ICAP-全球碳市场进展2021年度报告（英文）-2021.3-173页_8mb

报告摘要

Summary of the ICAP Status Report 2021: Emissions Trading Worldwide

Core Content

The International Carbon Action Partnership (ICAP) Status Report 2021 provides an overview of the global developments in emissions trading systems (ETS) over the past year. It highlights the resilience of carbon markets during the COVID-19 pandemic, the increasing number of jurisdictions committing to net-zero targets, and the ongoing evolution of ETS design and implementation. The report includes infographics, factsheets, and policy insights from key ETS regions, emphasizing the role of ETS in driving climate action, low-carbon investment, and economic recovery.

Main Points

1. Resilience of Carbon Markets During the Pandemic

The economic shock of the pandemic initially caused price and auction volume drops, but carbon markets stabilized and returned to pre-pandemic levels.
This resilience is attributed to market stability mechanisms (e.g., Market Stability Reserve, Auction Floor Price) and long-term policy frameworks.
Unlike the 2008 financial crisis, which caused structural surpluses and price suppression, the ETS systems have shown greater adaptability.

2. Net-Zero Commitments and Climate Ambitions

A growing number of jurisdictions have announced net-zero targets, with legislation or high-level political pledges.
Key regions include the European Union, Republic of Korea, United Kingdom, New Zealand, China, and the United States.
China has made significant progress with its national ETS, now the world’s largest, covering over 4 billion tCO₂.
Green recovery packages are being linked to climate objectives in several countries, such as the EU Green Deal, UK, Republic of Korea, and the US.

3. ETS Reforms and Policy Developments

Market stability mechanisms are being increasingly implemented to ensure orderly market functioning and predictable price signals.
Reforms in the EU ETS include a steeper cap reduction factor (2.2%), a Modernization Fund, and an Innovation Fund.
Germany introduced a national ETS for heating and transport fuels, with auctioning starting in 2026.
Switzerland and EU ETS have established a provisional registry link, and Switzerland has extended its ETS indefinitely.
New Zealand introduced a cap on emissions and auctioning in 2021, and is working on carbon pricing for agriculture by 2025.

4. Expansion of ETS Coverage and Stringency

Many ETSs are expanding their scope to include new sectors, such as agriculture, construction, and transport.
RGGI (Regional Greenhouse Gas Initiative) introduced tighter annual cap reduction factors and an emissions containment reserve.
Québec updated its climate action plan to aim for carbon neutrality by 2050 and dedicated all revenue to climate change measures.
California and Massachusetts made key amendments to their ETS rules, including reducing offset credits and sharper cap declines.

5. Collaboration and Future Outlook

ICAP continues to support ETS development through technical dialogue and policy coordination.
Collaboration across regions is increasing, with linkages and cross-pollination of ideas being key to advancing climate goals.
The report anticipates increasing momentum for ETS expansion, both in existing and newly emerging markets.
Innovations in ETS design, such as sector-specific pricing and market stability reserves, are being adopted to support deep decarbonization.

Key Jurisdictions

Europe and Central Asia

EU: Entered Phase 4 in 2021, with 2.2% annual cap reduction, and is planning reforms to align with 2030 Climate Plan.
Germany: Launched a national ETS for heating and transport fuels, with auctioning and price corridors in place.
Kazakhstan: Completed Phase 3, using benchmarking for allocation, and issued a new National Allocation Plan.
Switzerland: Extended ETS indefinitely and revised reduction factors.
Ukraine: Implemented MRV law and is considering launching ETS in 2025.

North America

California: Made regulatory amendments in 2021, including reducing offset credits and tightening cap decline.
Massachusetts: Increased allowance auctioning and plans for full auctioning in 2021.
Nova Scotia: Conducted its first auction in 2020 and sold all allowances.
Oregon: Introduced an executive order for a Cap and Reduce Program.
Pennsylvania: Released a draft regulation for a power sector ETS and is expected to join RGGI in 2022.
Québec: Passed environmental legislation to support decarbonization and dedicate revenue to climate action.
RGGI: Tightened annual cap reductions and introduced emissions containment reserve.
Transport and Climate Initiative (TCI): Signed a MoU in 2020, with mandatory reporting starting in 2022.
Washington: Introduced a cap-and-trade bill in 2021 for industry, energy, and fuel suppliers.

Latin America and the Caribbean

Colombia: Continuing ETS design work, with infrastructure development expected between 2023–2024.
Mexico: Completed the first year of the Mexican Pilot ETS, with first allocations in early 2021.

Asia-Pacific

China: Launched the national ETS in 2021, with President Xi Jinping pledging to peak emissions by 2030 and achieve carbon neutrality by 2060.
Chinese Pilots: Continued to operate and develop rules for allocation, offsetting, and trading.
Indonesia: Developing a presidential regulation for carbon pricing, with a power sector pilot planned for 2021.
Japan: Pledged to reduce emissions to net zero by 2050 and is discussing carbon pricing options.
Philippines: Submitted a bill for a domestic cap-and-trade system, currently under technical review.
Republic of Korea: Entered Phase 3 of its ETS, with stricter caps, increased auctioning, and sector expansion.

Conclusion

The 2021 ICAP Status Report underscores the resilience and adaptability of emissions trading systems in the face of global challenges. It highlights the importance of well-designed ETS in supporting climate ambitions, economic recovery, and low-carbon investment. With increased policy coordination, technical innovation, and cross-border collaboration, ETS is becoming a key instrument in the global transition to net-zero emissions.