> **来源：[研报客](https://pc.yanbaoke.cn)** # 2026 State and Trends of Carbon Pricing Summary ## Core Content The **2026 State and Trends of Carbon Pricing** report provides an overview of the global development and implementation of carbon pricing mechanisms and carbon credit markets. It outlines the evolution of these instruments over the past decade, emphasizing their role in climate mitigation, economic development, and international trade. --- ## Main Points ### Carbon Pricing - **Global Coverage**: As of 2026, direct carbon pricing covers **29% of global GHG emissions** through **87 implemented policies**. - **Emissions Trading Systems (ETSs)**: - Cover **over 24%** of global GHG emissions, up from **8% in 2016**. - ETSs have seen significant expansion, with the number of implemented policies more than doubling since 2016. - **Carbon Taxes**: - Cover **around 4–5%** of global GHG emissions, with relatively stable rates. - However, some jurisdictions, such as Singapore, have introduced **significant increases** in 2026. - **Future Projections**: - If current policies under development are fully implemented by 2030, nearly **1/3 of global GHG emissions** could be covered by carbon pricing. - **EU CBAM**: - Although covering less than **0.5%** of global emissions, its formal adoption has increased interest in **border carbon adjustments**. - **Carbon Price Trends**: - Direct carbon prices have increased by **seven percent since April 2025**. - The average price has **doubled from US\$10/tCO₂e in 2016 to nearly US\$21/tCO₂e in 2026**. - **ETS price volatility** has been significant in 2026, especially due to global commodity market disruptions. - **Government Revenues**: - Annual revenues from ETSs and carbon taxes reached **US\$107 billion in 2025**, up from **under US\$30 billion in 2016**. - Most revenues come from **developed economies**, while **developing economies** have lower carbon prices and limited use of allowance auctions. --- ### Carbon Credit Markets - **Credit Issuances**: - Increased by **8% from 2024 to 2025**, still **20% below 2022 levels** but **over 80% above 2016 levels**. - The number of governmental crediting mechanisms rose from **24 to 34** over the past decade. - **Credit Retirements**: - Declined by **more than 10% from 2024 to 2025**. - **Voluntary use** dominates retirements, accounting for **over 80%** of total retirements in 2025. - **Credit Prices**: - Prices across project types declined slightly in 2025. - **CORSIA-approved credits** commanded a **price premium**, trading between **US\$15–22/tCO₂e**, compared to **US\$1–14/tCO₂e** for most other credits. - There is a **correlation between project ratings and market prices**, with reforestation projects seeing an **87% price increase** per rating band. - **PACM and CORSIA**: - The **Paris Agreement Crediting Mechanism (PACM)** started in 2026, with the first credits issued to a **clean cookstoves project in Myanmar**. - The **CORSIA** system, introduced in 2016, entered its **first phase in 2024**, with airlines required to comply in **2028**. --- ## Key Information - **Global Trends**: - Carbon pricing has expanded significantly, with **more diverse approaches**. - The **EU CBAM** marks a shift toward **international trade** as a domain for carbon pricing. - Additional countries, including **Brazil and Türkiye**, are preparing carbon pricing policies. - **Market Developments**: - **Voluntary demand** for carbon credits has driven market growth. - The **traded value** of carbon credits reached **US\$535 million in 2024**, with **US\$12–16 billion** in capital committed for future projects in 2025. - **Market Dynamics**: - **Nature-based projects** (e.g., reforestation, conservation) are increasingly favored and command higher prices. - **Project integrity** and **third-party ratings** are becoming important factors in market demand. - **New Mechanisms**: - The **Tropical Forests Forever Facility (TFFF)** is a **noncarbon, results-based financing mechanism** aimed at **forest conservation** in tropical countries. - It is not an alternative to **REDD+**, but rather a **complementary mechanism** to support **jurisdictional REDD+**. --- ## Conclusion The **2026 report** highlights the **growing importance of carbon pricing** and **credit markets** in global climate policy. While **direct carbon pricing** is expanding and becoming more sophisticated, **indirect mechanisms** such as fossil fuel subsidies still dominate in terms of financial scale. The report underscores the need for **policy coherence**, **market integrity**, and **strategic investment** in both **domestic and international** carbon pricing frameworks. It also emphasizes the role of **international cooperation** and **market innovation** in advancing climate goals.