The World Bank have put out a rather breathless account:
The share of greenhouse gas emissions covered by domestic carbon pricing initiatives increased significantly over the past year, led by the launch of six carbon markets in China. Today, 39 national and 23 sub-national jurisdictions – responsible for almost a quarter of the global greenhouse gas emissions – have implemented or are scheduled to implement carbon pricing instruments, including emissions trading schemes and taxes, building the momentum for a bottom-up approach to climate action.
Sounds huge. Seems a bit inconsistent with what the International Energy Agency was saying last year:
Fossil-fuel subsidies amounted to $523 billion in 2011, around six times the level of support to renewable energy. Currently, 15% of global CO2 emissions receive an incentive of $110 per tonne in the form of fossil-fuel subsidies while only 8% are subject to a carbon price.
Just 8% of CO2 emissions are subject to a “price” – a far cry from the “almost a quarter” the World Bank coyly alludes to – but doesn’t quite claim as being the emissions actually subject to a “price”. Rather those jurisdictions that are home to “almost a quarter” of emissions have implemented or are scheduled to implement a “price”. Very clever sleight of hand. Lots of double counting, carve outs and exemptions etc.
Update: In the Report itself (less likely to be read by journalists than just the press release) the World Bank claim:
about 12% of the annual global GHG emissions.
That’s the current coverage and the “scheduled” coverage.