ul><li><a href="/wiki/Environmental_accounting" title="Environmental accounting">accounting</a></li> <li><a href="/wiki/Environmental_design" title="Environmental design">design</a></li> <li><a href="/wiki/Environmental_enterprise" title="Environmental enterprise">enterprise</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">finance</a></li> <li><a href="/wiki/Environmental_full-cost_accounting" title="Environmental full-cost accounting">full-cost accounting</a></li> <li><a href="/wiki/Environmental_impact_design" title="Environmental impact design">impact design</a></li> <li><a href="/wiki/Environmental_planning" title="Environmental planning">planning</a></li></ul></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Fiscal_environmentalism" title="Fiscal environmentalism">Fiscal environmentalism</a></li> <li><a href="/wiki/Environmental_friendly" class="mw-redirect" title="Environmental friendly">Green</a> <ul><li><a href="/wiki/Green_accounting" title="Green accounting">accounting</a></li> <li><a href="/wiki/Green_building" title="Green building">building</a></li> <li><a href="/wiki/Green_development" title="Green development">development</a></li> <li><a href="/wiki/Green_economy" title="Green economy">economy</a></li> <li><a href="/wiki/Green_growth" title="Green growth">growth</a></li> <li><a href="/wiki/Green_job" title="Green job">job</a></li> <li><a href="/wiki/Green_marketing" title="Green marketing">marketing</a></li> <li><a href="/wiki/Green_paradox" class="mw-redirect" title="Green paradox">paradox</a></li> <li><a href="/wiki/Green_recovery" title="Green recovery">recovery</a></li> <li><a href="/wiki/Green_trading" title="Green trading">trading</a></li> <li><a href="/wiki/Green_vehicle" title="Green vehicle">vehicle</a></li></ul></li> <li><a href="/wiki/High-performance_buildings" title="High-performance buildings">High-performance buildings</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Marginal_abatement_cost" title="Marginal abatement cost">Marginal abatement cost</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource economics</a></li> <li><a href="/wiki/Pollution_haven_hypothesis" title="Pollution haven hypothesis">Pollution haven hypothesis</a></li> <li><a href="/wiki/Social_accounting" title="Social accounting">Social accounting</a></li> <li><a href="/wiki/Socially_responsible_business" title="Socially responsible business">Socially responsible business</a></li> <li><a href="/wiki/Social_return_on_investment" title="Social return on investment">Social return on investment</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a> <ul><li><a href="/wiki/Sustainability_accounting" title="Sustainability accounting">accounting</a></li> <li><a href="/wiki/Sustainability_organization" title="Sustainability organization">organization</a></li> <li><a href="/wiki/Sustainability_reporting" title="Sustainability reporting">reporting</a></li></ul></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainable</a> <ul><li><a href="/wiki/Sustainable_advertising" class="mw-redirect" title="Sustainable advertising">advertising</a></li> <li><a href="/wiki/Sustainable_agriculture" title="Sustainable agriculture">agriculture</a></li> <li><a href="/wiki/Sustainable_capitalism" title="Sustainable capitalism">capitalism</a></li> <li><a href="/wiki/Sustainable_consumer_behaviour" title="Sustainable consumer behaviour">consumer behaviour</a></li> <li><a href="/wiki/Sustainable_consumption" title="Sustainable consumption">consumption</a></li> <li><a href="/wiki/Sustainable_design" title="Sustainable design">design</a></li> <li><a href="/wiki/Sustainable_design_standards" title="Sustainable design standards">design standards</a></li> <li><a href="/wiki/Sustainable_development" title="Sustainable development">development</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">development goals</a></li> <li><a href="/wiki/Sustainable_energy" title="Sustainable energy">energy</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">finance</a></li> <li><a href="/wiki/Sustainable_food_systems" class="mw-redirect" title="Sustainable food systems">food systems</a></li> <li><a href="/wiki/Sustainable_industries" title="Sustainable industries">industries</a></li> <li><a href="/wiki/Sustainable_livelihood" title="Sustainable livelihood">livelihood</a></li> <li><a href="/wiki/Sustainable_management" title="Sustainable management">management</a></li> <li><a href="/wiki/Sustainable_market" class="mw-redirect" title="Sustainable market">market</a></li> <li><a href="/wiki/Sustainable_procurement" title="Sustainable procurement">procurement</a></li> <li><a href="/wiki/Sustainable_refurbishment" title="Sustainable refurbishment">refurbishment</a></li> <li><a href="/wiki/Sustainable_sourcing" title="Sustainable sourcing">sourcing</a></li> <li><a href="/wiki/Sustainable_tourism" title="Sustainable tourism">tourism</a></li> <li><a href="/wiki/Sustainable_transport" title="Sustainable transport">transport</a></li></ul></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermoeconomics</a></li> <li><a href="/wiki/Used_good" title="Used good">Used good</a></li> <li><a href="/wiki/Value_of_Earth" title="Value of Earth">Value of Earth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Energy transition</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/2000-watt_society" title="2000-watt society">2000-watt society</a></li> <li><a href="/wiki/Alternative_fuel" title="Alternative fuel">Alternative fuel</a>,</li> <li><a href="/wiki/Carbon_neutrality" class="mw-redirect" title="Carbon neutrality">Carbon neutrality</a></li> <li><a href="/wiki/Carbon-neutral_fuel" title="Carbon-neutral fuel">Carbon-neutral fuel</a></li> <li><a href="/wiki/Environmental_technology" title="Environmental technology">Environmental technology</a></li> <li><a href="/wiki/Feed-in_tariff" title="Feed-in tariff">Feed-in tariff</a></li> <li><a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">Fossil fuel divestment</a></li> <li><a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">Fossil fuel phase-out</a></li> <li><a href="/wiki/Low-carbon_economy" title="Low-carbon economy">Low-carbon economy</a></li> <li><a href="/wiki/Net_metering" title="Net metering">Net metering</a></li> <li><a href="/wiki/Renewable_energy_commercialization" title="Renewable energy commercialization">Renewable energy commercialization</a></li> <li><a href="/wiki/Sustainable_energy" title="Sustainable energy">Sustainable energy</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Carbon_leakage" title="Carbon leakage">Carbon leakage</a></li> <li><a href="/wiki/Environmental_pricing_reform" title="Environmental pricing reform">Environmental pricing reform</a></li> <li><a href="/wiki/Environmental_tariff" class="mw-redirect" title="Environmental tariff">Environmental tariff</a></li> <li><a href="/wiki/Free_public_transport" title="Free public transport">Free public transport</a></li> <li><a href="/wiki/Green_industrial_policy" title="Green industrial policy">Green industrial policy</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Green_politics" title="Green politics">Green politics</a></li> <li><a href="/wiki/Rail_subsidies" title="Rail subsidies">Rail subsidies</a></li></ul></div></div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Green_economics_sidebar" title="Template:Green economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Green_economics_sidebar" title="Template talk:Green economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Green_economics_sidebar" title="Special:EditPage/Template:Green economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table>Economists generally agree that to regulate emissions efficiently, all polluters need to face the full <a href="/wiki/Margin_(economics)" title="Margin (economics)">marginal</a> <a href="/wiki/Social_cost" title="Social cost">social costs</a> of their actions.<a href="#cite_note-20">[20]</a> Regulation of emissions applied only to one economic sector or region drastically reduces the efficiency of efforts to reduce global emissions.<a href="#cite_note-21">[21]</a> There is, however, no scientific consensus over how to share the costs and benefits of reducing future climate change, or the costs and benefits of <a href="/wiki/Climate_change_adaptation" title="Climate change adaptation">adapting</a> to any future climate change. <div class="mw-heading mw-heading3"><h3 id="Carbon_offsets_and_credits">Carbon offsets and credits</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=4" title="Edit section: Carbon offsets and credits">edit</a>]</div> <div class="excerpt-block"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable dablink excerpt-hat selfref">This section is an excerpt from <a href="/wiki/Carbon_offsets_and_credits" title="Carbon offsets and credits">Carbon offsets and credits</a>.[<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Carbon_offsets_and_credits&action=edit">edit</a>]</div><div class="excerpt"> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Turbine_aalborg.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Turbine_aalborg.jpg/220px-Turbine_aalborg.jpg" decoding="async" width="220" height="333" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Turbine_aalborg.jpg/330px-Turbine_aalborg.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Turbine_aalborg.jpg/440px-Turbine_aalborg.jpg 2x" data-file-width="982" data-file-height="1487" /></a><figcaption><a href="/wiki/Renewable_energy" title="Renewable energy">Renewable energy</a> projects, such as these <a href="/wiki/Wind_turbine" title="Wind turbine">wind turbines</a> near <a href="/wiki/Aalborg" title="Aalborg">Aalborg</a>, Denmark, constitute one common type of carbon offset project.<a href="#cite_note-Carbon_offsets_and_credits_:2-22">[22]</a></figcaption></figure> <a href="/wiki/Carbon_offsets_and_credits" title="Carbon offsets and credits">Carbon offsetting</a> is a <a href="/wiki/Carbon_trading" class="mw-redirect" title="Carbon trading">carbon trading</a> mechanism that enables entities to compensate for offset <a href="/wiki/Greenhouse_gas_emissions" title="Greenhouse gas emissions">greenhouse gas emissions</a> by investing in projects that reduce, avoid, or remove emissions elsewhere. When an entity invests in a carbon offsetting program, it receives carbon credit or offset credit, which account for the net climate benefits that one entity brings to another. After certification by a government or independent certification body, credits can be traded between entities. One carbon credit represents a reduction, avoidance or removal of one metric tonne of <a href="/wiki/Carbon_dioxide" title="Carbon dioxide">carbon dioxide</a> or its <a href="/wiki/Global_warming_potential" title="Global warming potential">carbon dioxide-equivalent</a> (CO2e). A variety of greenhouse gas reduction projects can qualify for offsets and credits depending on the scheme. Some include forestry projects that avoid logging and plant saplings,<a href="#cite_note-Carbon_offsets_and_credits_:2-22">[22]</a><a href="#cite_note-23">[23]</a> <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a> projects such as <a href="/wiki/Wind_farm" title="Wind farm">wind farms</a>, <a href="/wiki/Biomass_energy" class="mw-redirect" title="Biomass energy">biomass energy</a>, <a href="/wiki/Biogas_digesters" class="mw-redirect" title="Biogas digesters">biogas digesters</a>, <a href="/wiki/Hydroelectric_Dams" class="mw-redirect" title="Hydroelectric Dams">hydroelectric dams</a>, as well as <a href="/wiki/Efficient_energy_use" title="Efficient energy use">energy efficiency</a> projects. Further projects include <a href="/wiki/Carbon_dioxide_removal" title="Carbon dioxide removal">carbon dioxide removal</a> projects, <a href="/wiki/Carbon_capture_and_storage" title="Carbon capture and storage">carbon capture and storage</a> projects, and the elimination of <a href="/wiki/Methane_emissions" title="Methane emissions">methane emissions</a> in various settings such as <a href="/wiki/Landfill" title="Landfill">landfills</a>. Many projects that give credits for <a href="/wiki/Carbon_sequestration" title="Carbon sequestration">carbon sequestration</a> have received criticism as <a href="/wiki/Greenwashing" title="Greenwashing">greenwashing</a> because they overstated their ability to sequester carbon, with some projects being shown to actually increase overall emissions.<a href="#cite_note-Carbon_offsets_and_credits_:7-24">[24]</a><a href="#cite_note-Carbon_offsets_and_credits_:8-25">[25]</a><a href="#cite_note-Carbon_offsets_and_credits_:9-26">[26]</a><a href="#cite_note-Carbon_offsets_and_credits_:10-27">[27]</a> Carbon offset and credit programs provide a mechanism for countries to meet their <a href="/wiki/Nationally_determined_contribution" title="Nationally determined contribution">Nationally Determined Contributions</a> (NDC) commitments to achieve the goals of the <a href="/wiki/Paris_Agreement" title="Paris Agreement">Paris Agreement</a>.<a href="#cite_note-Carbon_offsets_and_credits_WorldBankExplainer-28">[28]</a> <a href="/wiki/Cooperative_Mechanisms_under_Article_6_of_the_Paris_Agreement" title="Cooperative Mechanisms under Article 6 of the Paris Agreement">Article 6 of the Paris Agreement</a> includes three mechanisms for "voluntary cooperation" between countries towards climate goals, including <a href="/wiki/Carbon_markets" class="mw-redirect" title="Carbon markets">carbon markets</a>. Article 6.2 enabled countries to directly trade carbon credits and units of renewable power with each other. Article 6.4 established a new international carbon market allowing countries or companies to use carbon credits generated in other countries to help meet their climate targets. Carbon offset and credit programs are coming under increased scrutiny because their claimed emissions reductions may be inflated compared to the actual reductions achieved.<a href="#cite_note-29">[29]</a><a href="#cite_note-30">[30]</a><a href="#cite_note-Carbon_offsets_and_credits_:1-31">[31]</a> To be credible, the reduction in emissions must meet three criteria: they must last indefinitely, be additional to emission reductions that were going to happen anyway, and must be measured, monitored and verified by independent third parties to ensure that the amount of reduction promised has in fact been attained.<a href="#cite_note-Carbon_offsets_and_credits_:5-32">[32]</a> <a href="#cite_note-33">[33]</a></div></div> <div class="mw-heading mw-heading3"><h3 id="Carbon_leakage">Carbon leakage</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=5" title="Edit section: Carbon leakage">edit</a>]</div> A domestic carbon emissions trading scheme is constrained in its regulatory jurisdiction. GHG emissions may thus <a href="/wiki/Carbon_leakage" title="Carbon leakage">leak</a> to another region or sector with less regulation. Generally, leakages reduce the effectiveness of domestic emission abatement efforts. Notwithstanding, leakages may also be negative in nature, increasing the effectiveness of domestic abatement efforts.<a href="#cite_note-34">[34]</a> For example, a <a href="/wiki/Carbon_tax" title="Carbon tax">carbon tax</a> applied only to developed countries might lead to a positive leakage to developing countries.<a href="#cite_note-35">[35]</a> However, a negative leakage might also occur due to technological developments driven by domestic regulation of GHGs,<a href="#cite_note-36">[36]</a> helping to reduce emissions even in less regulated regions. The current state of carbon emissions trading shows that roughly 22% of global greenhouse emissions are covered by 64 carbon taxes and emission trading systems as of 2021.<a href="#cite_note-37">[37]</a> Energy intensive industries that are covered by such instruments may view the regulatory disparity between jurisdictions as a loss of competitiveness. They may therefore make strategic production decisions that involve carbon leakage. To mitigate carbon leakage and its effects on the environment, policymakers need to harmonize international climate policies and provide incentives to prevent companies from relocating production to regions with more lenient environmental regulations.<a href="#cite_note-38">[38]</a> Free emission permits, given to sectors vulnerable to international competition, are one way of addressing carbon leakage<a href="#cite_note-39">[39]</a> by acting as a <a href="/wiki/Subsidy" title="Subsidy">subsidy</a> for the sector in question. The <a href="/wiki/Garnaut_Climate_Change_Review" title="Garnaut Climate Change Review">Garnaut Climate Change Review</a> considered the free allocation of permits unjustified in any circumstances, arguing that governments could deal with <a href="/wiki/Market_failure" title="Market failure">market failure</a> or claims for compensation more transparently with the revenue from full auctioning of permits.<a href="#cite_note-garnaut-40">[40]</a> <div class="mw-heading mw-heading3"><h3 id="Border_Adjustment">Border Adjustment</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=6" title="Edit section: Border Adjustment">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></div> Another economically efficient solution to carbon leakage is border adjustment,<a href="#cite_note-41">[41]</a> where tariffs are set on imported goods from less regulated countries. A problem with border adjustments is that they might be used as a disguise for trade <a href="/wiki/Protectionism" title="Protectionism">protectionism</a>.<a href="#cite_note-42">[42]</a> Some types of border adjustment may also not prevent emissions leakage. The <a href="/wiki/EU_Carbon_Border_Adjustment_Mechanism" title="EU Carbon Border Adjustment Mechanism">EU Carbon Border Adjustment Mechanism</a> takes in effect for 6 sectors in 2026.<a href="#cite_note-a011-43">[43]</a> <div class="mw-heading mw-heading3"><h3 id="Potential_global_carbon_market">Potential global carbon market</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=7" title="Edit section: Potential global carbon market">edit</a>]</div> The Paris Agreement provided a legal base for the creation of a global carbon market, which has a potentially significant role in stopping climate change.<a href="#cite_note-EU-44">[44]</a> In the beginning of 2024, the idea made some progress, as in the <a href="/w/index.php?title=Bonn_meeting&action=edit&redlink=1" class="new" title="Bonn meeting (page does not exist)">Bonn meeting</a> new tools and supervisory bodies was created.<a href="#cite_note-45">[45]</a> The rules of the <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">European Union Emissions Trading System</a> include the possibility of connecting it with other trading systems. This has already happened with the <a href="/w/index.php?title=Switzerland_emissions_trading_system&action=edit&redlink=1" class="new" title="Switzerland emissions trading system (page does not exist)">Switzerland emissions trading system</a>.<a href="#cite_note-EU-44">[44]</a><a href="#cite_note-46">[46]</a> <a href="/wiki/China" title="China">China</a> expressed a support for a global carbon market, saying it is better than the <a href="/wiki/EU_Carbon_Border_Adjustment_Mechanism" title="EU Carbon Border Adjustment Mechanism">EU Carbon Border Adjustment Mechanism</a>.<a href="#cite_note-47">[47]</a> In 2023 the global value of carbon markets was $948.75 billion.<a href="#cite_note-48">[48]</a> It is expected to reach 2.68 trillion dollars by 2028 <a href="#cite_note-49">[49]</a> and 22 trillion by 2050.<a href="#cite_note-50">[50]</a> <div class="mw-heading mw-heading2"><h2 id="Allocation_of_permits">Allocation of permits</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=8" title="Edit section: Allocation of permits">edit</a>]</div> Tradable emissions permits can be issued to firms within an ETS by two main ways: by free allocation of permits to existing emitters or by auction.<a href="#cite_note-51">[51]</a> In the first case, the government receives no carbon revenue. In the second it receives the full value of the permits, on average. In either case, permits will be equally scarce and just as valuable to market participants, such that the price at sale will be the same in either case.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] Generally, emitters will profit from permits allocated to them for free. But if they must pay, their profits will be reduced. If the carbon price equals the true social cost of carbon, then long-run profit reduction will reflect the consequences of paying this new cost. If having to pay this cost is unexpected, then there will likely be a one-time loss due to the change in regulations and not simply due to paying the real cost of carbon. However, if there is advanced notice of this change, or if the carbon price is introduced gradually, this one-time regulatory cost will be minimized. There has now been enough advance notice of carbon pricing that this effect should be negligible on average.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <div class="mw-heading mw-heading3"><h3 id="Grandfathering">Grandfathering</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=9" title="Edit section: Grandfathering">edit</a>]</div> Allocating permits based on past emissions is called "grandfathering".<a href="#cite_note-52">[52]</a> Grandfathering permits can lead to <a href="/wiki/Perverse_incentive" title="Perverse incentive">perverse incentives</a>, such as a firm being given fewer permits in the future for aiming to cut emissions drastically.<a href="#cite_note-53">[53]</a> Another method of grandfathering is to base allocations on current production of economic goods rather than historical emissions. Under this method of allocation, the government will set a benchmark level of emissions for each good deemed to be sufficiently trade exposed and allocate firms units based on their production of this good. However, allocating permits in proportion to output implicitly subsidises production.<a href="#cite_note-54">[54]</a> The Garnaut Climate Change Review noted that grandfathered permits are not free of cost. As the permits are scarce, they have value, and the benefit of that value is acquired in full by the emitter. The cost is imposed elsewhere in the economy, typically on consumers who cannot pass on the costs:<a href="#cite_note-garnaut-40">[40]</a> The cost of a grandfathered permit may be regarded as the <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of not selling the permit at full value.<a href="#cite_note-double-dividend-55">[55]</a> As a result, profit-maximising firms receiving free permits will raise prices to customers because of the new, non-zero cost of emissions.<a href="#cite_note-56">[56]</a> This gives permit-liable polluters an incentive to reduce their emissions. However, if a firm sells the same amount of output as before that cap, with no change in production technology, the full value of permits received for free becomes <a href="/wiki/Windfall_gain" title="Windfall gain">windfall profits</a>.<a href="#cite_note-double-dividend-55">[55]</a> However, since the cap reduces output and often causes the company to incur costs to increase efficiency, windfall profits will be less than the full value of its free permits. Grandfathering may also slow down technological development towards less polluting technologies.<a href="#cite_note-57">[57]</a> The Garnaut Report noted that any method for free permit allocation will have the disadvantages of high complexity, high transaction costs, value-based judgements, and the use of arbitrary emissions baselines.<a href="#cite_note-garnaut-40">[40]</a> Garnaut also noted that the complexity of free allocation and the large amounts of money involved encourage non-productive <a href="/wiki/Rent-seeking" title="Rent-seeking">rent-seeking</a> behaviour and lobbying of governments — activities that dissipate economic value.<a href="#cite_note-garnaut-40">[40]</a> At the same time, allocating permits can be used as a measure to protect domestic firms who are internationally exposed to competition.<a href="#cite_note-hepburn-58">[58]</a> This happens when domestic firms compete against other firms that are not subject to the same regulation. This argument in favor of allocation of permits has been used in the EU ETS, where industries that have been judged to be internationally exposed have been given permits for free.<a href="#cite_note-59">[59]</a> The <a href="/wiki/International_Air_Transport_Association" title="International Air Transport Association">International Air Transport Association</a>, whose 230 member airlines comprise 93% of all international traffic, argue that emissions levels should be based on industry averages rather than using individual companies' previous emissions levels to set their future permit allowances, stating that "would penalise airlines that took early action to modernise their fleets, while a benchmarking approach, if designed properly, would reward more efficient operations".<a href="#cite_note-60">[60]</a> <div class="mw-heading mw-heading3"><h3 id="Auctioning">Auctioning</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=10" title="Edit section: Auctioning">edit</a>]</div> Hepburn et al. state that, empirically, businesses tend to oppose auctioning of emissions permits, while economists almost uniformly recommend auctioning permits.<a href="#cite_note-cp6.1-61">[61]</a> Auctioning permits provides the government with revenues, which can be used to fund low-carbon investment and cuts in <a href="/wiki/Distortion_(economics)" class="mw-redirect" title="Distortion (economics)">distortionary</a> <a href="/wiki/Tax" title="Tax">taxes</a>.<a href="#cite_note-62">[62]</a><a href="#cite_note-63">[63]</a> Auctioning permits can therefore be more efficient and equitable than allocating permits.<a href="#cite_note-Hepburn2006-64">[64]</a> Garnaut stated that full auctioning will provide greater transparency and accountability and lower implementation and transaction costs as governments retain control over the permit revenue.<a href="#cite_note-garnaut-40">[40]</a> Auctions of units are more flexible in distributing costs, provide more incentives for innovation, lessen the political arguments over the allocation of <a href="/wiki/Economic_rents" class="mw-redirect" title="Economic rents">economic rents</a>, and reduce tax distortions.<a href="#cite_note-65">[65]</a> Recycling of revenue from permit auctions could also offset a significant proportion of the economy-wide social costs of a cap and trade scheme.<a href="#cite_note-Stavins2008-66">[66]</a> The <a href="/wiki/Perverse_incentive" title="Perverse incentive">perverse incentive</a> of grandfathering can be alleviated through auctioning.<a href="#cite_note-hepburn-58">[58]</a> <div class="mw-heading mw-heading3"><h3 id="Permit_supply_level">Permit supply level</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=11" title="Edit section: Permit supply level">edit</a>]</div> Regulatory agencies run the risk of issuing too many emission credits, which can result in a very low price on emission permits.<a href="#cite_note-ccc-67">[67]</a> This reduces the incentive that permit-liable firms have to cut back their emissions. On the other hand, issuing too few permits can result in an excessively high permit price.<a href="#cite_note-hepburn-58">[58]</a> An argument has been made for a hybrid instrument having a price floor and a price ceiling. However, a price-ceiling safety value removes the certainty of a particular quantity limit of emissions.<a href="#cite_note-68">[68]</a><figure typeof="mw:File/Thumb"><a href="/wiki/File:Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_(2021).png" class="mw-file-description"><img alt="Carbon taxes and emission trading worldwide" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/97/Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_%282021%29.png/660px-Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_%282021%29.png" decoding="async" width="660" height="369" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/97/Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_%282021%29.png/990px-Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_%282021%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/97/Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_%282021%29.png/1320px-Map_of_carbon_taxes_and_emissions_trading_systems_worldwide_%282021%29.png 2x" data-file-width="4016" data-file-height="2246" /></a><figcaption>Emissions trading and carbon taxes around the world (2021)<a href="#cite_note-69">[69]</a><style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  Carbon tax implemented or scheduled</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Carbon <a href="/wiki/Emission_trading" class="mw-redirect" title="Emission trading">emission trading</a> implemented or scheduled</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Carbon <a href="/wiki/Emission_trading" class="mw-redirect" title="Emission trading">emission trading</a> or carbon tax under consideration</div></figcaption></figure> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=12" title="Edit section: Criticisms">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Criticism_of_the_Kyoto_Protocol#Criticism_of_Carbon_Trade" title="Criticism of the Kyoto Protocol">Criticism of the Kyoto Protocol § Criticism of Carbon Trade</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg/220px-2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg/330px-2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg/440px-2009-11-30_-_Chicago_Climate_Justice_activists_in_Chicago_-_Cap%27n%27Trade_protest_011.jpg 2x" data-file-width="4000" data-file-height="3000" /></a><figcaption>Chicago Climate Justice activists protesting cap and trade legislation in front of <a href="/wiki/Chicago_Climate_Exchange" title="Chicago Climate Exchange">Chicago Climate Exchange</a> building in Chicago Loop</figcaption></figure> Emissions trading has been criticized for a variety of reasons. For one, it has been argued that climate change requires more radical solutions than pollution trading schemes, and that systemic changes must be made to reduce fossil fuel usage.<a href="#cite_note-:2-70">[70]</a><a href="#cite_note-71">[71]</a> At the same time, carbon credits have been seen as enabling large companies to pollute the environment at the expense of local communities.<a href="#cite_note-:2-70">[70]</a> Carbon trading has also been criticised as a form of <a href="/wiki/Colonialism" title="Colonialism">colonialism</a>, in which rich countries maintain their levels of consumption while getting credit for carbon savings in inefficient industrial projects.<a href="#cite_note-liverman-72">[72]</a> Groups such as <a href="/wiki/The_Corner_House_(organisation)" title="The Corner House (organisation)">the Corner House</a> have argued that the market will choose the easiest means to save a given quantity of carbon in the short term, which may be different from the means to reduce climate change.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] In September 2010, campaigning group <a href="/wiki/FERN" title="FERN">FERN</a> released "Trading Carbon: How it works and why it is controversial"<a href="#cite_note-73">[73]</a>[<a href="/wiki/Wikipedia:Citing_sources#What_information_to_include" title="Wikipedia:Citing sources">full citation needed</a>] which compiles many of the arguments against carbon trading. According to Carbon Trade Watch, carbon trading has had a "disastrous track record". The effectiveness of the EU ETS was criticized, and it was argued that the CDM had routinely favoured "environmentally ineffective and socially unjust projects".<a href="#cite_note-74">[74]</a> Some groups have claimed that non-existent emission reductions can be recorded under the Kyoto Protocol due to the surplus of allowances that some countries possess. For example, Russia had a surplus of allowances due to its economic collapse following the end of the Soviet Union.<a href="#cite_note-liverman-72">[72]</a> Other countries could have bought these allowances from Russia, but this would not have reduced emissions. In practice, as of 2010, Kyoto Parties had not yet chosen not to buy these surplus allowances.<a href="#cite_note-75">[75]</a> The complexity of cap and trade schemes around the world has resulted in the uncertainties around such schemes in Australia, Canada, China, the EU, India, Japan, New Zealand, and the US. As a result, some organizations have had little incentive to innovate and comply, resulting in an ongoing battle of stakeholder contestation for the past two decades.<a href="#cite_note-76">[76]</a> Proposals for alternative schemes to avoid the problems of cap-and-trade schemes include <a href="/wiki/Cap_and_Share" title="Cap and Share">Cap and Share</a>,[<a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify">clarification needed</a>] which was considered by the Irish Parliament in 2008, and the Sky Trust schemes.<a href="#cite_note-77">[77]</a> Carbon emission trading without border adjustments for exports leads to reduced global competitiveness for carbon-intensive products.<a href="#cite_note-o344-78">[78]</a> <div class="mw-heading mw-heading3"><h3 id="Abuses">Abuses</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=13" title="Edit section: Abuses">edit</a>]</div> The <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> published an article about cap-and-trade systems, which argued that "Carbon markets create a muddle" and "...leave much room for unverifiable manipulation".<a href="#cite_note-79">[79]</a> Emissions trading schemes have also been criticised for the potential of creating a new <a href="/wiki/Speculation" title="Speculation">speculative</a> market through the commodification of environmental risks through <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">financial derivatives</a>.<a href="#cite_note-80">[80]</a>[<a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify">clarification needed</a>] <a href="/wiki/Annie_Leonard" title="Annie Leonard">Annie Leonard</a>'s 2009 documentary The Story of Cap and Trade criticized carbon emissions trading for the free permits to major polluters giving them unjust advantages, cheating in connection with <a href="/wiki/Carbon_offset" class="mw-redirect" title="Carbon offset">carbon offsets</a>, and as a distraction from the search for other solutions.<a href="#cite_note-81">[81]</a> In China, some companies started artificial production of greenhouse gases with sole purpose of recycling and gaining carbon credits. Similar practices happened in India. Earned credit were then sold to companies in US and Europe.<a href="#cite_note-82">[82]</a><a href="#cite_note-83">[83]</a> Corporate and governmental carbon emission trading schemes have been modified in ways that have been attributed to permitting <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> to take place.<a href="#cite_note-84">[84]</a><a href="#cite_note-85">[85]</a> <div class="mw-heading mw-heading2"><h2 id="Examples_by_country">Examples by country</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=14" title="Edit section: Examples by country">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=15" title="Edit section: Australia">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Garnaut_Climate_Change_Review" title="Garnaut Climate Change Review">Garnaut Climate Change Review</a>, <a href="/wiki/Carbon_Pollution_Reduction_Scheme" title="Carbon Pollution Reduction Scheme">Carbon Pollution Reduction Scheme</a>, and <a href="/wiki/Clean_Energy_Bill_2011" class="mw-redirect" title="Clean Energy Bill 2011">Clean Energy Bill 2011</a></div> In 2003 the <a href="/wiki/New_South_Wales" title="New South Wales">New South Wales</a> (NSW) <a href="/wiki/Government_of_New_South_Wales" title="Government of New South Wales">state government</a> unilaterally established the <a href="/wiki/New_South_Wales_Greenhouse_Gas_Abatement_Scheme" title="New South Wales Greenhouse Gas Abatement Scheme">New South Wales Greenhouse Gas Abatement Scheme</a><a href="#cite_note-86">[86]</a> to reduce emissions by requiring electricity generators and large consumers to purchase NSW Greenhouse Abatement Certificates (NGACs). This has prompted the rollout of free energy-efficient compact fluorescent lightbulbs and other energy-efficiency measures, funded by the credits. This scheme has been criticised by the Centre for Energy and Environmental Markets (CEEM) of the <a href="/wiki/University_of_New_South_Wales" title="University of New South Wales">University of New South Wales</a> (UNSW) because of its lack of effectiveness in reducing emissions, its lack of transparency and its lack of verification of the additionality of emission reductions.<a href="#cite_note-87">[87]</a> Prior to the <a href="/wiki/2007_Australian_federal_election" title="2007 Australian federal election">2007 federal election</a>, both the incumbent <a href="/wiki/John_Howard" title="John Howard">Howard</a> <a href="/wiki/Coalition_(Australia)" title="Coalition (Australia)">Coalition</a> government and the <a href="/wiki/Kevin_Rudd" title="Kevin Rudd">Rudd</a> <a href="/wiki/Australian_Labor_Party" title="Australian Labor Party">Labor</a> opposition promised to implement an emissions trading scheme (ETS). Labor won the election, and the new government proceeded to implement an ETS. The new Rudd government introduced the <a href="/wiki/Carbon_Pollution_Reduction_Scheme" title="Carbon Pollution Reduction Scheme">Carbon Pollution Reduction Scheme</a>, which the <a href="/wiki/Liberal_Party_of_Australia" title="Liberal Party of Australia">Liberal Party of Australia</a> (now led by <a href="/wiki/Malcolm_Turnbull" title="Malcolm Turnbull">Malcolm Turnbull</a>) supported. <a href="/wiki/Tony_Abbott" title="Tony Abbott">Tony Abbott</a> questioned an ETS, advocating a "simple tax" as the best way to reduce emissions.<a href="#cite_note-88">[88]</a> Shortly before the carbon vote, Abbott defeated Turnbull in a leadership challenge (1 December 2009), and from there on the Liberals opposed the ETS. This left the Rudd Labor government unable to secure passage of the bill, and it was subsequently withdrawn. <a href="/wiki/Julia_Gillard" title="Julia Gillard">Julia Gillard</a> defeated Rudd in a leadership challenge, becoming Federal Prime Minister in June 2010. She promised that she would not introduce a carbon tax, but would look to legislate a price on carbon<a href="#cite_note-89">[89]</a> when taking the government to the <a href="/wiki/2010_Australian_federal_election" title="2010 Australian federal election">2010 election</a>. In the first Australian <a href="/wiki/Hung_parliament" title="Hung parliament">hung-parliament</a> result in 70 years, the Gillard Labor government required the support of crossbenchers - including the <a href="/wiki/Australian_Greens" title="Australian Greens">Greens</a>. One requirement for Greens' support was a carbon price, which Gillard proceeded with in forming a minority government. A fixed carbon-price would proceed to a floating-price ETS within a few years under the plan. The fixed price lent itself to characterisation as a "carbon tax", and when the government proposed the <a href="/wiki/Clean_Energy_Bill_2011" class="mw-redirect" title="Clean Energy Bill 2011">Clean Energy Bill</a> in February 2011,<a href="#cite_note-90">[90]</a> the opposition denounced it as a broken election promise.<a href="#cite_note-91">[91]</a> The <a href="/wiki/Australian_House_of_Representatives" title="Australian House of Representatives">Lower House</a> passed the bill in October 2011<a href="#cite_note-92">[92]</a> and the <a href="/wiki/Australian_Senate" title="Australian Senate">Upper House</a> in November 2011.<a href="#cite_note-93">[93]</a> The Liberal Party vowed to repeal the bill if elected.<a href="#cite_note-94">[94]</a> The bill thus resulted in passage of the Clean Energy Act, which possessed a great deal of flexibility in its design and uncertainty over its future. The <a href="/wiki/Liberal/National_coalition" class="mw-redirect" title="Liberal/National coalition">Liberal/National coalition</a> government elected in September 2013 promised to reverse the climate legislation of the previous government.<a href="#cite_note-95">[95]</a> In July 2014, the carbon tax was repealed - as well as the Emissions Trading Scheme (ETS) that was to start in 2015.<a href="#cite_note-96">[96]</a> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=16" title="Edit section: Canada">edit</a>]</div> The Canadian provinces of <a href="/wiki/Quebec" title="Quebec">Quebec</a> and <a href="/wiki/Nova_Scotia" title="Nova Scotia">Nova Scotia</a> operate an emissions trading scheme. Quebec links its program with the US state of <a href="/wiki/California" title="California">California</a> through the <a href="/wiki/Western_Climate_Initiative" title="Western Climate Initiative">Western Climate Initiative</a>. <div class="mw-heading mw-heading3"><h3 id="China">China</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=17" title="Edit section: China">edit</a>]</div> The <a href="/wiki/Chinese_national_carbon_trading_scheme" title="Chinese national carbon trading scheme">Chinese national carbon trading scheme</a> is the largest in the world. It is an intensity-based trading system for <a href="/wiki/Greenhouse_gas_emissions_by_China" title="Greenhouse gas emissions by China">carbon dioxide emissions by China</a>, which started operating in 2021.<a href="#cite_note-97">[97]</a> The initial design of the system targets a scope of 3.5 billion tons of carbon dioxide emissions that come from 1700 installations.<a href="#cite_note-:3-98">[98]</a> It has made a voluntary pledge under the UNFCCC to lower CO2 per unit of GDP by 40–45% in 2020 when comparing to the 2005 levels.<a href="#cite_note-99">[99]</a> In November 2011, China approved pilot tests of carbon trading in seven provinces and cities—Beijing, Chongqing, Shanghai, Shenzhen, Tianjin, as well as Guangdong Province and Hubei Province, with different prices in each region.<a href="#cite_note-100">[100]</a> The pilot is intended to test the waters and provide valuable lessons for the design of a national system in the near future. Their successes or failures will, therefore, have far-reaching implications for carbon market development in China in terms of trust in a national carbon trading market. Some of the pilot regions can start trading as early as 2013/2014.<a href="#cite_note-reuters.com-101">[101]</a> National trading is expected to start in 2017, latest in 2020. The effort to start a national trading system has faced some problems that took longer than expected to solve, mainly in the complicated process of initial data collection to determine the base level of pollution emission.<a href="#cite_note-102">[102]</a> According to the initial design, there will be eight sectors that are first included in the trading system: chemicals, petrochemicals, iron and steel, non-ferrous metals, building materials, paper, power and aviation, but many of the companies involved lacked consistent data.<a href="#cite_note-:3-98">[98]</a> Therefore, by the end of 2017, the allocation of emission quotas have started but it has been limited to only the power sector and will gradually expand, although the operation of the market is yet to begin.<a href="#cite_note-103">[103]</a> In this system, Companies that are involved will be asked to meet target level of reduction and the level will contract gradually.<a href="#cite_note-:3-98">[98]</a> <div class="mw-heading mw-heading3"><h3 id="European_Union">European Union</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=18" title="Edit section: European Union">edit</a>]</div> <div class="excerpt-block"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable dablink excerpt-hat selfref">This section is an excerpt from <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">European Union Emissions Trading System</a>.[<a class="external text" href="https://en.wikipedia.org/w/index.php?title=European_Union_Emissions_Trading_System&action=edit">edit</a>]</div><div class="excerpt"> <figure typeof="mw:File/Thumb"><a href="/wiki/File:EUA_prices_from_ICAP_secondary_market_2010_to_2024_verysmall.png" class="mw-file-description"><img alt="Plot shows the price of EUA in the EU Emissions Trading System from 2010 to 2024" src="//upload.wikimedia.org/wikipedia/commons/0/03/EUA_prices_from_ICAP_secondary_market_2010_to_2024_verysmall.png" decoding="async" width="448" height="364" class="mw-file-element" data-file-width="448" data-file-height="364" /></a><figcaption>Price of CO2 in the EU Emissions Trading System</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:EUA_future_real_price.pdf" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/EUA_future_real_price.pdf/page1-440px-EUA_future_real_price.pdf.jpg" decoding="async" width="440" height="268" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/EUA_future_real_price.pdf/page1-660px-EUA_future_real_price.pdf.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/EUA_future_real_price.pdf/page1-880px-EUA_future_real_price.pdf.jpg 2x" data-file-width="1050" data-file-height="639" /></a><figcaption>Price of CO2 in the EU Emissions Trading System</figcaption></figure> The <a href="/wiki/European_Union_Emissions_Trading_System" title="European Union Emissions Trading System">European Union Emissions Trading System</a> (EU ETS) is a carbon emission trading scheme (or <a href="/wiki/Cap_and_trade" class="mw-redirect" title="Cap and trade">cap and trade scheme</a>) that began in 2005 and is intended to lower <a href="/wiki/Greenhouse_gas_emissions" title="Greenhouse gas emissions">greenhouse gas emissions</a> in the EU. Cap and trade schemes limit emissions of specified pollutants over an area and allow companies to trade emissions rights within that area. The ETS covers around 45% of the EU's greenhouse gas emissions.<a href="#cite_note-104">[104]</a> As from 2027 road transport and buildings and industrial installation that fell out of EU ETS will be covered by a new EU ETS2. The "old" ETS and the new <a rel="nofollow" class="external text" href="https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets/ets2-buildings-road-transport-and-additional-sectors_en">EU ETS2</a> allowances will be traded independently. A major difference to the ETS is that ETS2 will cover the CO2 emissions upstream - whereby accredited fuel suppliers who places the fuel on the EU market will be obliged to cover that fuel with ETS2 emission allowances. The ETS2 covers around 40% of the EU's greenhouse gas emissions. The scheme has been divided into four "trading periods". The first ETS trading period lasted three years, from January 2005 to December 2007. The second trading period ran from January 2008 until December 2012, coinciding with the first commitment period of the <a href="/wiki/Kyoto_Protocol" title="Kyoto Protocol">Kyoto Protocol</a>. The third trading period lasted from January 2013 to December 2020. Compared to 2005, when the EU ETS was first implemented, the proposed caps for 2020 represent a 21% reduction of greenhouse gases. This target was achieved six years early as emissions in the ETS fell to 1.812 billion (109) tonnes in 2014.<a href="#cite_note-105">[105]</a> The fourth phase started in January 2021 and will continue until December 2030. The emission reductions to be achieved over this period are unclear as of November 2021, as the <a href="/wiki/European_Green_Deal" title="European Green Deal">European Green Deal</a> necessitates tightening of the current EU ETS reduction target for 2030 of -43% concerning to 2005. The <a href="/wiki/EU-Commission" class="mw-redirect" title="EU-Commission">EU Commission</a> proposes in its "Fit for 55" package to increase the EU ETS reduction target for 2030 to −61% compared to 2005.<a href="#cite_note-European_Union_Emissions_Trading_System_:1-106">[106]</a><a href="#cite_note-107">[107]</a> EU countries view the <a href="/wiki/Emissions_trading_scheme" class="mw-redirect" title="Emissions trading scheme">emissions trading scheme</a> as necessary for meeting climate goals. A strong carbon market guides investors and industry in their transition from <a href="/wiki/Fossil_fuels" class="mw-redirect" title="Fossil fuels">fossil fuels</a>.<a href="#cite_note-European_Union_Emissions_Trading_System_:3-108">[108]</a> A 2020 study found that the EU ETS successfully reduced CO2 emissions even though the prices for carbon were set at low prices.<a href="#cite_note-European_Union_Emissions_Trading_System_:5-109">[109]</a> A review of 13 policy evaluations quantifies this emission reduction effect at 7%.<a href="#cite_note-European_Union_Emissions_Trading_System_:6-110">[110]</a> A 2023 study on the effects of the EU ETS identified a reduction in carbon emissions in the order of -10% between 2005 and 2012 with no impacts on profits or employment for regulated firms.<a href="#cite_note-European_Union_Emissions_Trading_System_:4-111">[111]</a> The price of EU allowances exceeded 100€/tCO2 ($118) in February 2023.<a href="#cite_note-European_Union_Emissions_Trading_System_:3-108">[108]</a> A 2024 study further demonstrated that the EU ETS has incidentally contributed to reduce atmospheric levels of air pollutants in the EU including sulfur dioxide, fine particulate matter, and nitrogen oxide.<a href="#cite_note-112">[112]</a> This reduction has translated in local health co-benefits, alongside the system's primary goal of mitigating climate change.</div></div> <div class="mw-heading mw-heading3"><h3 id="India">India</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=19" title="Edit section: India">edit</a>]</div> Trading is set to begin in 2014 after a three-year rollout period. It is a mandatory energy efficiency trading scheme covering eight sectors responsible for 54 per cent of India's industrial energy consumption. India has pledged a 20 to 25 per cent reduction in <a href="/wiki/Emission_intensity" title="Emission intensity">emission intensity</a> from 2005 levels by 2020. Under the scheme, annual efficiency targets will be allocated to firms. Tradable energy-saving permits will be issued depending on the amount of energy saved during a target year.<a href="#cite_note-reuters.com-101">[101]</a>[<a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers">needs update</a>] <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=20" title="Edit section: Japan">edit</a>]</div> Japan as a country does not have a compulsory emissions trading scheme. The government in 2010 (the <a href="/wiki/Hatoyama_Cabinet" title="Hatoyama Cabinet">Hatoyama cabinet</a>) had planned to introduce one, but the plan lost momentum after Hatoyama resigned as prime minister, due partly from industrial opposition,<a href="#cite_note-113">[113]</a> and was eventually shelved. Japan has a voluntary scheme. Furthermore, the <a href="/wiki/Kyoto_Prefecture" title="Kyoto Prefecture">Kyoto Prefecture</a> has a voluntary emissions trading scheme.<a href="#cite_note-:0-114">[114]</a> Two regional mandatory schemes exist however, in Tokyo and Saitama Prefecture. The city of Tokyo consumes as much energy as "entire countries in Northern Europe, and its production matches the GNP of the world's 16th largest country". A cap-and-trade carbon trading scheme launched in April 2010 covers the top 1,400 emitters in Tokyo, and is enforced and overseen by the <a href="/wiki/Tokyo_Metropolitan_Government" title="Tokyo Metropolitan Government">Tokyo Metropolitan Government</a>.<a href="#cite_note-sei-international.org-115">[115]</a> Phase 1, which was similar to Japan's voluntary scheme, ran until 2015.<a href="#cite_note-116">[116]</a> Emitters had to cut their emissions by 6% or 8% depending on the type of organization; from 2011, those who exceed their limits were required to buy matching allowances, or invest in renewable-energy certificates, or offset credits issued by smaller businesses or branch offices.<a href="#cite_note-tokyo1-117">[117]</a> Polluters that failed to comply were liable up to 500,000 yen in fines plus credits for 1.3 times excess emissions.<a href="#cite_note-118">[118]</a> In its fourth year, emissions were reduced by 23% compared to base-year emissions.<a href="#cite_note-:1-119">[119]</a> In phase 2 (FY2015–FY2019), the target was expected to increase to 15–17%. The aim was to cut Tokyo's carbon emissions by 25% from 2000 levels by 2020.<a href="#cite_note-tokyo1-117">[117]</a> One year after Tokyo launched its cap-and-trade scheme, the neighbouring <a href="/wiki/Saitama_Prefecture" title="Saitama Prefecture">Saitama Prefecture</a> launched a highly similar scheme. The two schemes are connected.<a href="#cite_note-:0-114">[114]</a> <div class="mw-heading mw-heading3"><h3 id="New_Zealand">New Zealand</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=21" title="Edit section: New Zealand">edit</a>]</div> <div class="excerpt-block"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable dablink excerpt-hat selfref">This section is an excerpt from <a href="/wiki/New_Zealand_Emissions_Trading_Scheme" title="New Zealand Emissions Trading Scheme">New Zealand Emissions Trading Scheme</a>.[<a class="external text" href="https://en.wikipedia.org/w/index.php?title=New_Zealand_Emissions_Trading_Scheme&action=edit">edit</a>]</div><div class="excerpt"> <figure typeof="mw:File/Thumb"><a href="/wiki/File:NZU-NZ-emission-unit-720by540.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/NZU-NZ-emission-unit-720by540.svg/400px-NZU-NZ-emission-unit-720by540.svg.png" decoding="async" width="400" height="300" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3e/NZU-NZ-emission-unit-720by540.svg/600px-NZU-NZ-emission-unit-720by540.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3e/NZU-NZ-emission-unit-720by540.svg/800px-NZU-NZ-emission-unit-720by540.svg.png 2x" data-file-width="768" data-file-height="576" /></a><figcaption>New Zealand Unit Prices</figcaption></figure> The <a href="/wiki/New_Zealand_Emissions_Trading_Scheme" title="New Zealand Emissions Trading Scheme">New Zealand Emissions Trading Scheme</a> (NZ ETS) is an all-gases partial-coverage uncapped domestic <a href="/wiki/Emissions_trading_scheme" class="mw-redirect" title="Emissions trading scheme">emissions trading scheme</a> that features price floors, forestry offsetting, free allocation and auctioning of emissions units. The NZ ETS was first legislated in the <a href="/wiki/Climate_Change_Response_(Emissions_Trading)_Amendment_Act_2008" title="Climate Change Response (Emissions Trading) Amendment Act 2008">Climate Change Response (Emissions Trading) Amendment Act 2008</a> in September 2008 under the <a href="/wiki/Fifth_Labour_Government_of_New_Zealand" title="Fifth Labour Government of New Zealand">Fifth Labour Government of New Zealand</a><a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_parker08-120">[120]</a><a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_ccret-121">[121]</a> and then amended in November 2009<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_smith251109-122">[122]</a> and in November 2012<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_groser12-123">[123]</a> by the <a href="/wiki/Fifth_National_Government_of_New_Zealand" title="Fifth National Government of New Zealand">Fifth National Government of New Zealand</a>. The NZ ETS was until 2015 highly linked to international carbon markets as it allowed unlimited importing of most of the <a href="/wiki/Kyoto_Protocol" title="Kyoto Protocol">Kyoto Protocol</a> emission units. There is a domestic emission unit; the 'New Zealand Unit' (NZU), which was initially issued by free allocation to emitters until auctions of units commenced in 2020.<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_unit-124">[124]</a> The NZU is equivalent to 1 tonne of carbon dioxide. Free allocation of units varies between sectors. The commercial fishery sector (who are not participants) received a one-off free allocation of units on a historic basis.<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_MfESept09-125">[125]</a> Owners of pre-1990 forests received a fixed free allocation of units.<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_forest-126">[126]</a> Free allocation to emissions-intensive industry,<a href="#cite_note-127">[127]</a><a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_ag-128">[128]</a> is provided on an output-intensity basis. For this sector, there is no set limit on the number of units that may be allocated.<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_bull11-129">[129]</a><a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_bull12-130">[130]</a> The number of units allocated to eligible emitters is based on the average emissions per unit of output within a defined 'activity'.<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_cap-131">[131]</a> Bertram and Terry (2010, p 16) state that as the NZ ETS does not 'cap' emissions, the NZ ETS is not a cap and trade scheme as understood in the economics literature.<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_cchallenge-132">[132]</a> Some stakeholders have criticised the New Zealand Emissions Trading Scheme for its generous free allocations of emission units and the lack of a <a href="/wiki/Carbon_price" title="Carbon price">carbon price</a> signal (the <a href="/wiki/Parliamentary_Commissioner_for_the_Environment" title="Parliamentary Commissioner for the Environment">Parliamentary Commissioner for the Environment</a>),<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_pce1-133">[133]</a> and for being ineffective in reducing emissions (<a href="/wiki/Greenpeace_Aotearoa_New_Zealand" title="Greenpeace Aotearoa New Zealand">Greenpeace Aotearoa New Zealand</a>).<a href="#cite_note-New_Zealand_Emissions_Trading_Scheme_greenpeace-134">[134]</a></div></div> <div class="mw-heading mw-heading3"><h3 id="South_Korea">South Korea</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=22" title="Edit section: South Korea">edit</a>]</div> South Korea's national emissions trading scheme officially launched on January 1, 2015, covering 525 entities from 23 sectors. With a three-year cap of 1.8687 billion tCO2e, it now forms the second-largest carbon market in the world, following the EU ETS. This amounts to roughly two-thirds of the country's emissions. The Korean emissions trading scheme is part of the Republic of Korea's efforts to reduce greenhouse gas emissions by 30% compared to the business-as-usual scenario by 2020.<a href="#cite_note-:1-119">[119]</a> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=23" title="Edit section: United Kingdom">edit</a>]</div> <div class="excerpt-block"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable dablink excerpt-hat selfref">This section is an excerpt from <a href="/wiki/UK_Emissions_Trading_Scheme" title="UK Emissions Trading Scheme">UK Emissions Trading Scheme</a>.[<a class="external text" href="https://en.wikipedia.org/w/index.php?title=UK_Emissions_Trading_Scheme&action=edit">edit</a>]</div><div class="excerpt"> The <a href="/wiki/UK_Emissions_Trading_Scheme" title="UK Emissions Trading Scheme">UK Emissions Trading Scheme</a> (UK ETS) is the carbon emission trading scheme of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>.<a href="#cite_note-UK_Emissions_Trading_Scheme_:0-135">[135]</a> It is <a href="/wiki/Cap-and-trade" class="mw-redirect" title="Cap-and-trade">cap and trade</a> and came into operation on 1 January 2021 following the UK's <a href="/wiki/Brexit" title="Brexit">departure from the European Union</a>.<a href="#cite_note-UK_Emissions_Trading_Scheme_:1-136">[136]</a> The cap is reduced in line with the UK's 2050 <a href="/wiki/Net_zero" class="mw-redirect" title="Net zero">net zero</a> commitment.<a href="#cite_note-UK_Emissions_Trading_Scheme_:2-137">[137]</a></div></div> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=24" title="Edit section: United States">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Climate_change_in_the_United_States" title="Climate change in the United States">Climate change in the United States</a></div> The <a href="/wiki/American_Clean_Energy_and_Security_Act" title="American Clean Energy and Security Act">American Clean Energy and Security Act</a> (H.R. 2454), a greenhouse gas cap-and-trade bill, was passed on 26 June 2009 in the House of Representatives by a vote of 219–212. The bill originated in the House Energy and Commerce Committee. It was introduced by Representatives Henry A. Waxman and Edward J. Markey.<a href="#cite_note-138">[138]</a> The political advocacy organizations <a href="/wiki/FreedomWorks" title="FreedomWorks">FreedomWorks</a> and <a href="/wiki/Americans_for_Prosperity" title="Americans for Prosperity">Americans for Prosperity</a>, funded by <a href="/wiki/Political_activities_of_the_Koch_brothers" class="mw-redirect" title="Political activities of the Koch brothers">brothers David and Charles Koch</a> of <a href="/wiki/Koch_Industries" class="mw-redirect" title="Koch Industries">Koch Industries</a>, encouraged the <a href="/wiki/Tea_Party_movement" title="Tea Party movement">Tea Party movement</a> to focus on defeating the legislation.<a href="#cite_note-139">[139]</a><a href="#cite_note-Mayer-140">[140]</a> Although cap and trade also gained a significant foothold in the Senate via the efforts of Republican <a href="/wiki/Lindsey_Graham" title="Lindsey Graham">Lindsey Graham</a>, Independent and former Democrat <a href="/wiki/Joe_Lieberman" title="Joe Lieberman">Joe Lieberman</a>, and Democrat <a href="/wiki/John_Kerry" title="John Kerry">John Kerry</a>,<a href="#cite_note-141">[141]</a> the legislation died in the Senate.<a href="#cite_note-142">[142]</a> President Barack Obama's proposed <a href="/wiki/2010_United_States_federal_budget" title="2010 United States federal budget">2010 United States federal budget</a> wanted to support clean energy development with a 10-year investment of US$15 billion per year, generated from the sale of greenhouse gas emissions credits. Under the proposed cap-and-trade program, all GHG emissions credits would have been auctioned off, generating an estimated $78.7 billion in additional revenue in FY 2012, steadily increasing to $83 billion by FY 2019.<a href="#cite_note-143">[143]</a> The proposal was never made law. Failing to get congressional approval for such a scheme, President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> instead acted through the <a href="/wiki/United_States_Environmental_Protection_Agency" title="United States Environmental Protection Agency">United States Environmental Protection Agency</a> to attempt to adopt the <a href="/wiki/Clean_Power_Plan" title="Clean Power Plan">Clean Power Plan</a>, which does not feature emissions trading. The plan was subsequently challenged by the administration of President <a href="/wiki/Donald_Trump" title="Donald Trump">Donald Trump</a>. In 2021, Washington state instituted <a href="/wiki/Climate_change_policy_of_Washington_(state)" title="Climate change policy of Washington (state)">its own emissions trading system</a>, which it called "cap-and-invest." Revenue from the auctioning of carbon allowances is directly invested in programs intended to address climate change. In the United States, most polling shows large support for emissions trading.<a href="#cite_note-144">[144]</a><a href="#cite_note-145">[145]</a><a href="#cite_note-146">[146]</a><a href="#cite_note-147">[147]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=25" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><a href="/wiki/File:Crystal_energy.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Crystal_energy.svg/29px-Crystal_energy.svg.png" decoding="async" width="29" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/14/Crystal_energy.svg/44px-Crystal_energy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/14/Crystal_energy.svg/59px-Crystal_energy.svg.png 2x" data-file-width="130" data-file-height="124" /></a><a href="/wiki/Portal:Energy" title="Portal:Energy">Energy portal</a></li></ul> <ul><li><a href="/wiki/Business_action_on_climate_change" title="Business action on climate change">Business action on climate change</a></li> <li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon tax</a></li> <li><a href="/wiki/Low_carbon_power_generation" class="mw-redirect" title="Low carbon power generation">Low carbon power generation</a></li> <li><a href="/wiki/Personal_carbon_trading" title="Personal carbon trading">Personal carbon trading</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=26" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a 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Berlin: International Carbon Action Partnership (ICAP). Retrieved August 8, 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Emissions+Trading+Worldwide%3A+Status+Report+2021&rft.place=Berlin&rft.pub=International+Carbon+Action+Partnership+%28ICAP%29&rft_id=https%3A%2F%2Ficapcarbonaction.com%2Fen%2F%3Foption%3Dcom_attach%26task%3Ddownload%26id%3D723&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-2"><a href="#cite_ref-2">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOlivierPeters2020" class="citation web cs1">Olivier, J.G.J.; Peters, J.A.H.W. 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There is no longer an explicit limit on the number of New Zealand units (NZUs) that can be allocated to the industrial sector.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Emissions+trading+bulletin+No+12%2C+INFO+441&rft.atitle=Industrial+allocation+update&rft.date=2009-09&rft.au=MfE&rft_id=http%3A%2F%2Fwww.mfe.govt.nz%2Fpublications%2Fclimate%2Femissions-trading-bulletin-12%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-New_Zealand_Emissions_Trading_Scheme_cap-131"><a href="#cite_ref-New_Zealand_Emissions_Trading_Scheme_cap_131-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMfE2010" class="citation web cs1">MfE (January 14, 2010). <a rel="nofollow" class="external text" href="http://www.climatechange.govt.nz/emissions-trading-scheme/building/policy-and-legislation/faq-amendment-act.html">"How will free allocation of emission units to the industrial sector work now?"</a>. 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Bridget Williams Books, Wellington. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-877242-46-5" title="Special:BookSources/978-1-877242-46-5"><bdi>978-1-877242-46-5</bdi></a>. <q>The New Zealand ETS does not fit this model because there is no cap and therefore no certainty as to the volume of emissions with which the national economy must operate</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Carbon+Challenge%3A+New+Zealand%27s+Emissions+Trading+Scheme&rft.pub=Bridget+Williams+Books%2C+Wellington&rft.date=2010&rft.isbn=978-1-877242-46-5&rft.aulast=Bertram&rft.aufirst=Geoff&rft.au=Terry%2C+Simon&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DxUa6Ohd6SaIC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-New_Zealand_Emissions_Trading_Scheme_pce1-133"><a href="#cite_ref-New_Zealand_Emissions_Trading_Scheme_pce1_133-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.scoop.co.nz/stories/PO0910/S00231.htm">"New bill 'weakens ETS' says Environment Commissioner"</a> (Press release). Parliamentary Commissioner for the Environment. October 15, 2009. Retrieved October 15, 2009. <q>The allocation of free carbon credits to industrial processes is extremely generous and removes the carbon price signal where New Zealand needs one the most</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=New+bill+%27weakens+ETS%27+says+Environment+Commissioner&rft.pub=Parliamentary+Commissioner+for+the+Environment&rft.date=2009-10-15&rft_id=http%3A%2F%2Fwww.scoop.co.nz%2Fstories%2FPO0910%2FS00231.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-New_Zealand_Emissions_Trading_Scheme_greenpeace-134"><a href="#cite_ref-New_Zealand_Emissions_Trading_Scheme_greenpeace_134-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="http://www.scoop.co.nz/stories/PO0909/S00153.htm">"Revised ETS an insult to New Zealanders"</a> (Press release). Greenpeace New Zealand. September 14, 2009. Retrieved October 12, 2009. <q>We now have on the table a pathetic ETS which won't actually do anything to reduce emissions</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Revised+ETS+an+insult+to+New+Zealanders&rft.pub=Greenpeace+New+Zealand&rft.date=2009-09-14&rft_id=http%3A%2F%2Fwww.scoop.co.nz%2Fstories%2FPO0909%2FS00153.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-UK_Emissions_Trading_Scheme_:0-135"><a href="#cite_ref-UK_Emissions_Trading_Scheme_:0_135-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.endsreport.com/article/1705240">"Policy briefing: Get ready for the UK's emissions trading scheme"</a>. www.endsreport.com. Retrieved February 2, 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.endsreport.com&rft.atitle=Policy+briefing%3A+Get+ready+for+the+UK%27s+emissions+trading+scheme&rft_id=http%3A%2F%2Fwww.endsreport.com%2Farticle%2F1705240&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-UK_Emissions_Trading_Scheme_:1-136"><a href="#cite_ref-UK_Emissions_Trading_Scheme_:1_136-0">^</a> Department of Business, Energy and Industrial Strategy, <a rel="nofollow" class="external text" href="https://www.gov.uk/government/publications/participating-in-the-uk-ets">Participating in the UK Emissions Trading Scheme (UK ETS)</a>, published 17 December 2021, accessed 15 January 2021 </li> <li id="cite_note-UK_Emissions_Trading_Scheme_:2-137"><a href="#cite_ref-UK_Emissions_Trading_Scheme_:2_137-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNg2021" class="citation web cs1">Ng, Gabriel (January 23, 2021). <a rel="nofollow" class="external text" href="http://cherwell.org/2021/01/23/introducing-the-uk-emissions-trading-system/">"Introducing the UK Emissions Trading System"</a>. Cherwell. Retrieved February 2, 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Cherwell&rft.atitle=Introducing+the+UK+Emissions+Trading+System&rft.date=2021-01-23&rft.aulast=Ng&rft.aufirst=Gabriel&rft_id=http%3A%2F%2Fcherwell.org%2F2021%2F01%2F23%2Fintroducing-the-uk-emissions-trading-system%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-138"><a href="#cite_ref-138">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160205215439/http://energycommerce.house.gov/index.php?option=com_content&view=article&id=1633&catid=155&Itemid=55">"The American Clean Energy and Security Act (H.R. 2454)"</a>. Energycommerce.house.gov. June 1, 2009. Archived from <a rel="nofollow" class="external text" href="http://energycommerce.house.gov/index.php?option=com_content&view=article&id=1633&catid=155&Itemid=55">the original</a> on February 5, 2016. Retrieved June 14, 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+American+Clean+Energy+and+Security+Act+%28H.R.+2454%29&rft.pub=Energycommerce.house.gov&rft.date=2009-06-01&rft_id=http%3A%2F%2Fenergycommerce.house.gov%2Findex.php%3Foption%3Dcom_content%26view%3Darticle%26id%3D1633%26catid%3D155%26Itemid%3D55&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-139"><a href="#cite_ref-139">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDryzekNorgaardSchlosberg2011" class="citation book cs1"><a href="/wiki/John_Dryzek" title="John Dryzek">Dryzek, John S.</a>; <a href="/wiki/Richard_Norgaard" class="mw-redirect" title="Richard Norgaard">Norgaard, Richard B.</a>; Schlosberg, David (2011). The Oxford Handbook of Climate Change and Society. 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Retrieved March 20, 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+Yorker&rft.atitle=Covert+Operations%3A+The+billionaire+brothers+who+are+waging+a+war+against+Obama&rft.date=2010-08-30&rft.aulast=Mayer&rft.aufirst=Jane&rft_id=http%3A%2F%2Fwww.newyorker.com%2Fmagazine%2F2010%2F08%2F30%2Fcovert-operations&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-141"><a href="#cite_ref-141">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLizza2010" class="citation news cs1">Lizza, Ryan (October 11, 2010). <a rel="nofollow" class="external text" href="http://www.newyorker.com/reporting/2010/10/11/101011fa_fact_lizza">"As the World Burns: How the Senate and the White House missed their best chance to deal with climate change"</a>. The New Yorker. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140630210522/http://www.newyorker.com/reporting/2010/10/11/101011fa_fact_lizza">Archived</a> from the original on June 30, 2014. Retrieved August 6, 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+Yorker&rft.atitle=As+the+World+Burns%3A+How+the+Senate+and+the+White+House+missed+their+best+chance+to+deal+with+climate+change&rft.date=2010-10-11&rft.aulast=Lizza&rft.aufirst=Ryan&rft_id=http%3A%2F%2Fwww.newyorker.com%2Freporting%2F2010%2F10%2F11%2F101011fa_fact_lizza&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-142"><a href="#cite_ref-142">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTurin,_Dustin_R.2012" class="citation journal cs1">Turin, Dustin R. (2012). <a rel="nofollow" class="external text" href="http://www.studentpulse.com/articles/656/3/the-challenges-of-climate-change-policy-explaining-the-failure-of-cap-and-trade-in-the-united-states-with-a-multiple-streams-framework">"The Challenges of Climate Change Policy: Explaining the Failure of Cap and Trade in the United States With a Multiple-Streams Framework"</a>. Student Pulse. 4 (6). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160525051828/http://www.studentpulse.com/articles/656/3/the-challenges-of-climate-change-policy-explaining-the-failure-of-cap-and-trade-in-the-united-states-with-a-multiple-streams-framework">Archived</a> from the original on May 25, 2016. Retrieved August 6, 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Student+Pulse&rft.atitle=The+Challenges+of+Climate+Change+Policy%3A+Explaining+the+Failure+of+Cap+and+Trade+in+the+United+States+With+a+Multiple-Streams+Framework&rft.volume=4&rft.issue=6&rft.date=2012&rft.au=Turin%2C+Dustin+R.&rft_id=http%3A%2F%2Fwww.studentpulse.com%2Farticles%2F656%2F3%2Fthe-challenges-of-climate-change-policy-explaining-the-failure-of-cap-and-trade-in-the-united-states-with-a-multiple-streams-framework&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-143"><a href="#cite_ref-143">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.renewableenergyworld.com/rea/news/article/2009/03/presidents-budget-draws-clean-energy-funds-from-climate-measure">"President's Budget Draws Clean Energy Funds from Climate Measure"</a>. Renewable Energy World. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150114203327/http://www.renewableenergyworld.com/rea/news/article/2009/03/presidents-budget-draws-clean-energy-funds-from-climate-measure">Archived</a> from the original on January 14, 2015. Retrieved April 3, 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=President%27s+Budget+Draws+Clean+Energy+Funds+from+Climate+Measure&rft.pub=Renewable+Energy+World&rft_id=http%3A%2F%2Fwww.renewableenergyworld.com%2Frea%2Fnews%2Farticle%2F2009%2F03%2Fpresidents-budget-draws-clean-energy-funds-from-climate-measure&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACarbon+emission+trading" class="Z3988"> </li> <li id="cite_note-144"><a href="#cite_ref-144">^</a> "<a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2009/06/24/AR2009062403648.html">Majority of Poll Respondents Say U.S. Should Limit Greenhouse Gases</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210131212957/https://www.washingtonpost.com/wp-dyn/content/article/2009/06/24/AR2009062403648.html">Archived</a> January 31, 2021, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", The Washington Post. 25 June 2009. </li> <li id="cite_note-145"><a href="#cite_ref-145">^</a> "<a rel="nofollow" class="external text" href="https://blogs.wsj.com/environmentalcapital/2009/08/11/poll-position-new-zogby-poll-shows-71-support-for-waxman-markey/">Poll Position: New Zogby Poll Shows 71% Support for Waxman-Markey</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200731130830/https://blogs.wsj.com/environmentalcapital/2009/08/11/poll-position-new-zogby-poll-shows-71-support-for-waxman-markey/">Archived</a> July 31, 2020, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", The Wall Street Journal. 11 Aug. 2009 </li> <li id="cite_note-146"><a href="#cite_ref-146">^</a> "<a rel="nofollow" class="external text" href="http://climate.yale.edu/news/poll-americans-support-strong-climate-energy-policies">Poll: Americans Support Strong Climate, Energy Policies</a>", Yale Climate & Energy Institute <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120128201527/http://climate.yale.edu/news/poll-americans-support-strong-climate-energy-policies">Archived</a> 2012-01-28 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> </li> <li id="cite_note-147"><a href="#cite_ref-147">^</a> "<a rel="nofollow" class="external text" href="http://www.politifact.com/truth-o-meter/statements/2009/sep/03/ibdeditorialscom/ibd-editorial-board-claims-cap-and-trade-unpopular/">IBD editorial board claims that cap-and-trade is unpopular in America</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190503114122/https://www.politifact.com/truth-o-meter/statements/2009/sep/03/ibdeditorialscom/ibd-editorial-board-claims-cap-and-trade-unpopular/">Archived</a> May 3, 2019, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", PolitiFact </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2>[<a href="/w/index.php?title=Carbon_emission_trading&action=edit&section=27" title="Edit section: External links">edit</a>]</div> <ul><li><a rel="nofollow" class="external text" href="https://webarchive.nationalarchives.gov.uk/ukgwa/20060213210707/www.hm-treasury.gov.uk/independent_reviews/stern_review_economics_climate_change/sternreview_index.cfm">The Stern Review on the economics of climate change</a> – Chapters 14 and 15 have extensive discussions on emission trading schemes and carbon taxes</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160101222214/https://www.iea.org/topics/climatechange/subtopics/emissionstradingandcdm/">Emissions Trading and CDM</a> – <a href="/wiki/International_Energy_Agency" title="International Energy Agency">International Energy Agency</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" 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climate change">Effects of climate change</a></li> <li><a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">Climate change mitigation</a></li> <li><a href="/wiki/Climate_change_adaptation" title="Climate change adaptation">Climate change adaptation</a></li> <li><a href="/wiki/Template:Climate_change_regions" title="Template:Climate change regions">By country and region</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Causes" style="font-size:114%;margin:0 4em"><a href="/wiki/Causes_of_climate_change" title="Causes of climate change">Causes</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:10.25em">Overview</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_system" title="Climate system">Climate system</a></li> <li><a href="/wiki/Greenhouse_effect" title="Greenhouse effect">Greenhouse effect</a> (<a href="/wiki/Carbon_dioxide_in_Earth%27s_atmosphere" title="Carbon dioxide in Earth's atmosphere">Carbon dioxide in Earth's atmosphere</a>)</li> <li><a href="/wiki/Scientific_consensus_on_climate_change" title="Scientific consensus on climate change">Scientific consensus on climate change</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em">Sources</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Deforestation_and_climate_change" title="Deforestation and climate change">Deforestation</a></li> <li><a href="/wiki/Fossil_fuel" title="Fossil fuel">Fossil fuel</a></li> <li><a href="/wiki/Greenhouse_gas" title="Greenhouse gas">Greenhouse gases</a></li> <li><a href="/wiki/Greenhouse_gas_emissions" title="Greenhouse gas emissions">Greenhouse gas emissions</a> <ul><li><a href="/wiki/Carbon_accounting" title="Carbon accounting">Carbon accounting</a></li> <li><a href="/wiki/Carbon_footprint" title="Carbon footprint">Carbon footprint</a></li> <li><a href="/wiki/Carbon_leakage" title="Carbon leakage">Carbon leakage</a></li> <li><a href="/wiki/Greenhouse_gas_emissions_from_agriculture" title="Greenhouse gas emissions from agriculture">from agriculture</a></li> <li><a href="/wiki/Greenhouse_gas_emissions_from_wetlands" title="Greenhouse gas emissions from wetlands">from wetlands</a></li></ul></li> <li><a href="/wiki/World_energy_supply_and_consumption" title="World energy supply and consumption">World energy supply and consumption</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="History" style="font-size:114%;margin:0 4em">History</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/History_of_climate_change_policy_and_politics" title="History of climate change policy and politics">History of climate change policy and politics</a></li> <li><a href="/wiki/History_of_climate_change_science" title="History of climate change science">History of climate change science</a></li> <li><a href="/wiki/Svante_Arrhenius" title="Svante Arrhenius">Svante Arrhenius</a></li> <li><a href="/wiki/James_Hansen" title="James Hansen">James Hansen</a></li> <li><a href="/wiki/Charles_David_Keeling" title="Charles David Keeling">Charles David Keeling</a></li> <li><a href="/wiki/United_Nations_Climate_Change_conference" class="mw-redirect" title="United Nations Climate Change conference">United Nations Climate Change conferences</a></li> <li>Years in climate change <ul><li><a href="/wiki/2019_in_climate_change" title="2019 in climate change">2019</a></li> <li><a href="/wiki/2020_in_climate_change" title="2020 in climate change">2020</a></li> <li><a href="/wiki/2021_in_climate_change" title="2021 in climate change">2021</a></li> <li><a href="/wiki/2022_in_climate_change" title="2022 in climate change">2022</a></li> <li><a href="/wiki/2023_in_climate_change" title="2023 in climate change">2023</a></li> <li><a href="/wiki/2024_in_climate_change" title="2024 in climate change">2024</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Effects_and_issues" style="font-size:114%;margin:0 4em"><a href="/wiki/Effects_of_climate_change" title="Effects of climate change">Effects and issues</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:10.25em">Physical</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abrupt_climate_change" title="Abrupt climate change">Abrupt climate change</a></li> <li><a href="/wiki/Anoxic_event" title="Anoxic event">Anoxic event</a></li> <li><a href="/wiki/Arctic_methane_emissions" title="Arctic methane emissions">Arctic methane emissions</a></li> <li><a href="/wiki/Arctic_sea_ice_decline" title="Arctic sea ice decline">Arctic sea ice decline</a></li> <li><a href="/wiki/Atlantic_meridional_overturning_circulation" title="Atlantic meridional overturning circulation">Atlantic meridional overturning circulation</a></li> <li><a href="/wiki/Drought" title="Drought">Drought</a></li> <li><a href="/wiki/Extreme_weather" title="Extreme weather">Extreme weather</a></li> <li><a href="/wiki/Flood" title="Flood">Flood</a> <ul><li><a href="/wiki/Coastal_flooding" title="Coastal flooding">Coastal flooding</a></li></ul></li> <li><a href="/wiki/Heat_wave" title="Heat wave">Heat wave</a> <ul><li><a href="/wiki/Marine_heatwave" title="Marine heatwave">Marine</a></li> <li><a href="/wiki/Urban_heat_island" title="Urban heat island">Urban heat island</a></li></ul></li> <li><a href="/wiki/Effects_of_climate_change_on_oceans" title="Effects of climate change on oceans">Oceans</a> <ul><li><a href="/wiki/Ocean_acidification" title="Ocean acidification">acidification</a></li> <li><a href="/wiki/Ocean_deoxygenation" title="Ocean deoxygenation">deoxygenation</a></li> <li><a href="/wiki/Ocean_heat_content" title="Ocean heat content">heat content</a></li> <li><a href="/wiki/Sea_surface_temperature" title="Sea surface temperature">sea surface temperature</a></li> <li><a href="/wiki/Ocean_stratification" title="Ocean stratification">stratification</a></li> <li><a href="/wiki/Ocean_temperature" title="Ocean temperature">temperature</a></li></ul></li> <li><a href="/wiki/Ozone_depletion" title="Ozone depletion">Ozone depletion</a></li> <li><a href="/wiki/Permafrost#Impacts_of_climate_change" title="Permafrost">Permafrost thaw</a></li> <li><a href="/wiki/Retreat_of_glaciers_since_1850" title="Retreat of glaciers since 1850">Retreat of glaciers since 1850</a></li> <li><a href="/wiki/Sea_level_rise" title="Sea level rise">Sea level rise</a></li> <li><a href="/wiki/Season_creep" title="Season creep">Season creep</a></li> <li><a href="/wiki/Tipping_points_in_the_climate_system" title="Tipping points in the climate system">Tipping points in the climate system</a></li> <li><a href="/wiki/Tropical_cyclones_and_climate_change" title="Tropical cyclones and climate change">Tropical cyclones</a></li> <li><a href="/wiki/Effects_of_climate_change_on_the_water_cycle" title="Effects of climate change on the water cycle">Water cycle</a></li> <li><a href="/wiki/Climate_change_and_wildfires" class="mw-redirect" title="Climate change and wildfires">Wildfires</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em">Flora and fauna</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Effects_of_climate_change_on_biomes" title="Effects of climate change on biomes">Biomes</a> <ul><li><a href="/wiki/Mass_mortality_event" title="Mass mortality event">Mass mortality event</a></li></ul></li> <li><a href="/wiki/Climate_change_and_birds" title="Climate change and birds">Birds</a></li> <li><a href="/wiki/Extinction_risk_from_climate_change" title="Extinction risk from climate change">Extinction risk</a></li> <li><a href="/wiki/Forest_dieback" title="Forest dieback">Forest dieback</a></li> <li><a href="/wiki/Climate_change_and_invasive_species" title="Climate change and invasive species">Invasive species</a></li> <li><a href="/wiki/Human_impact_on_marine_life#Climate_change" title="Human impact on marine life">Marine life</a></li> <li><a href="/wiki/Effects_of_climate_change_on_plant_biodiversity" title="Effects of climate change on plant biodiversity">Plant biodiversity</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em">Social and economic</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Effects_of_climate_change_on_agriculture" title="Effects of climate change on agriculture">Agriculture</a> <ul><li><a href="/wiki/Effects_of_climate_change_on_livestock" title="Effects of climate change on livestock">Livestock</a></li> <li><a href="/wiki/Climate_change_and_agriculture_in_the_United_States" title="Climate change and agriculture in the United States">United States</a></li></ul></li> <li><a href="/wiki/Climate_change_and_children" title="Climate change and children">Children</a></li> <li><a href="/wiki/Climate_change_and_cities" title="Climate change and cities">Cities</a></li> <li><a href="/wiki/Climate_change_and_civilizational_collapse" title="Climate change and civilizational collapse">Civilizational collapse</a></li> <li><a href="/wiki/Climate_change_and_crime" title="Climate change and crime">Crime</a></li> <li><a href="/wiki/List_of_areas_depopulated_due_to_climate_change" title="List of areas depopulated due to climate change">Depopulation of settlements</a></li> <li><a href="/wiki/List_of_landmarks_destroyed_or_damaged_by_climate_change" title="List of landmarks destroyed or damaged by climate change">Destruction of cultural heritage</a></li> <li><a href="/wiki/Disability_and_climate_change" title="Disability and climate change">Disability</a></li> <li><a href="/wiki/Economic_analysis_of_climate_change" title="Economic analysis of climate change">Economic impacts</a> <ul><li><a href="/wiki/Climate_change_and_insurance_in_the_United_States" title="Climate change and insurance in the United States">U.S. insurance industry</a></li></ul></li> <li><a href="/wiki/Climate_change_and_fisheries" title="Climate change and fisheries">Fisheries</a></li> <li><a href="/wiki/Climate_change_and_gender" title="Climate change and gender">Gender</a></li> <li><a href="/wiki/Effects_of_climate_change_on_human_health" title="Effects of climate change on human health">Health</a> <ul><li><a href="/wiki/Effects_of_climate_change_on_mental_health" title="Effects of climate change on mental health">Mental health</a></li></ul></li> <li><a href="/wiki/Human_rights_and_climate_change" title="Human rights and climate change">Human rights</a></li> <li><a href="/wiki/Climate_change_and_Indigenous_peoples" class="mw-redirect" title="Climate change and Indigenous peoples">Indigenous peoples</a></li> <li><a href="/wiki/Climate_change_and_infectious_diseases" title="Climate change and infectious diseases">Infectious diseases</a></li> <li><a href="/wiki/Climate_migration" title="Climate migration">Migration</a></li> <li><a href="/wiki/Climate_change_and_poverty" title="Climate change and poverty">Poverty</a></li> <li><a href="/wiki/Psychological_impact_of_climate_change" title="Psychological impact of climate change">Psychological impacts</a></li> <li><a href="/wiki/Climate_security" title="Climate security">Security and conflict</a></li> <li><a href="/wiki/Urban_flooding" title="Urban flooding">Urban flooding</a></li> <li><a href="/wiki/Water_scarcity" title="Water scarcity">Water scarcity</a></li> <li><a href="/wiki/Water_security" title="Water security">Water security</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em"><a href="/wiki/Template:Climate_change_regions" title="Template:Climate change regions">By country and region</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change_in_Africa" title="Climate change in Africa">Africa</a></li> <li><a href="/wiki/Climate_change_in_the_Americas" title="Climate change in the Americas">Americas</a></li> <li><a href="/wiki/Climate_change_in_Antarctica" title="Climate change in Antarctica">Antarctica</a></li> <li><a href="/wiki/Climate_change_in_the_Arctic" title="Climate change in the Arctic">Arctic</a></li> <li><a href="/wiki/Climate_change_in_Asia" title="Climate change in Asia">Asia</a></li> <li><a href="/wiki/Climate_change_in_Australia" title="Climate change in Australia">Australia</a></li> <li><a href="/wiki/Climate_change_in_the_Caribbean" title="Climate change in the Caribbean">Caribbean</a></li> <li><a href="/wiki/Climate_change_in_Europe" title="Climate change in Europe">Europe</a></li> <li><a href="/wiki/Climate_change_in_the_Middle_East_and_North_Africa" title="Climate change in the Middle East and North Africa">Middle East and North Africa</a></li> <li><a href="/wiki/Effects_of_climate_change_on_small_island_countries" title="Effects of climate change on small island countries">Small island countries</a></li> <li><a href="/wiki/Category:Climate_change_by_country" title="Category:Climate change by country">by individual country</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Mitigation" style="font-size:114%;margin:0 4em"><a href="/wiki/Climate_change_mitigation" title="Climate change mitigation">Mitigation</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:10.25em"><a href="/wiki/Economic_analysis_of_climate_change" title="Economic analysis of climate change">Economics and finance</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Carbon_budget" title="Carbon budget">Carbon budget</a></li> <li><a class="mw-selflink selflink">Carbon emission trading</a></li> <li><a href="/wiki/Carbon_offsets_and_credits" title="Carbon offsets and credits">Carbon offsets and credits</a> <ul><li><a href="/wiki/Gold_Standard_(carbon_offset_standard)" title="Gold Standard (carbon offset standard)">Gold Standard (carbon offset standard)</a></li></ul></li> <li><a href="/wiki/Carbon_price" title="Carbon price">Carbon price</a></li> <li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon tax</a></li> <li><a href="/wiki/Climate_debt" title="Climate debt">Climate debt</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Climate_risk_insurance" title="Climate risk insurance">Climate risk insurance</a></li> <li><a href="/wiki/Co-benefits_of_climate_change_mitigation" class="mw-redirect" title="Co-benefits of climate change mitigation">Co-benefits of climate change mitigation</a></li> <li><a href="/wiki/Economics_of_climate_change_mitigation" title="Economics of climate change mitigation">Economics of climate change mitigation</a></li> <li><a href="/wiki/Fossil_fuel_divestment" title="Fossil fuel divestment">Fossil fuel divestment</a></li> <li><a href="/wiki/Green_Climate_Fund" title="Green Climate Fund">Green Climate Fund</a></li> <li><a href="/wiki/Low-carbon_economy" title="Low-carbon economy">Low-carbon economy</a></li> <li><a href="/wiki/Net_zero_emissions" class="mw-redirect" title="Net zero emissions">Net zero emissions</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em">Energy</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Carbon_capture_and_storage" title="Carbon capture and storage">Carbon capture and storage</a></li> <li><a href="/wiki/Energy_transition" title="Energy transition">Energy transition</a> <ul><li><a href="/wiki/Fossil_fuel_phase-out" title="Fossil fuel phase-out">Fossil fuel phase-out</a></li></ul></li> <li><a href="/wiki/Nuclear_power" title="Nuclear power">Nuclear power</a></li> <li><a href="/wiki/Renewable_energy" title="Renewable energy">Renewable energy</a></li> <li><a href="/wiki/Sustainable_energy" title="Sustainable energy">Sustainable energy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em">Preserving and enhancing <a href="/wiki/Carbon_sink" title="Carbon sink">carbon sinks</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blue_carbon" title="Blue carbon">Blue carbon</a></li> <li><a href="/wiki/Carbon_dioxide_removal" title="Carbon dioxide removal">Carbon dioxide removal</a> <ul><li><a href="/wiki/Carbon_sequestration" title="Carbon sequestration">Carbon sequestration</a></li> <li><a href="/wiki/Direct_air_capture" title="Direct air capture">Direct air capture</a></li></ul></li> <li><a href="/wiki/Carbon_farming" title="Carbon farming">Carbon farming</a></li> <li><a href="/wiki/Climate-smart_agriculture" title="Climate-smart agriculture">Climate-smart agriculture</a></li> <li>Forest management <ul><li><a href="/wiki/Afforestation" title="Afforestation">afforestation</a></li> <li><a href="/wiki/Carbon_sequestration#Forestry" title="Carbon sequestration">forestry for carbon sequestration</a></li> <li><a href="/wiki/REDD_and_REDD%2B" title="REDD and REDD+">REDD and REDD+</a></li> <li><a href="/wiki/Reforestation" title="Reforestation">reforestation</a></li></ul></li> <li><a href="/wiki/Land_use,_land-use_change,_and_forestry" title="Land use, land-use change, and forestry">Land use, land-use change, and forestry</a> (LULUCF and AFOLU)</li> <li><a href="/wiki/Nature-based_solutions" title="Nature-based solutions">Nature-based solutions</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em">Personal</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Individual_action_on_climate_change" title="Individual action on climate change">Individual action on climate change</a> <ul><li><a href="/wiki/Plant-based_diet" title="Plant-based diet">Plant-based diet</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Society_and_adaptation" style="font-size:114%;margin:0 4em">Society and <a href="/wiki/Climate_change_adaptation" title="Climate change adaptation">adaptation</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:10.25em">Society</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Business_action_on_climate_change" title="Business action on climate change">Business action</a></li> <li><a href="/wiki/Climate_action" title="Climate action">Climate action</a></li> <li><a href="/wiki/Climate_emergency_declaration" title="Climate emergency declaration">Climate emergency declaration</a></li> <li><a href="/wiki/Climate_movement" title="Climate movement">Climate movement</a> <ul><li><a href="/wiki/School_Strike_for_Climate" class="mw-redirect" title="School Strike for Climate">School Strike for Climate</a></li></ul></li> <li><a href="/wiki/Climate_change_denial" title="Climate change denial">Denial</a></li> <li><a href="/wiki/Ecological_grief" title="Ecological grief">Ecological grief</a></li> <li><a href="/wiki/Climate_governance" title="Climate governance">Governance</a></li> <li><a href="/wiki/Climate_justice" title="Climate justice">Justice</a></li> <li><a href="/wiki/Climate_change_litigation" title="Climate change litigation">Litigation</a></li> <li><a href="/wiki/Politics_of_climate_change" title="Politics of climate change">Politics</a></li> <li><a href="/wiki/Public_opinion_on_climate_change" title="Public opinion on climate change">Public opinion</a></li> <li><a href="/wiki/Women_in_climate_change" title="Women in climate change">Women</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em"><a href="/wiki/Climate_change_adaptation" title="Climate change adaptation">Adaptation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change_adaptation_strategies_on_the_German_coast" title="Climate change adaptation strategies on the German coast">Adaptation strategies on the German coast</a></li> <li><a href="/wiki/Adaptive_capacity" title="Adaptive capacity">Adaptive capacity</a></li> <li><a href="/wiki/Disaster_risk_reduction" title="Disaster risk reduction">Disaster risk reduction</a></li> <li><a href="/wiki/Ecosystem-based_adaptation" title="Ecosystem-based adaptation">Ecosystem-based adaptation</a></li> <li><a href="/wiki/Flood_control" class="mw-redirect" title="Flood control">Flood control</a></li> <li><a href="/wiki/Loss_and_damage_(climate_change)" title="Loss and damage (climate change)">Loss and damage</a></li> <li><a href="/wiki/Managed_retreat" title="Managed retreat">Managed retreat</a></li> <li><a href="/wiki/Nature-based_solutions" title="Nature-based solutions">Nature-based solutions</a></li> <li><a href="/wiki/Climate_resilience" title="Climate resilience">Resilience</a></li> <li><a href="/wiki/Climate_risk" title="Climate risk">Risk</a></li> <li><a href="/wiki/Climate_change_vulnerability" title="Climate change vulnerability">Vulnerability</a></li> <li><a href="/wiki/The_Adaptation_Fund" title="The Adaptation Fund">The Adaptation Fund</a></li> <li><a href="/wiki/National_Adaptation_Programme_of_Action" title="National Adaptation Programme of Action">National Adaptation Programme of Action</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:10.25em"><a href="/wiki/Climate_communication" title="Climate communication">Communication</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_Change_Performance_Index" title="Climate Change Performance Index">Climate Change Performance Index</a></li> <li><a href="/wiki/Climate_crisis" title="Climate crisis">Climate crisis (term)</a></li> <li><a href="/wiki/Climate_spiral" title="Climate spiral">Climate spiral</a></li> <li><a href="/wiki/Climate_change_education" title="Climate change education">Education</a></li> <li><a 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