2012年-世界发展银行全球_State_and_Trends_of_the_Carbon_Market_2012_138页_6mb

报告摘要

Summary of The State and Trends of the Carbon Market 2012

Core Content

This report provides an overview of the state and trends of the global carbon market in 2012, with a focus on the European Union Emissions Trading Scheme (EU ETS) and other international and national initiatives. It outlines the challenges and opportunities facing the market, including the impact of macroeconomic conditions, regulatory changes, and the evolving landscape of carbon finance.

Main Points

Global Carbon Market Trends

Market Volatility: 2011 was a turbulent year for carbon markets, influenced by the aftermath of the 2008-2009 financial crisis, the Arab Spring, the Fukushima disaster, and the downgrade of the US credit rating.
Price Declines: Carbon prices fell significantly, especially in the EU ETS, due to long-term oversupply and weak industrial activity.
Transaction Growth: Despite price declines, the total value of the global carbon market increased by 11% year-on-year (YoY) to $176 billion, driven by a surge in transaction volumes.

EU ETS Developments

First Commitment Period (CP-1): The EU ETS entered its second commitment period in 2012, with changes to the emissions cap and reduced free allocation of allowances.
New Gases and Assets: The scheme expanded to include new gases and assets, broadening its scope.
Offset Limitations: The supplementarity limit for offsets was a key regulatory change, affecting the market's ability to use offsets effectively.
Voluntary Market: The voluntary market continued to grow, with increased transaction volumes and higher prices, although its impact on compliance markets was limited.

Market Instruments and Mechanisms

Kyoto Mechanisms: The Clean Development Mechanism (CDM) and Joint Implementation (JI) were central to the carbon market, with CDM projects generating Certified Emission Reductions (CERs) and JI projects producing Emission Reduction Units (ERUs).
Voluntary Market: The voluntary market saw increased activity, with the introduction of new standards and initiatives, including the Voluntary Carbon Standard (VCS) and the Climate Action Reserve (CAR).
New Market Instruments: The report discusses the emergence of Nationally Appropriate Mitigation Actions (NAMAs) and other new market instruments, which are expected to play a role in future carbon trading frameworks.

International and Regional Initiatives

Australia: The Clean Energy Future Package and the Carbon Farming Initiative (CFI) were introduced, aiming to reduce emissions and support carbon trading.
New Zealand: The country continued to develop its emissions trading scheme (ETS).
North America: Regional initiatives like the Regional Greenhouse Gas Initiative (RGGI), the Western Climate Initiative (WCI), and the Alberta and British Columbia schemes were highlighted.
Asia and Other Regions: China and India were noted for their growing involvement in the carbon market, with China piloting regional ETS schemes and India implementing the Perform Achieve and Trade (PAT) program.

Outlook and Challenges

Demand and Supply Balance: The report outlines the projected demand and supply of carbon offsets, with significant residual demand identified.
Future Prospects: The report emphasizes the need for more ambitious targets and stronger policy frameworks to support the development of a truly transformational carbon market.
Market Integrity and Trust: The report underscores the importance of secure market infrastructure and regulatory oversight to ensure the integrity of carbon trading mechanisms.

Key Information

Total Market Value in 2011: $159.19 billion (€116.5 billion), with a total volume of 8,772 million tons of CO₂e.
EU Allowance (EUA) Trading: EUA trading volumes reached 7,853 million tons of CO₂e, valued at $147.8 billion (€106 billion).
CER and ERU Markets: CER trading volume increased to 1.8 billion tons of CO₂e, valued at $23 billion (€17 billion), while ERU volumes rose to 76 million tons of CO₂e, valued at $780 million.
Voluntary Market: The voluntary market saw a rise in transaction volumes and prices, with a total value of $23,250 million (€17 billion) in 2011.
Durban Outcomes: COP 17 in Durban, South Africa, highlighted the need for a second commitment period under the Kyoto Protocol, the launch of the Green Climate Fund, and the establishment of the Durban Platform for a global climate agreement by 2020.
Emerging Markets: The report notes that several countries, including Australia, California, Quebec, Mexico, and the Republic of Korea, have introduced or expanded their carbon trading initiatives.

Conclusion

The report concludes that while the global carbon market faces significant challenges, including price volatility and supply-demand imbalances, it also presents opportunities for growth and innovation. The development of new market mechanisms and the increasing participation of both public and private sectors are essential for the market to evolve into a more robust and effective tool for climate change mitigation.

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